Students are introduced to the dynamic nature of business in relation to how and why business ideas come about. They also explore the impact of risk and reward on business activity and the role of entrepreneurship.
Entrepreneurial activity (can also mean a business or company)
Someone who creates a business, taking on financial risks with the aim of making a profit from the business
Someone who buys and uses goods and services
Out of date or not used anymore
Using the internet to carry out business transactions
Using mobile technologies, such as smartphones and tablets, to carry out business transactions
Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content
Enable businesses to take online payments from customers. They are usually free for the customer to use, but take a small amount of commission from the seller
The activities involved in buying and selling particular types of goods and services, in competition with other companies
Information, particularly statistics, that can be collected and analysed
Relating to the population, such as average age, average income and so on
The possibility that an enterprise will have lower than anticipated profits or experience a loss
The money that an entrepreneur or investor receives when a business succeeds
The process of gathering information about the market and customers needs and wants in order to help inform business decisions, including product design and marketing
A prediction of future revenue based on expected sales; this is either a judgement or based on previous sales patterns
The amount of money coming in and going out of the business and the timing of the movement
The amount of money that comes in from a businesss sales
Putting money into a business with the intention of making a profit
A new business, usually with only a small number of employees perhaps only one
Knowing something instinctively or understanding something easily without conscious thought
Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community and the government
Moral principles or standards that guide the behaviour of a person or business
Something that makes a product stand out from its competitors
Standards of behaviour or moral principles
Wanting to always support something or someone
The proportion of sales in a market that taken by one business
The system by which a countrys money and goods are produced and used
Students learn what it means to be an entrepreneur and the role of enterprise.
Students learn group working skills and appreciate other view points.
Students will explore how new and small businesses identify opportunities through understanding customer needs and conducting market research. They will also focus on understanding the competition in an industry and how it can influence stakeholders.
A product or services ability to fit in well with a customers lifestyle or routine, the ease with which it can be used and/or its easy to reach location
Able to work properly or successfully
The process of gathering information about the market and customers needs and wants in order to help inform business decision, including product design and marketing
A group of people who discuss their views on a product, service advertisement or idea, either face-to-face or online
A particular group of consumers at which a business aims its products and services
A portion of the population asked for their opinions in order to draw conclusions about the behaviour of the whole population
The people born shortly before the 21st century, usually defined as born between 1980 and 2000
Information, particularly statistics, that can be collected and analysed
Unbalanced or inclined to agree with a particular judgement or ideas rather than presenting the evidence fairly
Moral principles or standards that guide the behaviour of a person or business
A place, person or thing, such as a book or report, that can provide information to be used in research
A local association that promotes the interest of businesses in a county or region
Organisation founded and funded by businesses that operate in a specific industry
The process of looking at data to identify patterns or trends
Something such as a payment or gift that encourages someone to do something
Having a solid or accurate basis of facts
The process of breaking something into smaller parts
Relating to the structure of a population
The reference lines on a graph
A study undertaken by a business to identify the strengths and weaknesses, opportunities and threats
Students learn how to identify opportunities and understand the needs of other people and how they might differ from their own needs.
Group work and the ability to challenge each other over what makes a good product.
This topic focuses on making a business idea happen through identifying aims and objectives. This topic also highlights the importance of finances within a business and how financial documents can help control spending and saving over time.
The proportion of sales in a market that are taken by one business
The amount of revenue left over once costs have been deducted
Likely to be non-financial, such as to reduce the carbon emissions of a business or improve the quality of life for a local community
The source of regular income that a business receives. This could be through the money it receives from customers, or other seas such investment income
Capable of working or succeeding
A financial statement showing the amount of money earned and spent in a particular period and resulting profit and loss
Anyone who has an interest in the activities of a business, such as its workers, its suppliers, the local community and the government
The point where revenue received meets all of the costs of the business
The amount of money that a financial institution or supplier will allow a business to use, which it must pay back in the future at an agreed time
Fixed costs that come from running an office, shop or factory, which are not affected by the number of specific products or services that are sold
A business that is unable to pay its debts and/or owes more money than it is owed
Items that get used up, such as pens, paper, staples and other items that a business has to replace regularly
A credit arrangement that is offered only to businesses by suppliers
A facility offered by a bank that allows an account holder to borrow money at short notice
A written order to a bank to pay an amount of money from an account holders account to a specified person
Money to invest in a business is sourced from individuals, or groups of people, who wish to invest their own money into new businesses
The amount of money that an investor gets back in return for investing a business
Investors who are part-owners of a company
Money to invest in a business is raised by the business issuing shares that it then sells to those who wish to invest in the company
A check on the financial status of a business or individual to ensure that the business or the individual has a reliable credit history and does not have any existing outstanding debts
When the lenders asks the borrow to put up an asset, such as a house, or a valuable item owned by the business
Any item of value that a business owns, such as its machinery or premises
A named person who guarantees to pay the repayments on a loan should the person who has taken out the loan not be able to make the payments
Money that a business keeps, rather than paying out to its shareholders
Help students understand financial terms and the importance of ensuring companies control their cash flow.
The students will work together to help understand how financial processes work.
Students will explore a range of factors that impact the success of different firms including location, marketing mix and business plans.
