Subjects
Maths
Chemistry
Biology
English Language
History
Responding to change (a2 only)
Infection and response
Homeostasis and response
Energy transfers (a2 only)
Cell biology
Organisms respond to changes in their internal and external environments (a-level only)
Biological molecules
Organisation
Substance exchange
Bioenergetics
Genetic information & variation
Inheritance, variation and evolution
Genetics & ecosystems (a2 only)
Ecology
Cells
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Britain & the wider world: 1745 -1901
1l the quest for political stability: germany, 1871-1991
The cold war
Inter-war germany
Medieval period: 1066 -1509
2d religious conflict and the church in england, c1529-c1570
2o democracy and nazism: germany, 1918-1945
1f industrialisation and the people: britain, c1783-1885
1c the tudors: england, 1485-1603
2m wars and welfare: britain in transition, 1906-1957
World war two & the holocaust
2n revolution and dictatorship: russia, 1917-1953
2s the making of modern britain, 1951-2007
World war one
Britain: 1509 -1745
Show all topics
Business
2 Dec 2025
156
4 pages
Orlaith McCloskey @orlaithhhh
Ready to master the fundamentals of starting and running a business? These revision notes cover everything you need... Show more
Your exam success starts with understanding what each question word actually wants from you. Name questions are straightforward - just state the answer without explanation. Discuss questions require you to state a factor and then explain it further, whilst explain questions need you to describe the method and give detailed reasoning.
For marking schemes, remember that 4-mark questions want one factor with explanation, then repeat. 6-mark questions typically ask for two points with analysis using phrases like "this means that". The crucial 8-mark questions demand two advantages and disadvantages with full explanations, plus a conclusion that introduces a fresh point.
An entrepreneur is someone who spots market opportunities, has brilliant business ideas, and takes risks to make their venture succeed. They're typically creative visionaries who are determined, committed, and incredibly hard-working - basically the driving force behind new businesses.
Quick Tip The government loves entrepreneurs because they create jobs, provide healthy competition that keeps prices low, and prevent dangerous monopolies from exploiting consumers.
Being a sole trader means you're flying solo - one person owns and controls everything. The perks are obvious you make all decisions yourself and keep every penny of profit. However, there's a massive downside called unlimited liability, which means you're personally responsible for all business debts and could lose your house if things go wrong.
Partnerships involve 2-20 people sharing the business burden. Whilst this spreads the workload, it also means splitting profits and potential arguments over decisions. Like sole traders, partners face unlimited liability, which can be seriously stressful.
The Partnership Act 1890 requires clear agreements about profit distribution, each partner's role, decision-making processes, and how debts will be handled (usually equally split).
Franchises are like business marriages between established companies and newcomers. The franchisee opens under the franchisor's trusted name, benefiting from brand recognition and reduced failure risk. Banks are more willing to lend money too, though you'll pay royalty payments - usually a percentage of profits or fixed amount annually.
Remember Unlimited liability is your biggest concern with sole traders and partnerships - personal possessions can be repossessed to pay business debts.
Private Limited Companies (Ltd) sell shares to family and friends, whilst Public Limited Companies (PLCs) trade shares on the stock exchange. Both require a Memorandum of Association - a crucial document telling the public about the company's main activities, name, and registered office address.
PLCs offer brilliant advantages anyone can buy shares (raising loads of capital) and limited liability provides financial comfort since debts can be written off in bankruptcy. However, they face higher startup costs and complex regulations.
Public sector organisations are government-owned and focus on providing public services rather than making profits. They operate very differently from private businesses.
When choosing a business location, you'll need to consider several factors parking availability, local labour supply, distance from your target market, proximity to raw materials, land costs, and any government incentives on offer.
Key Point Limited liability means shareholders only lose what they've invested - their personal assets stay protected, unlike sole traders and partnerships.
Business aims evolve as companies grow and mature. New businesses focus on survival and breaking even, then shift toward maximising profits, followed by growth, and finally sustainability after 15-20 years. These aims naturally progress survival → profit → growth → sustainability.
