Business 101

When one company purchases most or all of another company's shares to gain control of that company.

Leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind.

The ability to speak up for ourselves in a way that is honest and respectful.

Something a person or business owns, or has value, e.g. buildings, vehicles, a copyright, cash in a bank account, money someone owes you.

The use of machines and technology to make processes run on their own without manpower.

A plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.

A transaction or business conducted between one business and another, such as a wholesaler and retailer.

A carbon footprint is the total amount of greenhouse gases that are caused by our actions.

This is when cash is added into a business. For example, through investment from the business owner, shareholders or a bank loan.

Chat Generative Pre-trained Transformer, is a large language model-based chatbot developed by OpenAI which enables users to refine and steer a conversation towards a desired length, format, style, level of detail, and language.

Other organisations who can provide your customers with similar products.

The pattern of how a population currently spend money and use items and services.

A reduction in the value of an asset over time, due in particular to wear and tear.

Selling or getting rid of something that you own, e.g. disposing of a building by selling it to someone else, disposing of a written-off vehicle by taking it to the scrap yard.

Economic life is the expected period of time during which an asset remains useful to the average owner.

Commercial transactions conducted electronically on the internet.

The economy of a developing nation that is becoming more engaged with global markets as it grows.

Technologies that are currently developing, or that are expected to be available within the next five to ten years.

The measurement of the number of employees who leave an organisation during a specified time period. A higher rate is generally seen as a bad thing.

How a business designs, delivers and maintains their IT services to customers and is an extension of information technology service management (ITSM).

Environmental, Social and Governance, issues facing the world today all of which may impact the sustainability of social and economic activity in the long-term.

Assets which are purchased for long-term use and aren't likely to be converted quickly into cash, such as land, buildings, and equipment.

A business that maximises value while minimising waste.

Something a person or company owes, e.g. loans, expenses.

The process of taking legal action.

The amount of the total revenue generated by one company within an industry.

This is the average, it is found by adding all values together and then dividing by how many values there are in total. For example the mean of 2, 4 and 5 is (2+4+5) /3 = 3.7

This is the value in the middle of a dataset. The dataset should first be ordered smallest to largest. For example the median of 2, 2, 4, 5, 6 is 4.

Notes taken during a meeting, which can be formal or informal. Formal meeting minutes include start and end time, a list of attendees and actions required following the meeting.

Combining two separate businesses into a single new legal entity.

A change to the way a business process takes place, e.g. the way a supermarket sources their produce, or the way a company distributes their product.

How a company is set up, for example team responsibilities and leadership within the organisation, or companies under the same umbrella.

Two or more stakeholders working together towards a common and agreed goal.

The practice of sending fraudulent communications that appear to come from a reputable source, often by email, with the aim of tricking the receiver into sharing information.

When a company implements operational changes. Typically, but not always, this is with the aim to resolve financial strain.

The total amount of income generated by the sale of goods or services related to the company's primary operations.

The way that a firm chooses to deliver services to their customers.

A study undertaken by an organisation to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

Example SWOT analysis

A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is a simple framework used to evaluate a company’s competitive position.

Strengths and Weaknesses are things that a company does well or could improve on. They are sometimes referred to as ‘internal’ factors that are focused specifically on the company.

Opportunities and threats are things that the company could take advantage of, or cause the company harm if not addressed. They are sometimes referred to as ‘external’ factors that other companies may also be affected by.

A feature, or characteristic of a product, service, etc. that distinguishes it from others of a similar nature and makes it more appealing.