1. Name:

2. Why Start a business? Pursue a hobby Escaping a boring job Be your own boss To work from home To provide a services other can benefit from Entrepreneur – An individual with an idea for a business Primary, Secondary, Tertiary Business Primary – Secomdary – Tertiary - Why set Business Aims and Objectives: Survival Sales Growth Profit Market Share Customer Satisfaction Social Objectives Ethics Aim: Objective: Stakeholders: Example of conflicts:

3. Business Plan Why Plan: Contents: What factors affect the choice of location? Costs/Raw materials Infrastructure/transport Labour Competition Proximity to Market The benefits of market research: Knowing customer needs Estimating likely demand Anticipating the size of the market Finding out about competition What is Primary Research (Field): Examples Advantages/Disadvantages

4. Secondary Research (Desk) Examples: Advantages/Disadvantages The 4 P.s P What is Price? Demand; What is Product? USP Product Life Cycle

5. What is Promotion?What is Place? What is Ecommerce: What is Market Segmentation? What is the Target Market? Nice Market: Mass Market: Consumer Protection Laws:

6. What are the features of a Sole Trader? Advantages/Disadvantages What are the features of a Partnership? Advantages/Disadvantages What are the features of a Private Limited Company (Ltd)? Advantages/Disadvantages What are the features of a Public Limited Company? Advantages/Disadvantages

7. What is a Franchise? Advantages/Disadvantages What is a Social Enterprise? Advantages/Disadvantages Sources of Finance available: Overdraft Bank Loan Mortgages Loan from Family and friends Grants

8. Define the financial terms: Price: Sales: Revenue: Costs: Profit: Loss: What is a cash flow forecast? What are the consequences of poor cash flow? What are the possible solutions to cash flow problems: Rescheduling Payments Receipts of income Overdrafts

9. What are the qualities of an entrepreneur? Part Time Staff Vs Full Time StaffWhy does a business to recruit someone? New Position Someone has left the organisation Growth Maternity/Paternity What is market mapping?

10. How can a business recruit staff? Internal External The Recruitment Process is: Examples of Monetary Benefits: Pension Pay Bonuses Examples of Non Monetary Benefits Training Greater responsibility Working Environment Non Monetary Rewards: Fringe Benefits E.g:

11. How could you motivate staff?What laws exist to protect staff: Equal Pay/Min Wage laws Discrimination Employment Rights Health and Safety Why is Customer Service Important? How can you provide good customer service? E.g. reliability/good product knowledge/good after sales service How has ICT allowed customer service to develop? E.G websites/ecommerce/access to global markets

12. What is Job Production? Advantages Disadvantages Why is Flow Production Advantages Disadvantages What is Quality? What is the impact of Efficiency/Changes in technology on Production? What is Batch Production? Advantages Disadvantages