Running a Business Glossary

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Across
  1. 2. the ability of a business to pay its short-term debts on time
  2. 4. opportunity, something an entrepreneur can see as an avenue to success
  3. 6. social responsibility, when business consider the interest of stakeholders, society and the environment when making business decisions
  4. 7. loan, where the borrower offers an asset as security for a loan
  5. 10. the debts owed by a company to others
  6. 13. by a business owned and operated by between 2 and 20 people
  7. 15. item of value
  8. 16. the process of creating a new or significantly improved product, service or process (way of doing something)
  9. 19. the clear, shared sense of direction that allows people to achieve a common goal
  10. 21. funds contributed by the business owners
  11. 22. a legal document which is issued by companies that are offering securities for sale
  12. 23. statement, summary of income earned and the expenses incurred over a period of trading
  13. 24. trader, a business that is owned and operated by one person
  14. 26. a government levy or revenue measure that can be used as part of the government budget to affect the level of prices, the growth and distribution of income
  15. 27. person who sets out to build a successful business in a new field or with a new idea. An entrepreneurs methods are regarded as innovative
  16. 28. market, the group of customers to whom a business intends to sell its products
  17. 31. methods used by a business to inform, persuade and remind customers about its products
  18. 32. process whereby a company has become a separate legal entity from its owners / shareholders
  19. 33. involves buying the rights from another business to distribute its products under its name
  20. 34. research, collecting and analysing information about customers and the business opportunities available
Down
  1. 1. company, an incorporated business with between 2 and 50 private shareholders
  2. 3. the ability to be resourceful and decide, in an independant way, what to do and when to do it
  3. 5. the ability to cope with the ups and downs, adapt well to change and bounce back from challenges
  4. 8. loan, where the borrower does not need to have an asset to offer as security, but the interest is usually higher
  5. 9. factors, population characteristics that affect customer spending which include, age, ethnicity, gender, marital status, family size and income
  6. 11. competitive advantage, 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
  7. 12. analysis, a detailed examination of strengths and weaknesses of different alternatives in order to see whether benefits outweigh the costs
  8. 14. liability, when a business owner is personally responsible for the debts of their business
  9. 17. liability, if the business cannot pay its debts, a shareholder generally loses only the money he or she invested in the business
  10. 18. the monetary value of a business's reputation
  11. 20. market, also known as a concentrated or micro market. It is a narrowly selected target market segment
  12. 25. refers to rivalry among businesses that try to supply the needs and wants to a society
  13. 29. money owing to external sources, like a bank
  14. 30. refers to the process companies go through to become a separate legal entity from its owners