Business in Action

Outcome 1

Give an overview of how small businesses operate by:
1.1 - Outlining reasons for individuals setting up in business
1.2 - Describing skills and attributes of entrepreneurs when developing a business
1.3 - Selecting a type of small business and outlining its features
1.4 - Describing sources of business finance and support when setting up a small business

Outcome 2

Give an overview of how small businesses satisfy customer needs by:
2.1 - Stating the importance to a business of satisfying customer needs
2.2 - Outlining how small businesses use market research information to satisfy the needs of customers
2.3 - Describing promotional strategies used by small businesses
2.4 - Describing quality measures used by small businesses

Outcome 3

Apply an understanding of key functional activities of small businesses by:
3.1 - Describing the way in which each of the functional activities of marketing, operations, human resources and finance support a small business
3.2 - Outlining how two functional activities work together in supporting small businesses

Influences on Businesses

Outcome 1

Give an overview of key stakeholders in a small business and their influence on it by:
1.1 - Identifying internal and external stakeholders in a small business
1.2 - Describing the influences stakeholders can have on a small business

Outcome 2

Make decisions on the running of a small business, taking account of internal influences by:
2.1 - Interpreting a simple cash budget or breakeven chart in order to reach a decision
2.2 - Interpreting a simple job costing statement from data provided in order to reach a decision
2.3 - Outlining the purpose of training employees
2.4 - Describing methods of motivating staff

Outcome 3

Give an overview of external influences that affect small businesses by:
3.1 - Identifying the influences
3.2 - Outlining the impact of the influences on small businesses
3.3 - Describing a response to the influences by the small businesses