Business Development
Business development
This unit contains four parts: 8. The business idea
Unit
8
8.2 Resources and quality issues 8.3 Financial resources 8.4 Feasibility and evaluation
Unit 8: BUsiness development
Unit
8
Introduction business does not exist in a vacuum. Competitive businesses need to respond to a variety of pressures, both internal and external, as well as needing to
A
innovate. This unit looks at how a small business can be established in response to the needs for change, including the reasons for, and the likely outcomes of the decisions taken. While studying this unit you will need to focus on the assessment requirements. You will be creating a fully developed business plan for the establishment of a new small business operating as a sole trader or partnership. The plan will include your aims and objectives, a marketing plan, resource issues and a financial analysis. The plan will be presented as a viable business idea, suitable to support a request for finance for the venture.
What you will learn in this unit
✱ What gives rise to a business idea ✱ The role of small and medium-sized enterprises in the market ✱ What is involved in setting up a business ✱ How to carry out primary and secondary research into the needs of competitors and the power of competitors ✱ The appropriate scale for a small enterprise ✱ The resources required to set up a small enterprise and how they can be combined effectively ✱ The importance of start-up finance ✱ How to create an effective budget, profit and loss account and balance sheet ✱ The importance of planning ✱ How to evaluate business performance
2
GCe A2 level BUsiness
for
edexCel
8. The business idea
Coming up with an original idea is only one part of coming up with a successful business idea.
What gives rise to a business idea?
The inventor Sir Clive Sinclair is perhaps best known for the development of a good idea that didn’t sell. He was aware of the problems
This unit contains four parts: 8. The business idea
Unit
8
8.2 Resources and quality issues 8.3 Financial resources 8.4 Feasibility and evaluation
Unit 8: BUsiness development
Unit
8
Introduction business does not exist in a vacuum. Competitive businesses need to respond to a variety of pressures, both internal and external, as well as needing to
A
innovate. This unit looks at how a small business can be established in response to the needs for change, including the reasons for, and the likely outcomes of the decisions taken. While studying this unit you will need to focus on the assessment requirements. You will be creating a fully developed business plan for the establishment of a new small business operating as a sole trader or partnership. The plan will include your aims and objectives, a marketing plan, resource issues and a financial analysis. The plan will be presented as a viable business idea, suitable to support a request for finance for the venture.
What you will learn in this unit
✱ What gives rise to a business idea ✱ The role of small and medium-sized enterprises in the market ✱ What is involved in setting up a business ✱ How to carry out primary and secondary research into the needs of competitors and the power of competitors ✱ The appropriate scale for a small enterprise ✱ The resources required to set up a small enterprise and how they can be combined effectively ✱ The importance of start-up finance ✱ How to create an effective budget, profit and loss account and balance sheet ✱ The importance of planning ✱ How to evaluate business performance
2
GCe A2 level BUsiness
for
edexCel
8. The business idea
Coming up with an original idea is only one part of coming up with a successful business idea.
What gives rise to a business idea?
The inventor Sir Clive Sinclair is perhaps best known for the development of a good idea that didn’t sell. He was aware of the problems