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You are here » Discussyes » Knowledge Timeline » Business Knowledge

Business Knowledge

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  • Posted by: Abbey
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  • Abbey
  • From: Nigeria
  • Registered: 19th Jan 2019
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TIMELINE

https://forumstatic.ru/files/001a/13/1d/20486.png

BUSINESS KNOWLEDGE

Choose term or terms (someone or something) that relate to business and write what you know about the term or terms you choose. Most recent update will appear in Timeline on homepage. Thanks!

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2

  • Posted by: Natty
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  • Natty
  • From: Nigeria
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ENTREPRENEURSHIP
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new business.

Entreprenerial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.

Reference: http://www.businessdictionary.com/defin … rship.html

Last edited by Natty (30th Jul 2019 10:30 am)

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  • Posted by: Sweet16
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  • Sweet16
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Scammer - Someone who makes money using illegal method, especially by tricking people

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  • Posted by: crisbar96
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  • crisbar96
  • Registered: 21st Jan 2019
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Shoprite Nigeria
Shoprite is a world acclaimed retail brand originating from South Africa. The company first began business in Nigeria in December 2005 in Surulere.

Today, it is available in various cities in the country including Ibadan, Kano, and Enugu. Shoprite's promise to its customers is to provide low price commodities with its slogan being "Lower Prices You Can Trust". The company intends to keep its promises while simultaneously providing the best quality of products from around the globe (Credit: https://hotels.ng)

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5

  • Posted by: Abbey
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  • Abbey
  • From: Nigeria
  • Registered: 19th Jan 2019
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Freelancer
A freelancer is someone who offers their services for a fee and usually with no expectation of a permanent single client, although the working relationship can be ongoing.

It is a form of self-employment, similar to operating a home business versus telecommuting. With that said, a freelancer can work as a contractor, as opposed to home business.

One of the reasons to start freelancing: It's often flexible, allowing you to work part-time or during off-business hours.

Kind of work freelancer offers
- Freelance writer
- Freelance web designer
- Freelance virtual assistant or virtual professional
- Freelance bookkeeper
- Marketing/PR services or social media manager

Source: It was culled from this post in thebalancesmb.com

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6

  • Posted by: saddy
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  • Registered: 30th Jul 2019
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Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. The open ascending price auction is arguably the most common forms of auction in use today.

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7

  • Posted by: MyBeauty
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  • MyBeauty
  • Registered: 22nd Jan 2019
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VAT (Value-Added Tax)
A value-added tax is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on cost of the product, less any of the costs of materials used in the product that have already been taxed.

Value-added taxation is based on a taxpayers' consumption rather than the their income. In contrast to a progressive income tax, which levies greater taxes on  higher-earners.

For more details, https://www.investopedia.com/terms/v/valueaddedtax.asp

Last edited by MyBeauty (25th Sep 2019 09:36 am)

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8

  • Posted by: Styguy
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  • Styguy
  • From: Abuja
  • Registered: 22nd Jan 2019
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Franchise
A franchise is a type of license that a party (franchisee) requires to allow them to have access to a business's (franchisor) proprietary knowledge, processes, and trademarks in order to allow the party to sell a product or provide a service under the business' name. In exchange for gaining the franchise, the franchisee usually pays the franchisor an initial start-up and annual licensing fees.

Franchises are a very method for people to start a business, especially for those who wish to operate in a highly competitive industry like the fast-food industry. One of the biggest advantages of punchasing a franchise is that you have access to an established company's brand name, meaning that you do not need to spend further resources to get your name and product out to customers.

Source: https://www.investopedia.com/terms/franchise.asp

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9

  • Posted by: Divine
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  • Divine
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Stakeholders
A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers. However, the modern theory of the idea goes beyond this original notion to include additional stakeholders such as a community, government or trade association.

Stakeholders can be internal or external;

INTERNAL STAKEHOLDERS are people whose interest comes through a direct relationship, such as employment, ownership or investment.

EXTERNAL STAKEHOLDERS are those people who do not directly work with a company but are affected in some way by the actions and outcomes of said business. They include suppliers, creditors and public groups.

CREDIT: https://www.investopedia.com/terms/s/stakeholders.asp

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