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GCSE Business · key term
A new business being set up or beginning to trade.
Used by AQA and OCR
Paper 1, Paper 2
A business that is being established or has recently begun operating.
Revise: Purpose, Sections and Evaluation of Business PlansBusiness plans are particularly important for start-ups, but established businesses also use them when developing or changing their activities. A useful plan is a working document that can be reviewed and updated, rather than something written once and put away.
Paper 1, Paper 2
Apply your answer to the business given. A start-up seeking a bank loan may gain more from a detailed plan than an established business making a small change.
Do not assume every start-up should be a sole trader or every established business should become a plc.
Do not assume that every established business is profitable or that every start-up will be refused a loan.
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A newly formed business that is beginning its activities.
A start-up is a newly formed business. Its owners must consider the money needed to begin trading, whether their own savings are enough, and whether they want other people to contribute finance, ideas or work.