...AQA AS Business Studies Unit1 (BUSS1) Course Companion AQA AS Business Studies Unit 1 (BUSS1) Course Companion Publishers Information AQA AS Business Studies Unit 1 Course Companion 1st Edition August 2008 Author: Jim Riley © Tutor2u Limited All Rights Reserved No part of this material may be reproduced in whole or in part without the express written permission of Tutor2u Limited. This publication is not endorsed or approved by AQA. Tutor2u Limited Boston House 214 High Street Boston Spa LS23 6AD Please contact jimriley@tutor2u.net with details of any errors, omissions or suggestions for future editions. © Tutor2u Limited All Rights Reserved www.tutor2u.net AQA AS Business Studies Unit 1 (BUSS1) Course Companion Contents Introduction to AQA AS Business Unit 1 .....................................................................6 Section 1: Starting a Business ......................................................................................7 Enterprise and Entrepreneurs .......................................................................................8 Introduction ......................................................................................................................................... 8 Entrepreneurs ..................................................................................................................................... 9 Motives for starting a business ................................................................
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...P4 Describe financial aspects that affect the start-up of your business. Start-up costs Start-up costs are the expenses incurred during the process of creating a new business. All businesses are different, and can require different types of start-up costs. In order for a business to survive, start-up costs need to be kept as low as possible. Business owner has to make list of start-up costs. Using a list of start-up costs a business owner would then create a personal survival budget. For my business idea that is in school café I should still keep start-up costs low, but as far as it is in school I don’t have to worry about the equipment for my business, because they already have kitchen to work in and café to sell my products. However I still have to pay the rent and I need resources to start with – stock. Personal survival budget In order for your business to survive, you need to have enough money to cover all your start-up costs, the costs of running the business and also for you to live on. This section looks at how to determine your personal survival budget. I think my business would not affect my personal survival budget too much, because I don’t have to buy all the equipment like ovens, fridges, etc. As far as I have to worry mostly about the stock for my business. Cost of premises Choosing appropriate premises is crucial to the success of a business. Business owners then have to decide whether they want to rent or buy premises. For place they have to pay rates...
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...Small Business Administration, there were 27.2 million small businesses in the United States in 2007. Small business can be defined in different ways. The U.S. Government agency that helps people start businesses is the Small Business Administration or SBA. It categorizes a business in the United States as small if it has fewer than 500 employees. The international community uses the term small and medium enterprise or SME, instead of small business. Among SMEs, small enterprises have 1 to 50 people, while medium enterprises have 51 to 500 people. Whereas on owner-managed small businesses of 1–50 people and places greater emphasis on the lower end of the range. Independent and owner-managed small business means that the business is owned by an individual or small group rather than existing as part of a larger enterprise or a business whose stock can be bought on an exchange. Owner-management refers to constant or at least daily management of a business by its owner. It is possible to become an absentee owner, who profits from a business but is not involved in its day-to-day operations. This, however, is a different type of business with different problems from those of firms run by an owner manager. Small businesses are imitative in nature, with most small firms doing what other firms do, with only slight variations. But when we think about the people who start firms for the first time, the situations they face are situations of novelty. The purpose of a small business is to create...
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... |Page | |How the unit works and Command Words | | | | |2 | |Pass 2/Merit 1 | | | | |4 | |Pass 3/Merit 2 | | | | |5 | |Pass 4/Merit 3 | | | | |6 | |Pass 5/Distinction 1 | | | | |7 | How this unit works: You will be working in a small team (chosen by your tutor) throughout the unit. You will come up with a business idea together. Each team will occasionally be partnered with another group who will be known as your ‘critical friend team’. You will exchange ideas and feedback with them. • Your group will pitch the business idea to a panel who will decide whether to accept your idea, and who will also give you some advice and guidance • You will produce a report on your target market • You will be interviewed to find out what skills you have that can help the business and how you can improve • You will write...
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...Many potential start-up businesses are daunted by the prospect of writing a business plan. But it is not a difficult process — and a good business plan focuses the mind as well as helping to secure finance and support. The business plan will clarify your business idea and define your long-term objectives. It provides a blueprint for running the business and a series of benchmarks to check your progress against. It is also vital for convincing your bank — and possibly key customers and suppliers — to support you. This briefing explains: • What information to include. • How to present your financial forecasts. 1 Executive summary The executive summary outlines your business proposal. Although it is the last section to be written, it goes on the first page of the business plan. It will be read by people unfamiliar with your business, so avoid jargon. 1.1 The executive summary highlights the most important points and should sum up six areas. • Your product or service and its advantages. • Your opportunity in the market. • Your management team. • Your track record to date. • Financial projections. • Funding requirements and expected returns. 1.2 When deciding whether to back a start-up, bank managers and investors often make provisional judgements based on the executive summary. • The main body of the business plan (see 2–9) is then read to confirm the initial decision. The appendices at the back of the plan (see 10) carry detailed information to support the main text...
