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BTEC Business Level 3
Exploring Business
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UNIT 1
EXPLORING BUSIENSS
, LEARNING AIM A
UNIT 1 EXPLORING BUSINESS
Unit 1- Exploring Businesses
A business is an organisation that wants to sell goods or a service that meets
customer needs. A business environment is the external and internal factors that
impact a business's growth and profit. Businesses that are in the same environment
have a lot of competitors which means that there are many rivalries for example with
Apple and Samsung these are two big technology companies and also two big public
limited companies who both want to sell goods and make a profit. A business
environment can also include factors such as social trends such as new technology
which can increase demand. Factors that also affect the environment is employees
and customers for example there social class and consumer income. Because of
Brexit the prices in the UK are going to increase and there will be a lot of tariffs to
trade to the international markets. This then makes it difficult for businesses to
expand in this environment as trading is more expensive. The business I will be
choosing are Apple and British heart foundation. Apple is a for-profit business and
BHF is a non-profit business.
, Features of a Business
Ownership and liability:
Private
Sole trader
A sole trader is a private or exclusive owner of a business who is permitted for all
profits when tax has been paid.
Advantage:
You get to keep all the profits as you’re the boss so you don’t have to share your
profits.
Decision making is fast and easy as only you think about what to do.
Disadvantages:
Sole traders have unlimited liability meaning if you go in debt all your personal
assets are at risk.
Also for a sole trader there’s long working hours as you’re the only worker.
Partnership
A partnership business is when there’s more than one person in a business who
share profits and manage the business
Advantages:
All the work and stress is not one person so information can be shared which is
beneficial for the owners.
The owners have different skills so it’s more beneficial for the business growth.
Disadvantages:
One disadvantage is that profits are split up meaning you don’t obtain all the profit.
There may be lots of disagreements between owners.
Private Limited Company
A private limited company (LTD) is a small business that has limited liability and a
business which can’t sell its shares to the public.
Advantages:
You have limited liability meaning that there responsible for their shares but when in
debt there personal money and assets are not at risk only the business capital.
LTD’S are likely to pay less tax then a sole trader.
Disadvantages:
Restricted access to public markets and shares as you’re a private business.
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