· web viewthe entrepreneur's history explaining why they set up the business. ... what was...

Learning Aim A: Exploring Enterprises

Task Resources

● State the two local businesses you have chosen to research (name, address and ownership LTD/sole trader

● Pictures of the front of the building (label picture 1- Name, Picture 2 - Name)

Business A: Name● What do they do?● Who owns it?● Sole trader or LTD● Micro, small or medium?● Two advantages and two

disadvantages or (soletrader or LTD) related to the owner (adv/disadv to the owner)

● Explain limited liability or unlimited liability depends on the company (must be two points)

● How many staff do they employ?● What hours do the staff work?

(picture of opening times) Label picture 3 - Name

● Picture of where the business is located (must be all the competitors on the map) label picture 4 - Name

● Explain the characteristics of the location- size, parking, how expensive to open up, how many competitors?

● What makes business A stand out from its competitors

● Explain the benefits of being in Witham, talk about, quality of schools, transport links (rail, road, airport - where they are and how far they from Witham), low unemployment (less than 4%), new housing.

● Does the business have an online presence? (if so explain what it is - website address, how

https://www.tutor2u.net/business/reference/choosing-a-legal-structure-for-a-new-business

https://www.tutor2u.net/business/reference/business-organisation-introduction-to-business-ownership

https://www.tutor2u.net/business/reference/organisation-sole-traders

https://www.tutor2u.net/business/reference/organisation-limited-companies

https://www.tutor2u.net/business/reference/business-location-revision-presentation

https://www.tutor2u.net/business/reference/product-differentiation-and-usps

https://www.tutor2u.net/business/reference/marketing-product-differentiation-usps

https://www.tutor2u.net/business/reference/porters-generic-strategies-for-competitive-advantage

https://www.tutor2u.net/business/reference/business-ethics-introduction

https://www.tutor2u.net/business/blog/buss4-ecommerce-impact-of-ecommerce-on-functional-areas

many pages, what is it used for)● Does the business have a social

media presence? How many members and why does it have social media (awareness of company? Sells products? Promotes products? Special offers)

● When is the business most busy? And when is it quiet?

● What is the business Aims and Objectives and explain them and how they go about achieving those aims and objectives

● Does the business do anything ethical (environmentally friendly, charitable, source their goods in fair way (fair trade), the way the business pays the staff (wage and pension)

● What are the plans for the future? Expansion? Where and how?

Business B: Name● What do they do?● Who owns it?● Sole trader or LTD● Micro, small or medium?● Two advantages and two

disadvantages or (sole trader or LTD) related to the owner (adv/disadv to the owner)

● Explain limited liability or unlimited liability depends on the company (must be two points)

● How many staff do they employ?● What hours do the staff work?

(picture of opening times) Label picture 5 - Name

● Picture of where the business is located (must be all the competitors on the map) label picture 6 - Name

● Explain the characteristics of the location- size, parking, how expensive to open up, how many

https://www.tutor2u.net/business/reference/choosing-a-legal-structure-for-a-new-business

https://www.tutor2u.net/business/reference/business-organisation-introduction-to-business-ownership

https://www.tutor2u.net/business/reference/organisation-sole-traders

https://www.tutor2u.net/business/reference/organisation-limited-companies

https://www.tutor2u.net/business/reference/business-location-revision-presentation

https://www.tutor2u.net/business/reference/product-differentiation-and-usps

https://www.tutor2u.net/business/reference/marketing-product-differentiation-usps

competitors?● What makes business A stand

out from its competitors● Explain the benefits of being in

Witham, talk about, quality of schools, transport links (rail, road, airport - where they are and how far they from Witham), low unemployment (less than 4%), new housing.

● Does the business have an online presence? (if so explain what it is - website address, how many pages, what is it used for)

● Does the business have a social media presence? How many members and why does it have social media (awareness of company? Sells products? Promotes products? Special offers)

● When is the business most busy? And when is it quiet?

● What is the business Aims and Objectives and explain them and how they go about achieving those aims and objectives

● Does the business do anything ethical (environmentally friendly, charitable, source their goods in fair way (fair trade), the way the business pays the staff (wage and pension)

● What are the plans for the future? Expansion? Where and how?

https://www.tutor2u.net/business/reference/porters-generic-strategies-for-competitive-advantage

https://www.tutor2u.net/business/reference/business-ethics-introduction

https://www.tutor2u.net/business/blog/buss4-ecommerce-impact-of-ecommerce-on-functional-areas

Business A: Name● The entrepreneur's history

explaining why they set up the business

● What parts of the business were the most difficult and how they overcame them

● What skills did the entrepreneurs felt were the most important in

https://www.tutor2u.net/business/reference/entrepreneurs-and-enterprise-skills-revision-presentation

https://www.tutor2u.net/business/blog/being-entrepreneurial-entrepreneurial-skillsets

https://www.tutor2u.net/business/

running their business?● How did they manage their

risks?● What was their mindset?● What weakness do they have in

terms of skills and mindset (resilience, determination, creativity etc)

reference/starting-a-business-qualities-of-an-entrepreneur

Business B: Name● The entrepreneur's history

explaining why they set up the business

● What parts of the business were the most difficult and how they overcame them

● What skills did the entrepreneurs felt were the most important in running their business?