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...Business start-up organiser Table of contents Choose your business name Raise finance & manage your money Understand the special needs of your business sector Set up your premises Set up your operations Promote & sell your product or service Protect your business Set up your IT & e-commerce Set up & register your legal structure Sort out your tax & record keeping Sort out your VAT 2 2 3 3 3 4 5 5 6 6 7 Created by Business Link on 07 May 2010 13:32 You can personalise content from the Business Link website and download it in PDF format. This is a free service Business start-up organiser | Created by Business Link on 07 May 2010 13:32 Ã#¨ Crown copyright 2007 Page 1 Business start-up organiser Based on your answers, here is your list of starting-up tasks, as at 07 May 2010 13:32. Against each task we have listed resources that can help you complete them. *Legal obligation Choose your business name Choose and protect your business name Choose the right name for your business Not started Raise finance & manage your money Choose and run a business bank account Choose and run a business account Examine your finance options Choose the right finance when starting up Use our interactive tool to identify the right finance options for your business Grants: the basics Search our Grants and Support Directory of grants, subsidies and advice Loans and overdrafts Equity finance Use your business plan to get funding Work out how much money you'll need when starting...
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...BTEC L3 Diploma in Business Unit 36: Starting a Small Business Assignment |Learning Outcomes | | | |To be able to present the initial business idea using relevant criteria | |Understanding the skills and development needed to run the business successfully | |Know the legal and financial aspects that will affect the start-up of the business | |be able to produce an outline business start-up proposal | |Scenario | |You have just completed a business course at Wolverhampton College and you are very interested in pursuing your dreams of | |starting your own business and being your own boss. | | | |Your Aunt and Uncle run a successful Property Management Company and they have proposed that if you can put together...
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...Understanding Enterprise and Entrepreneurship|Unit 3: The Business EnvironmentFirst of two assignments for this unit| || Assignment title|| In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found.| Criteria reference|To achieve the criteria the evidence must show that the student is able to:||Task no.||Page numbers| P1|Identify sources of information about the current business environment||1||| P2|Describe how a new micro start-up business relates to the business environment||1||| P3|Describe current trends and how these will impact on a micro start-up business||2||| P4|Describe potential ethical concerns of customers about a micro start-up business||3||| M1|Explain how the changes in the current business environment are likely to impact upon a selected micro start-up business||1||| M2|Explain how current trends are likely to impact on a micro start-up business||2||| D1|Assess the risks and opportunities changes in the current business environment pose for a selected micro start-up business||||| Learner declaration| I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.Learner signature: Date: | Assignment brief| Unit number and title|Unit 3: The Business Environment | Qualification|Level 2 BTEC Diploma/Certificate in Understanding Enterprise and Entrepreneurship| Start date|| Deadline || Assessor|| | Assignment title|Watching...
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...Lean Start-Ups and Creating an Entrepreneurial, Innovating Economy Missouri Southern State University Abstract Whenever a new venture creation business starts, whether it be a brand new company to a previously established business looking to expand its horizons, failure is almost inevitable. But, thanks to the lean start-up business model, success rates have been increasing and showing great results. The lean business model provides, in a way, a safety net during the testing the hypotheses stages of a new venture to where if failure is detected, corrective action can be taken immediately with minimal risk involved due to testing. In today’s economy, employment can be tricky, thus creating an environment where new venture creation along with a lean business model can help to create an entrepreneurial, innovating economy. Lean Start-Ups and Creating an Entrepreneurial, Innovating Lean start-ups are becoming more popular, spreading from just young tech ventures to big, already established companies due to better rates of success compared to traditional business models. When companies use lean business models, they lead the way for an economy that becomes based off of innovation. This paper will discuss lean start-ups and the process of creating an entrepreneurial, innovating economy. Schemerhorn and Bachrach (2015) states three stages to the life cycles of entrepreneurial firms that all entrepreneurs encounter. Those stages being the birth, breakthrough and maturity...
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...women entrepreneurship towards realizing Malaysia’s Vision 2020. However, notwithstanding the importance of this area, our group has been choose to do research in this area, to prove how much is important woman entrepreneurship in social life of Malaysia. Further, it was reported by the Ministry of Women and Family Development (2003) that Malaysian women entrepreneurs are under-represented in the business world with evidence that some undesirable development where micro-enterprises which were scaled up to bigger enterprises were subsequently managed and taken over by the husbands or other family members (Jariah & Laily, 1997). Besides that, the number of Malaysian women who make it to the international market is still small (Rafidah, 2005). They are urged to charge their mindset in line with the changing of times in the business world and are advised to start producing quality products which are capable of penetrating the global market (Azlan, 2005). 2.0 Introduction The present report is an overview on the results of our survey that was carried out in the frame of the title “INVOLVEMENT OF WOMEN IN SOCIAL ENTREPRENEURSHIP”. The main aim of the survey was to find out what problems have women to start their entrepreneurship in social life, or what influence them to start their business. Also, we can say that Malaysia presents an exciting site for this survey in several ways. At first look, Malaysia can be seen as a society divided by intense ethnicity, religion, and...
