Business+Studies+Additional+Information

Government site for people setting up a business.

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 * Business Studies Preliminary course **

9.1 Preliminary topic: Nature of business - Term 1 9.2 Preliminary topic: Business management – Term 2 9.3 Preliminary topic: Business planning – Term 3


 * Topic 1: Nature of Business **

producing goods and services profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life
 * //role of business//**
 * the nature of a business

size – small to medium enterprises (SMEs), large local, national, global industry – primary, secondary, tertiary, quaternary, quinary legal structure – sole trader, partnership, private company, public company, government enterprise size, ownership, finance
 * //types of businesses//**
 * classification of business
 * factors influencing choice of legal structure


 * //influences in the business environment//**
 * external influences – economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets
 * internal influences – products, location, resources, management and business culture
 * stakeholders

establishment growth maturity post-maturity
 * //business growth and decline//**
 * stages of the business life cycle
 * responding to challenges at each stage of the business life cycle
 * factors that can contribute to business decline
 * voluntary and involuntary cessation – liquidation


 * Topic 2 – Business Management **

interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders. achieving business goals profits, market share, growth, share price, social, environmental achieving a mix of the above goals staff involvement – innovation, motivation, mentoring, training
 * //nature of management//**
 * features of effective management
 * skills of management

management as planning, organising and controlling hierarchical organisational structure autocratic leadership style management as leading, motivating, communicating teams participative/democratic leadership style adapting to changing circumstances
 * //management approaches//**
 * classical approach
 * behavioural approach
 * contingency approach

goods and/or services the production process quality management identification of the target market marketing mix cash flow statement income statement balance sheet recruitment training employment contracts separation – voluntary/involuntary
 * //management process//**
 * coordinating key business functions and resources
 * operations
 * marketing
 * finance
 * human resources
 * ethical business behaviour

identifying the need for change business information systems setting achievable goals resistance to change management consultants
 * //management and change//**
 * responding to internal and external influences
 * managing change effectively
 * Topic 3 – Business Planning **


 * //Small to medium enterprises//**
 * definition
 * role
 * economic contribution
 * success and/or failure

skills costs – wage and non-wage
 * //influences in establishing a small to medium enterprise//**
 * personal qualities – qualifications, skills, motivation, entrepreneurship, cultural background, gender
 * sources of information
 * the business idea – competition
 * establishment options – new, existing, franchise
 * market – goods and/or services, price, location
 * finance – source, cost
 * legal – business name, zoning, health and other regulations
 * human resources
 * taxation – federal and state taxes, local rates and charges

situational analysis vision business goals long-term growth operations marketing finance human resources total revenue, total cost break-even analysis cash flow projections sales budgets profit
 * //the business planning process//**
 * sources of planning ideas
 * vision, goals and/or objectives
 * organising resources
 * forecasting
 * monitoring and evaluations
 * taking corrective action


 * //critical issues in business success and failure//**
 * importance of a business plan
 * management – staffing and teams
 * trend analysis
 * identifying and sustaining competitive advantage
 * avoiding over-extension of finance and other resources
 * using technology
 * economic conditions