Term 1 : Enterprise and entrepreneurship
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.
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills in relation to the topic
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 learn what is means to be an entrepreneur and the role of enterprise.
Create a supportive community:
Students learn group working skills and appreciate other peoples views.
Term 2 : Spotting a business opportunity
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.
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills in relation to the topic
Product
Something that is made or created for others.
Place
Location
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 learn to identify opportunities and understand the needs of other people and how they might differ from their own needs
Create a supportive community:
Group work and the ability to challenge each other over what makes a good product.
Term 3 : Putting a business idea into practice
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.
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills in relation to the topic
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:
Help students understand financial terms and the importance of ensuring companies control their cash flow.
Create a supportive community:
The students will work together to help understand how financial processes work.
Term 4 : Making the business effective
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.
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:
Students will learn how to evaluate advertising and understand how it could be misleading or how it can convince people to purchase a product
Create a supportive community:
Students will work in small groups and have the opportunity to put their point of view across.
Term 5 : Understanding external influences on business
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.
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills in relation to the topic
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 understand the impact of various agents acting on a business.
Create a supportive community:
Students learn how to deal with a multitude of requirements and how to satisfy the needs of others.
Term 6 : Growing the 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.
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills in relation to the topic
Innovation
bringing a new idea to market, such as Warburtons' clever idea of an extra-large crumpet
Inorganic (external) growth
growing by buying up other businesses or by merging with a business of roughly equal size
Merger
When two businesses of roughly equal size agree to come together to form one big business
Organic (internal) growth
growth from within the business, such as creating and launching successful new products.
Research and development (R&D)
the scientific research and technial development needed to come up with successful new products.
Takeover
obtaining control of another business by buying more than 50 per cent of its share capital
Develop the individual:
Students will understand the reasons for growing a business.
Create a supportive community:
Learn why some business' grow, some go international and appreciate different objectives and discuss them.