Business Studies - Preliminary Course

Business Studies - Preliminary Course

1. Topic 1-Nature of Business 24 hrs

   • Role of Business
     • the nature of a business
       • -producing goods and services -profits, incomes, employment, choice, innovation, entrepreneurship and risk, wealth and quality of life
   • types of Business
     • classification of business
       • -size - small to medium enterprises (SMEs), large -local, international, global -industry - primary, secondary, tertiary, quaternary, quinary -legal structure - sole trader, partnership, private company, public company, government enterprise
     • factors influencing choice of legal structure
       • -size, ownership, finance
   • Influences in the business Environment
     • external influences
       • -economis, financial, geographic, social, legal, political, institutional, technological,  competitive situation, market -
     • internal influences
       • -products, location, resources, management and business culture
     • stakeholders
   • Business growth & decline
     • stages of the business life cycle
       • -establishment -growth -maturity -post-maturity
     • responding to challenges at each stage of the business life cycle
     • factors that can contribute to business decline
     • voluntary and involuntary cessation
       • -liquidation

2. Topic 2-Business Management 48 hrs

   • Nature of Management
     • features of effective management
     • skills of management
       • -interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
     • achieving business goals
       • -profits, market share, growth, share price, social, environmental -achieving  a mix of the above goals -staff involvement - innovation, motivation, mentoring, training
   • Management approaches
     • classical approach
       • -management as planning, organising and controlling -hierarchical organisational structure -autocratic leadership style
     • behavioural approach
       • -management as leading, motivating, communicating -teams -participative/demoncratic leadership style
     • contingency approach
       • -adapting to changing circumstances
   • Management process
     • operations
       • -goods and/or services -the production process -quality management
     • coordinating key business functions and resources
     • finance
       • -cash flow statement -incime statement -balance sheet
     • marketing
       • -identification of the target market -marketing mix
     • ethical business behaviour
     • human resources
       • -recruitment -training -employment contracts -separations - voluntary / involuntary
   • Management and change
     • responding to internal and external influences
     • managing change effectively
       • -indentify the need for change : business information systems -setting achievable goals -resistance to change -management consultants  

3. Topic 3 - Business Planning 48 hrs

   • Small to Medium Enterprises (SME)
     • definition
     • role
     • success and/or failure
     • economic contribution
   • influences in establishing a SME
     • sources of information
     • the business idea
       • -competition
     • establishment options
       • -new, existing, franchise
     • market
       • -goods and / or services, price, location
     • finance
       • -sources of finance -costs
     • legal
       • -business name, zoning, health and other regulations
     • human resources
       • -skills -costs: wage and non-wage  
     • taxation
       • -federal and state taxes -local rates, charges
     • personal qualities
       • -qualifications, skills, motivation, entrepreneurship, cultural backgound, gender
   • Business Planning Process
     • Forecasting
       • -Total revenue, total costs -Break-even analysis -Cash flow projection
     • Monitoring & valuation
       • -Sales -Budget -Profit
     • Organising resources
       • FOHM: -Finance -Operations -Human Resources -Marketing
     • Vision goals/objectives
       • -Vision  -Business goals -long-term growth
     • Sources of planning ideas
       • -Situation analysis
     • Taking corrective action
   • Critical Issues in business success and failure
     • -Importance of a business plan
     • Management: -staffing and teams
     • trend analysis
     • Identifying & sustaining competitive advantage
     • Avoid over extension of finance and other resources
     • Using technology
     • Economic condition

4. Source Board of Studies NSW - Stage 6 Syllabus pp13-18 Prepared by Lydia Le 2013

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