What do businesses need to consider when researching potential customers' buying preferences?

How can a business to this through?

Give examples of how a market can be segmented

What does market segmentation allow a business to do?

What does a market mapping diagram show?

What are ways to compete?

How could businesses differentiate their products?

What is branding?

What is added value?

What are the ways to add value?

What is the importance of added value?

What will a unique selling point also help other than adding value?

How can a unique selling point be developed?

What does a business have to do in order to make their product the most successful?

What is a franchise?

What is a franchisor?

What is a franchisee?

What is the principle of franchising?

What does the franchisee get when they buy a franchise?

What are the benefits of a franchise?

What are the disadvantages of a franchise?

What are the factors when choosing a location for other businesses other than restaurants and retail shops?

What is enterprise?

What is an entrepreneur?

What is social enterprise?

What is the importance of risk?

Give examples of thinking creatively

What is deliberate creativity?

Give examples of deliberate creativity

What is blue skies thinking?

What is lateral thinking?

What does De Bono's six thinking hats do?

What do each of the six hats mean?

Why should entrepreneurs ask themselves questions before they start their own business?

Give examples of the sort of questions that will help identify the purpose and direction of the business

Give examples of types of questions that help identify specifics about the business that can help form parts of a business plan

Give examples of "what if?" questions that allow an entrepreneur to asses the value and likelihood of any possible. Solutions can then be identified from these questions.

What is an innovation?

What is an invention?

What are the risks associated with invention and innovation?

What is a patent?

What is copyright?

What are trademarks?

What is a calculated risk about?

How can a business take a calculated risk?

Give examples of calculated risks

What is the importance of making mistakes?

What are upsides?

What are downsides?

What are the other important enterprise skills?

What is planning?

What is drive?

What does thinking ahead mean?

What does determination mean?

What does it mean by seeing opportunities?

What are objectives?

Why are objectives important?

What are financial objectives and give examples?

What are non-financial objectives and give examples?

What is initiative?

Why does an entrepreneur need a quality of making decisions?

Why do entrepreneurs need to be persuasive?

Why do entrepreneurs need leadership skills?

What is revenue/sales revenue/ turnover?

How do you work out the total revenue?

What are fixed costs?

What are variable costs?

How do you work out a variable cost?

How do you calculate total costs?

When does a profit occur?

How do you calculate profit?

Why is profit one of the main objectives for a business?

What are the ways in which a business can increase profits?

What effect does making a loss have on a business?

Define cash flow

Define a cash flow forecast

What can a business do with forecasting cash flow?

Define inflow / receipts

Define outflows / payments

How do you calculate net cash flow?

Define opening balance

How do you calculate closing balance?

What impacts on cash flow?

What can insufficient cash within the business lead to?

Explain why cash flow is not profit?

What is a business plan?

Why might a business owner write a business plan?

What goes into a business plan?

What are long-term sources of finance?

Give an external long term source

What are shares?

Explain how at start-up limited company can sell shares

What are shareholders?

What does short-term sources of finance mean?

Give examples of short-term sources of finance

What are the 3 stages of being customer focused?

Explain identifying customer needs

How is identifying needs put into practice?

Explain anticipating needs

How is anticipating needs put into practice?

Explain meeting customer needs.

How is meeting customer needs put into practice?

What are the 4'Ps in the marketing mix?

Explain product

Explain place

Explain promotion

Explain price

What does liability mean?

What is unlimited liability and what type of businesses have this?

What is limited liability and what type of business has this?

What are differences between a sole trader and a private limited company?

Give two other difference between sole traders and private limited companies

Why do businesses need to follow legal requirements?

What are the legal requirements of a small business?

What are the other two legal requirements of a small business?

What are the taxes on small businesses?

What is VAT?

What is income tax?

What is National Insurance Contributions?

What is corporation tax?

What is customer satisfaction?

How could a business provide good customer service?

What are the benefits of good customer satisfaction?

How do repeat purchases help a business?

How can repeat purchases be stimulated?

Explain the steps of the recruitment process

What happens after shortlisting?

What must the candidate selected have?

How can a business motivate staff?

What is the employment legislation?

Explain recruitment in the employment legislation

Explain pay in the employment legislation

Explain discipline in the employment legislation

Explain working hours in the employment legislation

What is supply?

What is demand?

What does it mean when the demand is high but the supply is low?

What does it mean when demand is low but the supply is high?

What is a market?

What is a commodity market?

What is a goods market?

Explain how changes in raw materials and energy costs affect the costs of small businesses.

What is an interest rate?

Explain how a business will have to pay interest after getting an overdraft or loan

What are fixed interest rates?

What are variable interest rates?

Explain the effects of when a rise in interest rates increases the cost of borrowing

Explain the effects of when a fall in interest rates lowers the cost of borrowing

What are exchange rates and what does it tell?

What are imports?

What are exports?

Give an example of how you would calculate exports

Give an example of how you would calculate imports

What are the effects of a fall in the value of a pound?

Give a bad effect if the value of a pound fell?

What are the effects of a rise in the value of a pound?

Give a positive effect of the rise of the value of a pound

What is a stakeholder?

Give examples of stakeholders

Give other examples of stake holders