define bricks and mortar
the traditional business model that is based on a physical store.
business entity
an organisation that exists seperately to its owner in order to sell goods and services
business model
how the business will operate to generate its profit
business plan
a written statement of the business' goals and objectives and steps taken to achieve them.
capital resources
it is the tools and machinery used in businesses
Labour resources
the people that provide their knowledge, skills and effort to the business
Natural Resources
are items that come from the natural environment that are used by businesses
crowdfunding
is a method of raising finance through appeals for donations from the public
equity
the funds contributed by the owner(s) of a business to start and build the business
franchisee
a business that is licensed to operate under a business name
incorporated business
a business that has a separate legal existence apart from its owner(s)
Mortgage
loan on a property
Partnership
an incorporated business structure with min of two owners and max of 20 owners
public listed company
falls under unincorporated business with a min of one shareholder and is required to release an annual report of its business
private limited company
falls under unincorporated business as well and is not required to release an annual report of the business
Accountant
a professional who provides advice for business owners on financial management issues and taxation obligations
Bank overdraft
Bank overdraft is the most common short term money borrowing for businesses
it is when a bank allows a business or individual to overdraw their account up to a agreed limit for a specific time
shareholders
the owners of a company who are entitled to a share of the business' profit
sole trader
a business that is owned and operated by one person
unlimited liability
when the business owner is personally responsible for all the debts in their business.
