Topic 1 of 6 · Form 5
Business and its environment
Role of entrepreneurs and intrapreneurs; business plans; social enterprise and the triple bottom line (people, planet, profit).
Notes for this topic 1 file, in order
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Enterprise
Role of entrepreneurs and intrapreneurs; business plans; social enterprise and the triple bottom line (people, planet, profit).
Business structure
Economic sectors; public and private sectors; legal structures (sole trader, partnership, private and public limited companies, franchises, cooperatives, joint ventures); limited and unlimited liability.
Size and growth
Measuring size; small businesses and their importance; internal and external growth (mergers, takeovers, joint ventures, strategic alliances); integration types.
Objectives and stakeholders
SMART objectives, mission statements, corporate social responsibility; stakeholder interests and conflict; stakeholder mapping.
External environment
PEST(LE) factors: economic (interest rates, exchange rates, inflation, unemployment, business cycle), political and legal, social and demographic, technological and environmental; globalisation and multinational businesses.
Check yourself
- What is the triple bottom line?
- Give one advantage and one disadvantage of external growth.
- What is an intrapreneur?
Show answers
- Measuring performance by social, environmental and financial results.
- Advantage: rapid growth/market share; disadvantage: integration problems, culture clashes, high cost.
- An employee who acts entrepreneurially within an existing organisation.
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