However, the profit motive raises serious ethical issues. Companies might fire workers to cut costs, ignore environmental damage, reduce product quality to save money, or exploit staff with unfair wages and poor working conditions.
Stakeholders are people with interests in the business who can affect or be affected by its decisions. Owners want profits, local communities need employment without pollution, suppliers want reliable orders, and the government desires job creation to reduce benefit payments.
Different stakeholder groups often have conflicting interests, creating tension. For example, owners wanting maximum profit might clash with employees demanding better pay, or communities wanting environmental protection might oppose expansion plans.
Smart Strategy Understanding stakeholder needs helps businesses make decisions that balance competing interests and maintain good relationships with all parties involved.
Our AI Companion is a student-focused AI tool that offers more than just answers. Built on millions of Knowunity resources, it provides relevant information, personalised study plans, quizzes, and content directly in the chat, adapting to your individual learning journey.
You can download the app from Google Play Store and Apple App Store.
That's right! Enjoy free access to study content, connect with fellow students, and get instant help – all at your fingertips.
5
Smart Tools NEW
Transform this note into: ✓ 50+ Practice Questions ✓ Interactive Flashcards ✓ Full Mock Exam ✓ Essay Outlines
Quotes from every main character
English LiteratureApp Store
Google Play
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
Orlaith McCloskey
@orlaithhhh
Ready to master the fundamentals of starting and running a business? These revision notes cover everything you need to know about entrepreneurs, business structures, and key considerations for your business studies exam.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Your exam success starts with understanding what each question word actually wants from you. Name questions are straightforward - just state the answer without explanation. Discuss questions require you to state a factor and then explain it further, whilst explain questions need you to describe the method and give detailed reasoning.
For marking schemes, remember that 4-mark questions want one factor with explanation, then repeat. 6-mark questions typically ask for two points with analysis using phrases like "this means that". The crucial 8-mark questions demand two advantages and disadvantages with full explanations, plus a conclusion that introduces a fresh point.
An entrepreneur is someone who spots market opportunities, has brilliant business ideas, and takes risks to make their venture succeed. They're typically creative visionaries who are determined, committed, and incredibly hard-working - basically the driving force behind new businesses.
Quick Tip: The government loves entrepreneurs because they create jobs, provide healthy competition that keeps prices low, and prevent dangerous monopolies from exploiting consumers.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Being a sole trader means you're flying solo - one person owns and controls everything. The perks are obvious: you make all decisions yourself and keep every penny of profit. However, there's a massive downside called unlimited liability, which means you're personally responsible for all business debts and could lose your house if things go wrong.
Partnerships involve 2-20 people sharing the business burden. Whilst this spreads the workload, it also means splitting profits and potential arguments over decisions. Like sole traders, partners face unlimited liability, which can be seriously stressful.
The Partnership Act 1890 requires clear agreements about profit distribution, each partner's role, decision-making processes, and how debts will be handled (usually equally split).
Franchises are like business marriages between established companies and newcomers. The franchisee opens under the franchisor's trusted name, benefiting from brand recognition and reduced failure risk. Banks are more willing to lend money too, though you'll pay royalty payments - usually a percentage of profits or fixed amount annually.
Remember: Unlimited liability is your biggest concern with sole traders and partnerships - personal possessions can be repossessed to pay business debts.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Private Limited Companies (Ltd) sell shares to family and friends, whilst Public Limited Companies (PLCs) trade shares on the stock exchange. Both require a Memorandum of Association - a crucial document telling the public about the company's main activities, name, and registered office address.
PLCs offer brilliant advantages: anyone can buy shares (raising loads of capital) and limited liability provides financial comfort since debts can be written off in bankruptcy. However, they face higher startup costs and complex regulations.
Public sector organisations are government-owned and focus on providing public services rather than making profits. They operate very differently from private businesses.
When choosing a business location, you'll need to consider several factors: parking availability, local labour supply, distance from your target market, proximity to raw materials, land costs, and any government incentives on offer.
