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Profit = Total Revenue - Total Costs
He was an American entrepreneur and inventor, best known as the co-founder, chairman, and CEO of Apple Inc.
Steve Jobs (February 24, 1955 - October 5, 2011) / Famous entrepreneurs
Sir Richard Charles Nicholas Branson is an English business magnate, best known as the founder and chairman of Virgin Group of more than 400 companies.
Branson is the 4th richest citizen of the United Kingdom, according to the Forbes 2012 list of billionaires, with an estimated net worth of US$4.2 billion.
Addition to the basic wage or salary;
e.g. achieving a target.
Bonus / Effective people management
Tend to be paid to manual workers for working a fixed number of hours per week plus overtime.
Wages / Effective people management
pay, usually of non-manual workers,expressed as a yearly figure but paid monthly.
Salary / Effective people management
Makes businesses liable for prosecution and fines if products are sold in a misleading way.
Trade Description Act / Meeting customer needs
Gives consumers rights to compensation if a product they buy is not of merchantable quality, not as described or not fit for purpose.
Sale of Goods Act / Meeting customer needs
Ensuring that quality is produced and delivered at every stage of the production process, often through making quality the responsibility of every worker.
Ensuring that a product/service meets minimum standards, ofter through testing of sample products once they have been made.
Quality Control / Meeting customer needs
1. RETAINED PROFITS
2. FIXED ASSETS
Sources of Finance - Large Firms / Effective finantial management
2. TRADE CREDIT
5. VENTURE CAPITAL
Sources of Finance - Small Firms / Effective finantial management