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...Unit Title |Starting a Small Business | Criteria Partially Covered |P4 M3 | | | |P4 – describe the legal and financial aspects that will affect the start up of the business | | | |M3 - M3 assess the implications of legal and financial aspects that will affect the start up of the business. | | | Task Introduction |You have been preparing a business proposal to show to your bank manager. The final part of your proposal will cover legal | |aspects of your business start up. | Legal aspects: legal status eg sole trader, partnership, limited company, franchise, cooperative; legal liabilities; trading terms and conditions; trading standards; licences; record keeping; resolving problems; national/local laws; regulations and bylaws;...
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...Environment of Business Michelle Casey Introduction to Business Unit 1 Legal, Social, and Economic Environments of Business When a person decides to start up a business of any kind, they have to decide what type of business it is going to be. There are three major types of businesses; sold proprietorship, partnership and corporation (Griffin 2005). Before deciding which the best one for the business is, the owner needs to know what each one is and how it operates. A sole proprietorship is a business that is owned and operated by only one person. Anyone can open up a business as a sole proprietor as long as they have the means and know how to do so. A lot of the “mom and pop” stores throughout the United States are classified as a sole proprietorship. They tend to be family owned and are very personable with their clients or customers which appeals to consumers. A partnership is when two or more people get together and decide to start a business. They decided how it will operate and how the profits will be shared. Most partnership businesses have people who are skilled in different areas which help the business become more successful. A corporation is when a group of stockholders have ownership of the business. A corporation can be expanded very easily throughout the United Stated. They have more funding available to them then any other kind of business form. The banks are more willing to lend money to corporations mainly because of the type of business it is classified...
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...Please note - The titles used in this document provide a clear structure to your business plan. You may choose to make minor changes to suit your particular situation. Name: Business Plan for: (Please use this template in conjunction with the guide Prepare a business plan, where you will find information about how to use your business plan as well as instructions on how to use this template) |Document Version: | | |Date: | | |Completed by: | | Business plan contents Executive summary 4 1 Executive summary 4 2 Business details 5 3 Key personnel 6 Vision 8 4 The business idea 8 5 Business goals 9 6 What the business does 10 7 What makes the business different 11 8 Legal requirements 12 Sales and marketing 13 9 Market research 13 10 Profiling customers 14 11 Profiling competitors 15 12 Managing market risks 16 13 Pricing 17 14 Promotion and advertising 18 Running the business 19 15 Staff 19 16 Premises 20 17 Suppliers 21 18 Equipment 22 19 Managing operational risks 23 Finance 24 20 Start-up costs 24 21 Profit and loss forecast 25 22 Sourcing finance 26 23 Managing financial...
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...Introduction To start up a business there are different decision that one has to make, you will have to take into consideration a number of aspects of the business i.e. competition, customers, location. In this assignment I am aiming to formulate a report to show the process of starting a new business and to look at different areas of an existing organisation. I am focusing on a bricks and mortar business. A business plan is usually drafted by start-up businesses a range of information can be found in this document. Task 1 1.1: Discuss a range of decisions to be taken * What source of finance to use to start the business * How to find suppliers * The location * What strategies to put in place to deal with the competition Finance There are different sources of finance available for starting up a new business. The organisation needs to know the range of sources of finance and how it will affect the business in the long and short term. Sources of Finance could be Internal or external. Information on sources of external finances are available in different forms e.g. if it’s a bank loan information can be found on the banks website, leaflets or from a bank personnel. Information includes rates of interest to be paid on bank loan over what period of time. Suppliers The relationship between an organisation and its supplier is very important, as suppliers ensure both the price and quality of the product you sell. The supplier’s price dictates how much you sell...
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...UNIT 3 P1- Identify the difference between start-up and operating costs, variable and fixed costs. Introduction I have started this unit talking amongst my classmates discussing the differences between theses costs start-up, operating, variable and fixed costs. In this unit I will be explaining the differences between them. Define start-up costs, operating costs, fixed costs and variable costs Start-up costs- it means if the start-up costs are incurred before a business can start to operate, such as the deposit on rented property, and the purchase of equipment and initial stock. Operating costs- refers to the money that is spent when the business is running, it is the everyday costs. Fixed costs- costs that will not charge regardless of how much the business sells. Fixed costs are costs that do not vary depending on production or sales levels. Variable costs- these costs are linked to the number of items sold. A cost that is directly proportional to the volume of output produced. When production is zero, the variable cost is equal to zero. Explain the difference start-up and operating costs provide examples of each Start up costs are the things you are going to need to get the business going i.e. premises, furniture, IT, registration with local authorities, stock / materials etc. These are mainly one off payments that do not reoccur. Operation costs are the day to day costs of running the business usually calculated in terms of monthly or annual...
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