Unit 1: Planning a Business

Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. Therefore, how businesses are formed and the fostering of conditions under which new business ideas can emerge are vital for a nation’s wellbeing. Taking a business idea and planning how to make it a reality are the cornerstones of economic and social development. In this unit students explore the factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business.

Areas of study

• The Business Idea

• External Environment

• Internal Environment

There are three outcomes:

• Describe how and why business ideas are created and developed, and explain the methods by which a culture of business innovation and entrepreneurship may be fostered in a nation.

• Describe the external environment of a business and explain how the macro and operating factors within it may affect business planning.

• Describe the internal business environment and analyse how factors from within it may affect business planning.

Unit 2: Establishing a Business

This unit focuses on the establishment phase of a business’s life. Establishing a business involves complying with legal requirements as well as making decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base.

Areas of study

• Legal Requirements and Financial Considerations

• Marketing a Business

• Starting a Business

There are three outcomes:

• Explain the importance when establishing a business of complying with legal requirements and financial record keeping, and establishing effective policies and procedures.

• Explain the importance of establishing a customer base and a marketing presence to achieve the objectives of the business, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.

• Discuss the staffing needs for a business and evaluate the benefits and limitations of management strategies in this area from both an employer and an employee perspective.

Unit 3: Managing a Business

In this unit students explore the key processes and issues concerned with managing a business efficiently and effectively to achieve the business objectives. Students examine the different types of businesses and their respective objectives. They consider corporate culture, management styles, management skills and the relationship between each of these.

Areas of study

• Business Foundations

• Managing Employees

• Operations Management

There are three outcomes:

• Discuss the key characteristics of businesses and stakeholders, and analyse the relationship between corporate culture, management styles and management skills.

• Explain theories of motivation and apply them to a range of contexts, and analyse and evaluate strategies related to the management of employees.

• Analyse the relationship between business objectives and operations management, and propose and evaluate strategies to improve the efficiency and effectiveness of business operations.

Unit 4: Transforming a Business

In this unit students consider the importance of reviewing key performance indicators to determine current performance and the strategic management necessary to position a business for the future.

Areas of study

• Reviewing Performance

• Implementing Change

There are two outcomes:

• Explain the way business change may come about, use key performance indicators to analyse the performance of a business, discuss the driving and restraining forces for change and evaluate management strategies to position a business for the future.

• Evaluate the effectiveness of a variety of strategies used by managers to implement change and discuss the effect of change on the stakeholders of a business.