● How did they manage their risks?

● What was their mindset?● What weakness do they have in

terms of skills and mindset (resilience, determination, creativity etc)

https://www.tutor2u.net/business/reference/entrepreneurs-and-enterprise-skills-revision-presentation

https://www.tutor2u.net/business/blog/being-entrepreneurial-entrepreneurial-skillsets

https://www.tutor2u.net/business/reference/starting-a-business-qualities-of-an-entrepreneur

Business A: Name● What personal characteristics

have made the business successful?

● Has the size of the business helped? (small being flexible or large they have more experience)

● How important is their customer service? What do they do in terms of customer service?

● What are 3 advantages of good customer service and 2 disadvantages of customer service if they get it wrong

● Pictures (2) of the business inside (please label 7 and 8)

● Explain what the pictures show● Discuss from your point of view,

the key characteristics you can

https://www.tutor2u.net/business/reference/customer-service-introduction

s:// www.tutor2u.net/business/reference/ benefits-of-good-customer-service

https://www.tutor2u.net/business/reference/improving-customer-service

https://www.tutor2u.net/business/reference/customer-service-revision-presentation

https://www.tutor2u.net/business/reference/why-is-market-research-needed

https://www.tutor2u.net/business/reference/marketing-introduction-to-market-research

https://www.tutor2u.net/business/

recognise that maybe have not been said and explain how that has led to the business being successful

● Discuss how they have been successful since opening, talk about profits, sales, number of employees

● How did market research reduce the risk of the business?

● What is their USP? And how did it help beat the large competitors (name them)

● What reviews are of the business? Find them and use this to evidence that the USP and characteristics have helped them be successful.

● Overall, what characteristics have made this company successful and why you have chosen them, explain with proof of what they have done

reference/market-research-for-a-new-business-revision-presentation

Business B: Name● What personal characteristics

have made the business successful?

● Has the size of the business helped? (small being flexible or large they have more experience)

● How important is their customer service? What do they do in terms of customer service?

● What are 3 advantages of good customer service and 2 disadvantages of customer service if they get it wrong

● Pictures (2) of the business inside (please label 7 and 8)

● Explain what the pictures show● Discuss from your point of view,

the key characteristics you can recognise that maybe have not been said and explain how that


s:// www.tutor2u.net/business/reference/ benefits-of-good-customer-service

https://www.tutor2u.net/business/reference/improving-customer-service

https://www.tutor2u.net/business/reference/customer-service-revision-presentation

https://www.tutor2u.net/business/reference/why-is-market-research-needed

https://www.tutor2u.net/business/reference/marketing-introduction-to-market-research

https://www.tutor2u.net/business/reference/market-research-for-a-new-business-revision-presentation

has led to the business being successful

● Discuss how they have been successful since opening, talk about profits, sales, number of employees

● How did market research reduce the risk of the business?

● What is their USP? And how did it help beat the large competitors (name them)

● What reviews are of the business? Find them and use this to evidence that the USP and characteristics have helped them be successful.

● Overall, what characteristics have made this company successful and why you have chosen them, explain with proof of what they have done

Business A: Name● What is market research?● 3 advantages of market research● What market research did the

business do when they set up? How did they do it? What did they learn from doing it? (make sure you identify the difference between primary and secondary)

● If they could do it again what would they do differently? What would you recommend they should have done?


Business B: Name● What is market research?● 3 advantages of market research● What market research did the

business do when they set up? How did they do it? What did they learn from doing it? (make sure you identify the difference between primary and secondary)


● If they could do it again what would they do differently? What would you recommend they should have done?

Business A: Name● Do they do carry on doing

market research now and what is it? How this benefits them now

● Do they do any after sales market research? Customer feedback, reviews etc and how does the business use this information to improve their business

● Do they do mystery shoppers (go and see competitors), what do they do with that information

● Do they look at industry trends or any other secondary market rese



Business B: Name● Do they do carry on doing

market research now and what is it? How this benefits them now

● Do they do any after sales market research? Customer feedback, reviews etc and how does the business use this information to improve their business

● Do they do mystery shoppers (go and see competitors), what do they do with that information

● Do they look at industry trends or any other secondary market research



Business A: Name● List the ways a business can

measure success (profits, sales, no of employees, reviews, ratings, no of shops, no of locations, market share, survival etc)

● How important is cash flow to the business?

● What did measure did they start

https://www.tutor2u.net/business/reference/measurement-importance-of-profit

https://www.tutor2u.net/business/reference/quality-measurement

https://www.tutor2u.net/business/blog/measuring-the-competitiveness-of-a-business

within the 1st year and what measure is the most important now

● Discuss how the health of the economy might affect the business?

