WorkReady My Business Plan

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Situation analysis A situation analysis provides context to the way in which a business is operating at a specific point in time. Business operators and managers use this type of analysis to help them plan for the future. Social enterprIse A social enterprise is a business that has been set up specifically to advance social change. Social enterprise aims at tackling problems in the community such as homelessness, unemployment, disengagement, domestic violence and environmental degradation. Social entrepreneur A social entrepreneur is an entrepreneur who focuses their energy and profits on implementing positive change towards a more equitable society and sustainable future. Sole trader Sole Trader is a business structure in which an individual runs and is legally responsible for all aspects of the business. It is the simplest form of business structure. Startup A startup is a newly established business or entrepreneurial venture. Startups are generally developed around an innovative business idea, product, service or platform. SubsidY A subsidy is a form of financial support, given by the government to individuals, businesses and industry. Subsidies come in the form of cash payment, loan or a tax reduction or rebate. success The most obvious meaning of success is that it is the opposite of failure. The dictionary describes success as the accomplishment of an aim or purpose, or the attainment of popularity or profit . Success means different things to different people,. Supply and demand Supply and demand is the key economic force that sets and controls the market price of a product. Supply refers to the quantity of goods that are available. Demand refers to the number of consumers wanting those goods.

SWOT analysis SWOT is an acronym for: Strengths, Weaknesses, Opportunities and Threats. A SWOT analysis is a study that businesses use to identify their internal strengths and weaknesses, and external opportunities and threats. This type of analysis provides a quick and easy overview that not only evaluates the viability of ideas, projects and business strategies, but also gives an indication of where the business sits in the marketplace. T Tariffs A tariff is a tax on goods that enter a country (imports), or leave a country (exports). Governments impose tariffs to raise the price of imported goods. In turn this protects start up industries, the domestic economy from global competition, encourages domestic producers to increase production and generates revenue through higher production and higher consumer prices. Trademarking A trade mark is a branding right in the form of a symbol, logo, word or words used to represent a company or product. A trade mark is what distinguishes one company or product from their competitors. TRENDS In business terms, a trend illustrates the direction that a particular line of business or industry is developing or changing. Trends impact on businesses within the industry. U UP selling Upselling is the practice of persuading a customer to upscale, or purchase a higher end product than the one they are considering. It could be the same type of product but a more expensive model, a model with added features or a larger product. Utilities Utilities refer to the services that are necessary in the running of households and business. That is services such as electricity, natural gas, water, sewage, telephone, Internet services and transportation.

VARIAble costs Variable costs are expenses that vary in relation to the level of production or activity of a business. They are the costs of the labour or materials related to a service or production, and are constant for every unit produced. Therefore they increase and decrease with demand. Venture capitalist A venture capitalist is an investor prepared to put up the capital (money) for new ventures, or to support businesses that don’t have access to the necessary funds to expand. Venture capital comes from a pool of high wealth investors and institutions. VISION STATEMENT A vision statement is a brief, one sentence statement, expressing what a business or organisation aspires to be. W Workflows In business, workflow is the sequence of steps taken to achieve a particular end or desired outcome. It includes the activities, actions and interactions of the people involved in each step of the sequence. Processes and procedures are workflows. Workflows can be simple or they can be complex; and different workflows can run simultaneously and parallel to one another. Workplace The workplace is the physical location where people are employed to work. Considering the almost limitless spectrum of jobs, the workplace is many and varied. It can be the factory floor or the dance floor, the high- rise office or the rolling fields of a farm. The workplace is whatever is called for – a place or a space to get the job done! Workplace relations Workplace relations refers to the management of the relationship between the employer and the employees of a business.

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