Unit 1: The Business Environment
- Types of business structures
- Factors affecting entrepreneurial activity
- Characteristics of Small and Medium-sized Enterprises (SMEs)
- Internal factors contributing to success or failure of SMEs
- Legal requirements for setting up a business
- Methods of disbanding a business
- Health and safety regulations
- Importance of ethics in business
- Personal and practical skills required for success in business
- Importance of time management and training
- Importance of planning and organisation
Unit 2: Planning and Decision Making
- Identifying business opportunities
- Locating appropriate agencies and means of finance
- Market research and marketing
- Identifying personnel needs
- Staff training needs analysis
- Fulfilling statutory and legal requirements
- SWOT (strengths, weaknesses, opportunities and threats) analysis
- Short, medium and long-term business plans
- Making decisions
- Working as a team
Unit 3: The Business Plan
- Carrying out an audit of enterprise opportunities in the locality
- Identifying a specific product or service
- Doing a feasibility study
- Costing and sources of finance
- Compiling a business plan
- Applying a ‘what if’ scenario
Unit 4: Implementation
- Designing and constructing a prototype
- Devising a production or delivery schedule
- Marketing strategy
- Accounting and recording procedures
- Producing a product or supplying a service
- Monitoring quality, costs and customer relations
Unit 5: Evaluation and Review
- Importance of evaluating all stages of the process
- Comparing targets with results
- Identifying areas for improvement
- Future plans and resources required
- Learning from experience
- Personal skills review