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BTEC Unit 1: The Business Environment

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by

Rens Loing

on 2 November 2016

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Transcript of BTEC Unit 1: The Business Environment

&
What do we know?
BTEC Unit 1:
The Business Environment
BTEC Unit 1 - Cohort 2011 - P1
The Business Environment

What is a business?
Why does it exist?
What kind of business is it?
Who owns the business?
P1 - Describe a business
A business is an organisation that …
The definition of a business
Also called the “aim” of a business
The purpose of a business
Unit 3: Introduction to Marketing
Unit 9: Creative Product Promotion
EE1: The Promotional Campaign
EE2: Sales Activities
... or: "What does a business do?"
… supplies a product, or
… supplies a service
or: "Why does a business exist?"
Business aims - examples
Sell a product or provide a service
Make profit
Grow
Continue a family tradition
Become the market leader
Become the best in the business
Become the cheapest in the business
etc. …..
Business aims

Explain why the company exists
General and broad statements
No details
Long-term
What is it?
Why does it exist?
What kind is it?
Who owns it?
Today's questions
Answers this way
A "business"...
What is a business?
Why does a business exist?
What kinds of businesses are there?
Who owns a business?
to be available to everyone
to provide the highest quality of education
to be the largest fast food chain in the world
to maximise our profit
to be the cheapest airline in the world
to be our customers' favourite place and way to eat
Examples of business aims
Voluntary
Public
Private
Business sectors
Charity
To do good in a community
Not for profit
Owned by the government
To provide a service or product to the citizens
Usually not for profit
Owned by individuals or groups of people
Usually for profit
What kinds of businesses are there?
Business Sector
Business Type
Global
International
National
Local
Business types
Has properties in multiple countries
Worldwide brand and organisation
Sells in multiple countries (exporting)
Has no property outside their own country
Sells beyond the local area
Only in one country
Small business
Sells in a town or area
Sole trader
Partnership
Limited company
Foundation or Charitable Trust
Government agency/department
Types of business ownership
Interesting stuff:
- Main characteristics?
- Liability for any debts?
Main characteristics:
Owned by one person
May employ other people as employees
Owner has total control and gets all the profit

Liability for debts:
The owner has unlimited liability for all debts
Sole trader
Main characteristics:
Dutch: “VOF - Vennootschap Onder Firma”
2 or more people who work together and own the company
Controlled by all the partners together
All partners share the profits

Liability for debts:
Each partner has unlimited, personal liability for all debts
Partnership
Main characteristics:
Owned by shareholders, who have each made an investment (money, goods) in the company
Controlled by managers
All shareholders share the profits

Liability for debts:
Each shareholder has limited liability: only liable for the amount that they invested
Limited company
Private Limited Company (Ltd.)
Dutch: “BV - Besloten Vennootschap”
Shares can only be bought by investors who have been invited.
Typically up to 2-20 shareholders

Public Limited Company (Plc.)
Dutch: “NV - Naamloze Vennootschap”
Anybody can buy shares (on the stock market)
Unlimited number of shareholders
Two types of limited companies
Main characteristics:
Dutch: “Stichting”
Used for charities
Controlled by Board of Trustees
All profits stay in the organisation

Liability for debts:
No-one has personal liability
Foundation / Charitable Trust
Main characteristics:
Owned by the government
Controlled by managers

Liability for debts:
The government has unlimited liability for all debts
Government agency/department
Full transcript