What is the name for a business network that gathers local entrepreneurs together to share ideas, issues and solutions?
Chamber of Commerce
What is meant by a business angel?
An individual who provides finance for a business, usually in return for a share of its ownership
Which term describes an organisation set up to support a particular cause or group, which may offer free advice, training or funding to enterprises that meet its aims?
Charity
What is meant by a local council enterprise department?
A team that works to help businesses in its area, for example through grants, advice and recruitment support
What is the name for a qualified professional who advises a business on legal matters such as contracts and employment law?
Solicitor
What is meant by an accountant?
A qualified professional who keeps a business's financial records and prepares its statutory end of year accounts
What is meant by a finance provider?
A source of money for a business, such as a bank or a business angel
Which term describes a sum of money given to a business that does not have to be repaid?
Grant
Which source of support sets policies such as tax rates and also offers grants, mentors and training to enterprises?
The government
How does a business angel differ from a bank when providing finance to a start-up?
A business angel may take a share of the business
A start-up needs free advice about trading in its local area and details of small grants. Which source is best placed to help?
The local council enterprise department
Which is a limitation of using an accountant for support?
They charge fees that can be expensive for a small business
A limited company wants to check that a contract with a supplier is legally sound. Which source of support should it use?
A solicitor
Why might a new entrepreneur ask friends or family for advice?
Their advice is usually free and available immediately
Which is a limitation of relying on a family member for business advice?
They may not have the relevant business experience
What is an advantage of joining a Chamber of Commerce?
It helps members network with other local entrepreneurs
Why might government support not be suitable for every start-up?
The business must fit with the government's own agenda
Which is a limitation of getting support from a charity?
Charities are often limited in who they can support
Which is a limitation of using a bank to finance a start-up?
The amount and the loan period may be restricted
Which is an advantage of getting support from a charity?
It may include free or low cost training and financial help
A graphic designer runs a very specialised business and asks her local council enterprise department for support. Why might the help be less useful to her?
The team may not understand her niche market
Which is a limitation of joining a Chamber of Commerce?
Membership fees have to be paid
Which is a limitation of using a solicitor for support?
Their fees are high for a small business
A start-up needs money to expand and also wants advice on managing the extra costs. Which is an advantage of using a finance provider such as a bank?
The money can come with advice on how to use it
We use cookies to enhance your experience. You can manage your preferences or learn more in our Cookie Policy.