Topics for business studies

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topics that you need to know for BUSS 1

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Created by megan10 over 4 years ago
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Topics for business studies What is enterprise / what is an entrepreneur? Motives for starting a business Risks, rewards and opportunity cost Government support for new businesses Sources of business ideas Protecting a business idea (patents, trademark, copyright) Franchises – how they work; benefits & drawbacks Adding value in the production process Business plans – purpose, typical contents & limitations Sources of help preparing a business plan (e.g. advisers, bank) How market research can help produce a good business plan Primary & secondary research – cost-effective methods for start-ups Qualitative v quantitative research - examples Sampling in market research - methods & limitations Types of market (local, national, geographic etc) Market analysis – size, segments, growth, market shares Market segmentation – demographic & geographic Factors affecting demand for a start-up’s product Choosing the legal structure for a start-up Social enterprise – reasons / objectives Limited liability Internal and external sources of finance Bank loans and bank overdraft – key features / benefits / drawbacks Personal sources of finance of an entrepreneur Factors that affect the choice of finance Choosing the location for a start-up (market, technology etc) Employing full-time / part-time & temporary staff – options / issues Consultants & advisers – benefits & drawbacks Flexible working – how it can help a start-up Meaning & importance of profit Estimating & measuring revenues, costs & profit (calculations) Contribution & break-even output – meaning & calculations Limitations of break-even analysis for a start-up Basic structure & calculations of a cash flow forecast Sources of information for a cash flow forecast (link - market research) Limitations of cash flow forecasting – what can go wrong Why businesses use budgets Main types of budget for a start-up (sales, expenditure, profit) Limitations of budgeting for an entrepreneur Main objectives of a start-up – different types of business Risks of business failure Why business plans often prove unrealistic