Exploration of the dynamic nature of Business and why and how new ideas come about. Exploration of risk & reward, the role of Business & Enterprise and the role of business for employment. Developing an understanding of adding value. Exploration of the role of entrepreneurship : Labour market information- reasons or options for starting business and discussing business ideas for potential future business startups.
Development of understanding what the customer needs. Exploration of market research, market segmentation and market mapping. Understanding the competitive environment.
Exploration of business aims & objectives. Introduction to revenues, costs & profits, break-even and margin of safety. Understanding the importance of cash, cash flow forecasts
And sources of small Business finance.
Exploration of ownership & liability: business start up limited and unlimited liability, franchisor and franchisee. Understanding the importance of business location: what influences location, and the type of business due to location. Introduction to the Marketing Mix: 4 Ps. Understanding Business Plans: why are they important , how do they reduce risk and attract better finance.
Introduction to Stakeholders: their impact & needs. Exploration of Technology & Business: payment systems & marketing. Developing an understanding of Legislation: impact on business both positive & negative. Introduction to the economy: GDP, unemployment, inflation and sales. External Influences: effect of exchange rates (SPICED), legislation & technology.