Name:

Why Start a business?•Pursue a hobby

•Escaping a boring job

•Be your own boss

•To work from home

•To provide a services other can benefit from

•Entrepreneur – An individual with an idea for a business

Primary, Secondary, Tertiary Business

Primary –

Secomdary –

Tertiary -

Why set Business Aims and Objectives:

•Survival

•Sales Growth

•Profit

•Market Share

•Customer Satisfaction

•Social Objectives

•Ethics

•Aim:

•Objective:

Stakeholders:

Example of conflicts:

Business Plan

Why Plan:

Contents:

What factors affect the choice of location?

•Costs/Raw materials

•Infrastructure/transport

•Labour

•Competition

•Proximity to Market

The benefits of market research:

•Knowing customer needs

•Estimating likely demand

•Anticipating the size of the market

•Finding out about competition

What is Primary Research (Field):

Examples

Advantages/Disadvantages

Secondary Research (Desk)

Examples:

Advantages/Disadvantages

The 4 P.s

P

P

P

P

What is Price?

Demand;

What is Product?

USP

Product Life Cycle

What is Promotion? What is Place?

What is Ecommerce:

What is Market Segmentation?

What is the Target Market?

Nice Market:

Mass Market:

Consumer Protection Laws:

What are the features of a Sole Trader?

Advantages/Disadvantages

What are the features of a Partnership?

Advantages/Disadvantages

What are the features of a Private Limited Company (Ltd)?

Advantages/Disadvantages

What are the features of a Public Limited Company?

Advantages/Disadvantages

What is a Franchise?

Advantages/Disadvantages

What is a Social Enterprise?

Advantages/Disadvantages

Sources of Finance available:

Overdraft

Bank Loan

Mortgages

Loan from Family and friends

Grants

Define the financial terms:

Price:

Sales:

Revenue:

Costs:

Profit:

Loss:

What is a cash flow forecast?

What are the consequences of poor cash flow?

What are the possible solutions to cash flow problems:

Rescheduling Payments

Receipts of income

Overdrafts

What are the qualities of an entrepreneur?

Part Time Staff Vs Full Time Staff Why does a business to recruit someone?

•New Position

•Someone has left the organisation

•Growth

•Maternity/Paternity

What is market mapping?

How can a business recruit staff?

Internal External

The Recruitment Process is:

Examples of Monetary Benefits:

•Pension

•Pay

•Bonuses

Examples of Non Monetary Benefits

•Training

•Greater responsibility

•Working Environment

Non Monetary Rewards: Fringe Benefits E.g:

How could you motivate staff? What laws exist to protect staff:

•Equal Pay/Min Wage laws

•Discrimination

•Employment Rights

•Health and Safety

Why is Customer Service Important?

How can you provide good customer service? E.g. reliability/good product knowledge/good after sales service

How has ICT allowed customer service to develop?

E.G websites/ecommerce/access to global markets

What is Job Production?

Advantages Disadvantages

Why is Flow Production

Advantages Disadvantages

What is Quality?

What is the impact of Efficiency/Changes in technology on Production?

What is Batch Production?

Advantages Disadvantages