Define the

Apuntes

•Definitions of key terms: a. Primary sector: Uses natural resources such as farming, fishing, and mining. b. Secondary sector: Manufactures products from raw materials, including factories and building. c. Tertiary sector: Provides services like shops, hotels, and transport. d. Quaternary sector: Uses knowledge and ideas, such as IT, education, and research. •Process of starting a business: Begin with a business idea, conduct research, create a business plan, secure funding through loans or investors, register the business, and then start operations. •Reasons why start-ups fail: Insufficient funding, poor planning, ineffective marketing, lack of demand, and strong competition. •Advantages and disadvantages of different business types: a. Sole trader: Easy to start but bears all risks. b. Partnerships: Share ideas and costs but may experience disagreements. c. Privately held company: Maintains control over ownership but struggles to attract large investments. d. Publicly held company: Can raise significant funds but offers less control. e. For-profit social enterprises: Generate profit while helping people; balancing both can be challenging. f. Non-pr...