1. Unit 1.3: Putting a Business Idea into Practice
Topic 1:
Objectives When starting a new business

2. Learning Objectives
To understand the following key terms (AO1):
Financial Objectives
To apply THREE objectives used by a small business. (AO2)
To analyse that businesses have different objectives. (AO3)
What are we learning today? By the end of the lesson you should be able...

3. Starter In pairs discuss What is an objective
What is the difference between income and profit

4. Tasks Read page 64 & 65 in pairs
Create a spider diagram to explain the different objectives shown on pages 64,65,66
Complete the work sheet below

5. Financial Objectives
Financial Objectives: Targets expressed in money terms such as making a profit, earning income or building wealth.
Survival
Profit
Wealth
Income
Financial Security

6. Non-Financial Objectives
Non-Financial Objectives: Targets that are not expressed in money terms.
Personal Satisfaction
Challenge
Independence
Control
Helping Others

7. Activity: Now write three SMART objectives for a business.
To increase profit by 5% by June 2014.
To increase sales by 10% by June 2016. S
Specific M
Measurable A
Achievable R
Relevant T
Timed
Activity: Now write three SMART objectives for a business.

8. Activity
Complete the worksheet provided by your teacher!

9. Plenary
To understand the following key terms (AO1):
Financial Objectives
To apply THREE objectives used by a small business. (AO2)
To analyse that businesses have different objectives. (AO3)
Are you now more confident in your understanding of the learning objectives?