Business Studies - Unit 1

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A-Levels Business Studies Mind Map on Business Studies - Unit 1, created by fjjoyce95 on 05/13/2013.

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fjjoyce95
Created by fjjoyce95 over 6 years ago
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1 Starting a Business
1.1 Choosing the Right Legal Structure for the Business
1.1.1 sole traders, partnerships, private limited companies and public limited companies
1.1.2 not-for-profit businesses
1.1.3 Candidates should be aware of the benefits and drawbacks of legal structures and understand plc’s as a means of comparison.
1.2 Enterprise
1.2.1 Candidates should consider the role, importance and characteristics of an entrepreneur in establishing a new business. Entrepreneurship can take a number of forms including spotting a gap in the market or developing a new or innovative product or process.
1.2.2 government support for enterprise and entrepreneurs
1.2.3 the notion of opportunity cost
1.2.4 the importance of risk and rewards such as profit
1.2.5 motives for becoming an entrepreneur
1.2.6 enterprise and entrepreneurs
1.3 Conducting Start-Up Market Research
1.3.1 Candidates should be aware of the relative value of different approaches to market research. Methods of sampling should include: random, quota and stratified. Candidates should be aware that the available finance, the nature of the product, the risk involved and the target market will influence the choice of sampling method and size of sample.
1.3.2 methods of primary and secondary market research
1.3.3 qualitative and quantitative research
1.3.4 size and types of samples
1.3.5 factors influencing the choice of sampling methods
1.4 Locating the Business
1.4.1 factors influencing start-up location decisions
1.4.2 The factors should include: technology, costs, infrastructure, the market and qualitative factors. Candidates should understand that their relative importance may vary according to the type of business.
1.5 Generating & Protecting Business Ideas
1.5.1 sources of business ideas
1.5.2 the identification of a product or market niche
1.5.3 franchises
1.5.4 copyright, patents and trademarks.
1.5.5 The sources of ideas may include brain-storming, own personal experience and business experience. The generation of business ideas must be in relation to a small business with limited resources. Candidates should be familiar with the formation and operation of franchises and understand the benefits and pitfalls to franchisors or franchisees of operating a franchise as opposed to starting a new business.
1.6 Transforming Resources into Goods & Services
1.6.1 This topic should be considered within the context of the tertiary, secondary and primary industries.
1.6.2 adding value
1.6.3 inputs, outputs and the nature of the transformation of resources into finished products
1.7 Developing Business Plans
1.7.1 Candidates should be aware of the benefits and problems of plans/planning for small businesses. The planning process involves decisions based on the resources to be used and factors providing competitive advantage. The sources of information should include: small business advisors, accountants, bank managers and government agencies.
1.7.2 the purpose and contents of business plans
1.7.3 sources of information and guidance
1.8 Employing People
1.8.1 using consultants and advisors
1.8.2 types of employees used in small businesses
1.8.3 The types of employees should include: temporary, permanent, full-time and part-time. Candidates should be aware of the reasons, drawbacks and difficulties of employing people and/or using consultants and advisors.
1.9 Understanding Markets
1.9.1 market size, growth and share
1.9.2 types of market segmentation
1.9.3 the importance of demand
1.9.4 the nature and types of markets
1.9.5 Candidates should be aware that markets take different forms, eg local, national, physical and electronic. Candidates should know that demand is affected by a range of factors including the price of the product, competitor actions, consumer incomes, success of businesses’ marketing and seasonal factors. Candidates should be aware of the benefits and drawbacks of types of segmentation. Candidates should be able to calculate market size, growth and share.
1.10 Raising Finance
1.10.1 Sources of finance should include: ordinary share capital, loan capital (bank loans, overdrafts only), venture capital and personal sources. Candidates should be aware of the advantages and disadvantages of these in specific contexts.
1.10.2 sources of finance available to start businesses.
2 Financial Planning
2.1 Assessing Business Start-Ups
2.2 Setting Budgets
2.3 Using Break-Even Analysis to Make Decisions
2.4 Calculating Costs, Revenues & Profits
2.4.1 Candidates should understand the relationships between cost, price, revenue and profits.
2.4.2 price, total revenue and profit
2.4.3 fixed, variable and total costs
2.5 Using Cash Flow Forcasting

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