Key Point: Limited liability means shareholders only lose what they've invested - their personal assets stay protected, unlike sole traders and partnerships.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Business aims evolve as companies grow and mature. New businesses focus on survival and breaking even, then shift toward maximising profits, followed by growth, and finally sustainability after 15-20 years. These aims naturally progress: survival → profit → growth → sustainability.
However, the profit motive raises serious ethical issues. Companies might fire workers to cut costs, ignore environmental damage, reduce product quality to save money, or exploit staff with unfair wages and poor working conditions.
Stakeholders are people with interests in the business who can affect or be affected by its decisions. Owners want profits, local communities need employment without pollution, suppliers want reliable orders, and the government desires job creation to reduce benefit payments.
Different stakeholder groups often have conflicting interests, creating tension. For example, owners wanting maximum profit might clash with employees demanding better pay, or communities wanting environmental protection might oppose expansion plans.
Smart Strategy: Understanding stakeholder needs helps businesses make decisions that balance competing interests and maintain good relationships with all parties involved.
Our AI Companion is a student-focused AI tool that offers more than just answers. Built on millions of Knowunity resources, it provides relevant information, personalised study plans, quizzes, and content directly in the chat, adapting to your individual learning journey.
You can download the app from Google Play Store and Apple App Store.
That's right! Enjoy free access to study content, connect with fellow students, and get instant help – all at your fingertips.
5
Smart Tools NEW
Transform this note into: ✓ 50+ Practice Questions ✓ Interactive Flashcards ✓ Full Mock Exam ✓ Essay Outlines
Quotes from every main character
English LiteratureApp Store
Google Play
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
The app is very easy to use and well designed. I have found everything I was looking for so far and have been able to learn a lot from the presentations! I will definitely use the app for a class assignment! And of course it also helps a lot as an inspiration.
Stefan S
iOS user
This app is really great. There are so many study notes and help [...]. My problem subject is French, for example, and the app has so many options for help. Thanks to this app, I have improved my French. I would recommend it to anyone.
Samantha Klich
Android user
Wow, I am really amazed. I just tried the app because I've seen it advertised many times and was absolutely stunned. This app is THE HELP you want for school and above all, it offers so many things, such as workouts and fact sheets, which have been VERY helpful to me personally.
Anna
iOS user
Best app on earth! no words because it’s too good
Thomas R
iOS user
Just amazing. Let's me revise 10x better, this app is a quick 10/10. I highly recommend it to anyone. I can watch and search for notes. I can save them in the subject folder. I can revise it any time when I come back. If you haven't tried this app, you're really missing out.
Basil
Android user
This app has made me feel so much more confident in my exam prep, not only through boosting my own self confidence through the features that allow you to connect with others and feel less alone, but also through the way the app itself is centred around making you feel better. It is easy to navigate, fun to use, and helpful to anyone struggling in absolutely any way.
David K
iOS user
The app's just great! All I have to do is enter the topic in the search bar and I get the response real fast. I don't have to watch 10 YouTube videos to understand something, so I'm saving my time. Highly recommended!
Sudenaz Ocak
Android user
In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.
Greenlight Bonnie
Android user
very reliable app to help and grow your ideas of Maths, English and other related topics in your works. please use this app if your struggling in areas, this app is key for that. wish I'd of done a review before. and it's also free so don't worry about that.
Rohan U
Android user
I know a lot of apps use fake accounts to boost their reviews but this app deserves it all. Originally I was getting 4 in my English exams and this time I got a grade 7. I didn’t even know about this app three days until the exam and it has helped A LOT. Please actually trust me and use it as I’m sure you too will see developments.
Xander S
iOS user
THE QUIZES AND FLASHCARDS ARE SO USEFUL AND I LOVE THE SCHOOLGPT. IT ALSO IS LITREALLY LIKE CHATGPT BUT SMARTER!! HELPED ME WITH MY MASCARA PROBLEMS TOO!! AS WELL AS MY REAL SUBJECTS ! DUHHH 😍😁😲🤑💗✨🎀😮
Elisha
iOS user
This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now
Paul T
iOS user
Sociology