The level of risk is limited to the amount of money that has been invested in the business or promised as investment
Property, such as a house or car
A business that is registered as a company, so the business and the owners are separate in the eyes of the law
The level of risk goes beyond the amount invested, so the personal assets of the business owner can be used to pay off the businesss debts
A business that is not registered as a company, so the owners and the business are the same body in the eyes of the law
A type of unincorporated business that is owned by just one person
A business that is owned by a group of two or more people who share the financial risk, the decision-making and the profits
A legal document that defines the terms of a partnership
An incorporated business that is owned by shareholders
Investors who are the part-owners of a company. They invest in the business in return for a share of the profits and voting rights at the AGM
When one business gives another business permission to trade using its name and products in return for a fee and share of its profits
An established business that gives permission to an entrepreneur to trade using its name and products
An entrepreneur who pays a fee to trade using the named and products of an established business
Workers or the workforce
The number of people passing a particular location within a given time period
The characteristics of the population, such as gender, age, religion and wealth
The minimum amount that a business is legally allowed to pay its employees
A product that is bigger than the raw materials used to make it, such as a bicycle
A product that is smaller than the raw materials it uses, such as paper
A product that a customer buys frequently or routinely
A product that a customer takes time to consider before purchasing, by looking at or weighing up a number of options before choosing one
The physical characteristics of a landscape, such as being flor or hilly
A tendency to keep things as they are rather than change
Using the internet to carry out business transactions
Using mobile technologies, such as smartphones and tablets, to carry out business transactions
Using a number of methods to reach a customer, including physical stores and e-commerce
Sell the same product for a lower price than competitors
When competing businesses try to undercut each other by lowering prices. This leads to an ongoing battle where only the customer benefits, not the businesses
Designing a product with some unique features that distinguish it from similar products sold by competitors
A customers willingness to buy a product from a particular business rather than from its competitors
The percentage of the total sales of a product in a market that is taken by one business in that market
A period of economic decline characterised by the fact the economy has failed to grow for 6 consecutive months
The combination of promotional activities that a business uses to make customers aware of a product, with the aim of increasing sales
A document that outlines how an entrepreneur is going to set up a new business
Objectives that are Specific, Measurable, Achievable, Realistic, and Time-bound
The process of gathering information about the market and customers needs and wants in order to help inform business decisions, including product design and marketing
That group of people that a business has identified as potential customers
The money that will come into a business from sales
The amount of revenue left over once costs have been deducted
The amount of money coming in and going out of the business and the timing of its movement
Pre-set financial targets for a business to achieve, like a sales budget, or abide by, such as an expenditure budget, in a given period of time
Occurs if the businesss opening balance results in the negative amount at the end of the period, leading to a cash shortage
A facility provided by a bank allowing a current account holder to withdraw more money than there is in the account
A fixed sum of money lent by a bank to an individual or a business for a specific purpose, which must be repaid with interest in set payments over an agreed period of time
Students will learn how to explore different forms of advertising and understand how it could be misleading or how it can influence customers to purchase goods and services.
Through individual and group work they will gain first hand experience in what makes people happy and love their work. Also they will see how small changes can motivate or demotivate workers.
Students are introduced to a range of factors, many of which are outside of the immediate control of the business, such as stakeholders, technology, legislation and the economy. Students will explore how businesses respond to these influences.
Anyone who has an interest in the activities of a business, such as its workers, its suppliers, its directors, the local community and the government
Investors who are part-owners of a company
An incorporated business that owned by shareholders who invest in the business in return for a share of the profits and voting rights at the annual general meeting (AGM)
An incorporated business that can sell shares to the public (also known as a PLC)
A place where shares in PLCs can be bought or sold
The amount of revenue left over once costs have been deducted
The period of time that a business has to pau its suppliers
Moral principles or standards that guide the behaviour of a person or business
A serious disagreement, usually between people, countries or ideas
Live or as it happens
Small files stored on a customers computer when the customer visits a website, which record details about that visit and can be accessed by the website when the customer visits it again
The laws that a business must comply with
In consumer law, this means offering a service that is suitable for customers, such as providing a meal that can be eaten
The period of time after an employee starts a job when they must be shown how to safely and within the employers expectations
Obey a command or meet a set of standards
The lowest legal rate of pay for employees, depending on their age and their type of employment
When someone is treated differently to someone else because of a particular characteristic, such as a disability, their ethnicity or their sex
Characteristics that cannot be used in the recruitment process to reject a candidate, such as age, disability, sex or gender, marriage status, pregnancy, race religion or believe, or sexual orientation
A tax on a particular product or service
When businesses operate and in international scale and gain international influence or power
The central bank of the United Kingdom. It manages the countrys debts, sets interest rates and influences the exchange rate between the pound and other currencies
A proportion of an individuals income or a businesss profits that must be paid to the government
The flow of goods and services into a country from another country
The flow of goods and services out of a country to another country
The amount of profit that a business makes before the businesss costs are deducted
Out of date or not used anymore
Students understand the impact of various agents acting on a business.
Students learn how to deal with a multitude of requirements and how to satisfy the needs of others.
The end of year 10 examination is based on all theme 1 content from terms 1-5. Teaching will then focus on theme 2. Students are introduced to methods of growth and why aims and objectives change over time. The impact of globalisation and the ethical and environmental questions facing businesses are explored.
Where a brewery acquires a hop farm to ensure continuity of supplies.
Businesses may grow internally i.e. without involving another business. They can do this through aggressive marketing, increased sales, a new product range, or through technological change.
Mergers - A merger is when two or more companies voluntarily join together to form a single organisation. This is also known as integration.
A set of social principles that govern or influence how we behave. Ethical Behaviour Business behaviour which places moral values above maximising profits.
Measure of whether a production process can be continued into the long term. A business policy based on sustainability focuses on recycling, waste management and replanting.
Many companies have grown by diversifying. This means moving into other areas of production or sales. A conglomerate is a business that operates in many different markets.
Students will understand the motives for why different businesses grow either internally or externally.
Students will learn why some businesses grow nationally and some expand internationally with the knowledge that each firm has different objectives and finances available to them.