BI6.5 Business definitions (04/07/2005)

BI6.5.1 ‘Business experience’

Business experience means a minimum of five years of either:

1. owning (see BI6.5.5 below) a lawful business enterprise (see BI6.5.15 below); or
2. management experience (see BI6.5.10 below) in a lawful business enterprise.

BI6.5.5 ‘Owning a business’

Owning a business means owning at least 25 per cent of a business.

BI6.5.10 ‘Management experience’

Management experience means experience in the planning, organisation and control of the activities of a business.

BI6.5.15 ‘Lawful business enterprise’

A lawful business enterprise is an organisation that:

1. operates lawfully in a commercial environment with the goal of returning a profit, and
2. is not set up primarily for passive or speculative purposes.

Effective 04/07/2005