This unit looks at the dynamic nature of business, including why and how new businesses come about. The risk and reward involved in business, value added and how to calculate it. This unit also discusses the role of business enterprise and of entrepreneurship.
Students will sit an end of unit assessment using exam style questions that consists of multiple choice questions and a 6 mark question in relation to the unit content.
Pupils will also complete a practical project where they have the opportunity to put the unit content into practice.
Entrepreneur
Someone who has an idea and starts up a business which generally goes on to be successful.
Objectives
Plans, intended outcomes.
Franchise
An authorisation granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.
Sole Trader
A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Partnership
A joint business venture between two or more people.
Private Limited Company
A private limited company, or LTD, is a type of privately held small business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50, and restricts shareholders from publicly trading shares.
Market Share
The portion of a market controlled by a particular company or product.
Stakeholder
A person with an interest or concern in something, especially a business.
Organisation
An organised group of people with a particular purpose, such as a business or government department.
Business
Commercial activity.
Develop the individual:
Students will need to think about what it means to be an entrepreneur and the skills that are required.
Create a supportive community:
Students consider their obligations to staff members and what it means to work as part of a team.
This topic area addresses the business market, including market research, market segmentation, and market mapping. The unit also looks at the competitive environment and customer needs.
Students will sit an end of unit assessment using exam style questions that consists of multiple choice questions and a 6 mark question in relation to the unit content.
Pupils will also complete a practical project where they have the opportunity to put the unit content into practice.
Location
Place
Price
Cost
Product
Something that is made or created for others.
Place
Location
Promotion
Advertisement
Marketing Mix
Marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four Ps: price, product, promotion, and place.
Research
The collection of information to formulate an opinion or business strategy.
Primary
Primary research is new research, carried out to answer specific issues or questions. It can involve questionnaires, surveys or interviews with individuals or small groups.
Secondary
Secondary research makes use of information previously researched for other purposes and publicly available.
Questionnaire
Collects information and the opinions of the person completing it.
Develop the individual:
Students consider their own likes and dislikes in relation to services and products.
Create a supportive community:
Students need to think about market force opinion when designing products and services.
This section studies business aims and objectives, revenue, costs, profit and break-even. The importance of cash, cash flow forecasts and sources of small business finance are also covered.
Students will sit an end of unit assessment using exam style questions that consists of multiple choice questions and a 6 mark question in relation to the unit content.
Pupils will also complete a practical project where they have the opportunity to put the unit content into practice.
Finance
Related to money.
Interest
The amount of money charged on a loan e.g. 7% or the amount money grows in savings accounts e.g. 1%
Leasing
Lending a property or business in exchange for money.
Overdraft
A deficit in a bank account caused by drawing more money than the account holds.
Mortgage
A large sum of money borrowed to buy a property, payments are made each month by the borrower.
Revenue
Incoming money.
Profit
The amount of money made on a product sale after deductions for things like staff costs, rent etc. are deducted.
Inflow
Money coming into a business.
Outflow
Money going out of a business, usually on bills or wages.
Overheads
The costs of running a business e.g. rent, electricity, wages
Develop the individual:
Students think about personal finances in relation to products and services.
Create a supportive community:
Students consider the spending power of a community and how market trends may influence this.
This unit deals with the ideas of ownership, liability and franchising. As well as the importance of business location, business plans and the marketing mix.
Students will sit an end of unit assessment using exam style questions that consists of multiple choice questions and a 6 mark question in relation to the unit content.
Pupils will also complete a practical project where they have the opportunity to put the unit content into practice.
Recruitment
The process of finding the right people to work for you.
Motivation
How people feel about a task - their level of motivation depends upon how well they are treated.
Internal
Inside a business
External
Outside a business
Employees
People employed to do a job
Enrichment
Job enrichment is a management concept that involves redesigning jobs so that they are more challenging to the employee and have less repetitive work. The concept is based on a 1968 Harvard Business Review article by psychologist Frederick Herzberg titled
Enhancement
Improvement of something; this might be the performance of a business or the conditions for workers.
Legislation
Law relating to business.
Discrimination
Treating someone differently because of their race, sex, disability etc.
Training
Ensuring staff have the correct skills and knowledge to do their job.
Develop the individual:
Personal liability is an issue that is important to this unit. Students therefore must think about their own responsibilities within the work place.
Create a supportive community:
This means that students must consider the welfare of the working community and what they are responsible for.
This unit looks at the impact of technology, legislation, the economy and external influences on businesses. It also addresses the role of stakeholders on a business.
Students will sit an end of unit assessment using exam style questions that consists of multiple choice questions and a 6 mark question in relation to the unit content.
Pupils will also complete a practical project where they have the opportunity to put the unit content into practice.
Production
Creation of something.
Efficient
Best possible use of time, money, resources.
Quality
How well made or useful something is.
Service
How well a company interacts with it's customers.
Customer
A paying person or company for goods or services.
Loyalty
A customer who keeps coming back.
Consumer
Someone or a group of people that use a product.
Regulations
Laws that govern.
Protection
Insurance against loss.
E-Commerce
Commercial transactions conducted electronically on the Internet.
Develop the individual:
Students consider what it means to be a stakeholder in a business and how the way the business conducts itself affects the stakeholders and their view on the business itself.
Create a supportive community:
This means that students must consider the range of people with an interest in the success/failure of a business.
Students will study how a business grows, including how this growth is financed. They will look at how a business' aims and objectives change as it grows and how ethics are adapted for a business as it moves into a global market.
Students will sit an end of unit assessment using exam style questions that consists of multiple choice questions and a 6 mark question in relation to the unit content.
Pupils will also complete a practical project where they have the opportunity to put the unit content into practice.
Develop the individual:
Students consider methods and finance for business growth and development.
Create a supportive community:
Students have to discuss and revisit previous knowledge in order build on this and consider implications for growth.