Business in Practice

Business in Practice

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
SECTION 1......................................................................................................................................3
Definition, characteristics and example of micro business, small business, medium size
business and large size business..................................................................................................3
SECTION 2......................................................................................................................................5
Definition, characteristics and example for the sole trader business, partnership, limited
liability business, public limited liability business and Cooperative. ........................................5
Using PESTLE analysis explain how different external factors affect the performance of a
business.......................................................................................................................................6
CONCLUSION ...............................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Business comprises of all the required elements through which they can increase the
growth of the company and also generate the higher level of revenue by emphasising on the
productivity of the business(Klun and Trkman, 2018). It is important for every organisation
have the direct focus on the external environment so that they can take the corrective decision in
order to handle them. There are various types of organisation which will discussed in this report.
This report will cover the PESTLE analysis and the factors that is impact the external
environment.
MAIN BODY
SECTION 1
Definition, characteristics and example of micro business, small business, medium size business
and large size business.
There are various business activities which is being frame in order to followed by an
individual so that they can generate the sufficient revenue in order to establish strong brand
image in the market. A business can be small, medium and large. The main consideration of
there is to generate the high profits by increasing their production. Various types of business is
explained as follows:
Micro size business
In these types of business, there are minimum 0-9 employee are working in their
respective department and they are operating their business in low investment and the funding of
such organisation is tends to low(Kato and Charoenrat, 2018). The annual revenue of such
business is amounted to £2 million.
Characteristics
 These organisation run their business operation with the few number of employees as the
small level of their business.
 These types of business conduct their operations in small areas with small market
segment.
 These are the business which generates lower level of revenue with their target market
and having limited product line.
Example- Small brewing company.