survival is a very common objective for a small bu
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BUSINESS PEARSON EDEXCEL EXAM 2024/2025
BUSINESS PEARSON EDEXCEL WBS11/01 EXAM
2024/2025 QUESTIONS AND ANSWERS VERIFIED
AND GRADED A+(SOLVED)
Survival
Is a very common objective for a small business. Business survival refers to keeping the business
operating for a certain amount of time. Most businesses initially aim to survive their first year.
Financial aims and objectives
Are linked to money. Their goal is to either make sure the business can afford to keep running or
help it to make a profit.
Profit
Refers to any money left over after all costs have been taken away from any revenue made by a
business. Businesses usually aim to make a profit within the first two years.
Sales
Refer to an amount of a product or service sold by a business. A business will set a target for
how much it wants to sell each month and year. This gives the business a target to aim for and a
purpose to what its employees do each day.
,BUSINESS PEARSON EDEXCEL EXAM 2024/2025
Market share
Refers to the percentage of the market that a business occupies. The market is the industry that a
business operates in, for example the fast food industry. An example of an objective for market
share might be 'to have 5% share of the fast food market within a 100-mile radius in the first 12
months'.
Financial security
Relates to a business being able to afford to pay off all its costs and have enough cash left to
survive. It also relates to an entrepreneur achieving a level of income that will allow them to
keep the business operating.
Non-financial aims and objectives
Are linked to anything other than making money for the business. These are usually linked to
personal reasons behind an entrepreneur setting up a business.
Social objectives
Are linked to doing things in an ethical or environmentally friendly manner, or having a business
whose sole purpose is to meet a social need. For example, an entrepreneur may aim to provide
only products that are sustainably sourced or use only solar energy to power their business.
Personal satisfaction
, BUSINESS PEARSON EDEXCEL EXAM 2024/2025
Relates to an entrepreneur feeling satisfaction that they have created a successful business. It
may be that an entrepreneur is able to make a business out of a hobby or personal interest.
Challenge
Relates to an entrepreneur setting up a business with the intention that making it successful will
challenge them or take them out of their comfort zone.
Control
Relates to an entrepreneur's goal of being able to control the business and make decisions about
how it is run. These aims and objectives may relate to decisions around what the business sells,
where it buys raw materials from, and how much its product or service is sold for.
Independence
Relates to an entrepreneur working for themselves and running their own business. It is also to
do with them making their own key business decisions. A desire for independence is a common
reason for an entrepreneur to set up a business.
Why business aims and objectives change as businesses evolve: • in response to market
conditions
The introduction of new products from competitors is an example of how the competitive
environment changes. Therefore a business in this situation may focus on protecting its market
share.
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