Running a Business Glossary

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Across
  1. 1. (2) where the borrower does not need to have an asset to offer as security, but the interest rate is usually higher
  2. 6. (2) also known as a concentrated or micro market, a niche market is a narrowly selected target market segment
  3. 7. the ability to be resourceful and decide, in an independent way, what to do and when to do it
  4. 9. refers to rivalry among businesses that try to supply the needs and wants of a market
  5. 10. the clear, shared sense of direction that allows people to achieve a common goal
  6. 13. items of value
  7. 14. funds contributed by the business owner(s)
  8. 17. the ability to cope with the ups and downs, adapt well to change and bounce back from challenges
  9. 19. (2) where the borrower offers an asset as security for the loan
  10. 20. the monetary value of a business’s reputation
  11. 21. (2) when a business owner is personally responsible for all the debts of his or her business
  12. 22. (2) if the business cannot pay its debts, a shareholder generally loses only the money he or she invested in the business
  13. 26. money owing to external sources; e.g. a bank
  14. 27. (2) an incorporated businesses with between two and fifty private shareholders
  15. 28. (2) a summary of the income earned and the expenses incurred over a period of trading
  16. 30. refers to the process companies go through to become a separate legal entity from the owner/s
  17. 31. the debts owed by a business to others
Down
  1. 2. (3) when businesses consider the interests of stakeholders, society and the environment when making economic and business decisions
  2. 3. a business owned and operated by between two and twenty people
  3. 4. (3) this refers to the ability of a business to develop strategies that will ensure it has an ‘edge’ over its competitors for a long period of time
  4. 5. (2) something an entrepreneur can see as an avenue to success
  5. 8. (2) a business that is owned and operated by one person
  6. 9. (3) a detailed examination of the strengths and weaknesses of different alternatives in order to see whether the benefits outweigh the costs
  7. 11. process whereby a company has become a separate legal entity from its owners (shareholders)
  8. 12. (2)the group of customers to whom the business intends to sell its products
  9. 15. a person who sets out to build a successful business in a new field. An entrepreneur’s methods are sometimes regarded as innovative.
  10. 16. (2) population characteristics that affect customer spending which include: age, ethnicity, gender, marital status, family size and income
  11. 18. the process of creating a new or significantly improved product, service or process (way of doing something)
  12. 23. a government levy or revenue measure that can be used as part of the budget to affect the level of prices, the growth rate and the distribution of income
  13. 24. involves buying the rights from another business to distribute its products under its name
  14. 25. methods used by a business to inform, persuade and remind customers about its products
  15. 27. a legal document issued by companies that are offering securities for sale
  16. 29. (2) collecting and analysing information about customers and the business opportunities available
  17. 32. the ability of a business to pay its short-term debts on time