● Discuss how possible tax breaks (tax cuts) might affect the possible purchase of products

https://www.tutor2u.net/business/reference/organisation-growing-a-business

Business B: Name● List the ways a business can

measure success (profits, sales, no of employees, reviews, ratings, no of shops, no of locations, market share, survival etc)

● How important is cash flow to the business?

● What did measure did they start within the 1st year and what measure is the most important now

● Discuss how the health of the economy might affect the business?

● Discuss how possible tax breaks (tax cuts) might affect the possible purchase of products

https://www.tutor2u.net/business/reference/measurement-importance-of-profit

https://www.tutor2u.net/business/reference/quality-measurement

https://www.tutor2u.net/business/blog/measuring-the-competitiveness-of-a-business

https://www.tutor2u.net/business/reference/organisation-growing-a-business

Business A: Name● Explain how a change in price

can affect the business? (relate to what happened in the last 3 years)

● Explain the impact in the change in the cost of raw materials can affect the business? (relate to what happened in the last 3 years)

● Explain how the cost of borrowing (change in the government's interest rates can affect the business? (relate to what happened in the last 3 years)

● Explain in the impact in the cost

https://www.tutor2u.net/economics/reference/short-run-costs-of-productionhttps://www.tutor2u.net/business/reference/business-costs-1

https://www.tutor2u.net/business/reference/bank-loans-and-overdrafts

https://www.tutor2u.net/economics/blog/as-macro-revision-consumer-borrowing

of rental or business rates can affect the business? (relate to what happened in the last 3 years)

Business B: Name● Explain how a change in price

can affect the business? (relate to what happened in the last 3 years)

● Explain the impact in the change in the cost of raw materials can affect the business? (relate to what happened in the last 3 years)

● Explain how the cost of borrowing (change in the government's interest rates can affect the business? (relate to what happened in the last 3 years)

● Explain the impact of the cost of rental or business rates can affect the business? (relate to what happened in the last 3 years

Business A: Name● What are the impacts to the

business if the costs of advertising change?

● What advertising ways do business use? As it changed recently (social media, internet marketing)

● Cost of a website (impacts on profits

https://www.tutor2u.net/economics/reference/short-run-costs-of-productionhttps://www.tutor2u.net/business/reference/business-costs-1

https://www.tutor2u.net/business/reference/bank-loans-and-overdrafts

https://www.tutor2u.net/economics/blog/as-macro-revision-consumer-borrowing

Business B: Name● What are the impacts to the

business if the costs of advertising change?

● What advertising ways do business use? As it changed recently (social media, internet marketing)

● Cost of a website (impacts on profits)

https://www.tutor2u.net/business/reference/promotion-introduction

https://www.tutor2u.net/business/reference/marketing-advertising-a-product-or-service

https://www.tutor2u.net/business/reference/marketing-budget

Business Name A:● What would be possible impact

of the government changing the regulations (health and safety, rules on employers)

● How did these new changes affect the business

● When the government brings out new changes in the budget ( what is the business most worried about?)

https://www.tutor2u.net/business/reference/external-environment-government-spending

https://www.tutor2u.net/business/reference/business-legislation

Business Name B:● What would be possible impact

of the government changing the regulations (health and safety, rules on employers)

● How did these new changes affect the business

● When the government brings out new changes in the budget ( what is the business most worried about?)

https://www.tutor2u.net/business/reference/external-environment-government-spending


Business A: Name● Why is it so important to keep up

with competitors? (product/services, ways they pay, convenience

● 3 advantages of retaining customers

● Why is retaining customers better than getting new customers (cost and time implications)

https://www.tutor2u.net/business/reference/the-role-of-competitor-analysis

https://www.tutor2u.net/business/topics/customer-loyalty

https://www.tutor2u.net/business/reference/market-segmentation

Business B: Name● Why is it so important to keep up

with competitors? (product/services, ways they pay, convenience

● 3 advantages of retaining customers

● Why is retaining customers better than getting new customers (cost and time implications)

https://www.tutor2u.net/business/reference/the-role-of-competitor-analysis

https://www.tutor2u.net/business/topics/customer-loyalty

https://www.tutor2u.net/business/reference/market-segmentation

Business A: Name● What happened to business

confidence in the UK? (Brexit issues, are businesses worried, is your business worried? )Show graph here (label graph 1)

● Explain how this confidence can impact the business (impact on sales, profits)

● Why is it important the consumer have confidence in the economy? (likelihood of buying goes up, spending rises, creates job and profits, quality of life increases)

● What is the business most worried about in the future in terms of confidence

https://www.tutor2u.net/economics/reference/consumer-spending

https://www.tutor2u.net/economics/reference/brexit

Business B: Name● What happened to business

confidence in the UK? (Brexit issues, are businesses worried, is your business worried? )Show graph here (label graph 2)

● Explain how this confidence can impact the business (impact on sales, profits)

● Why is it important the consumer have confidence in the economy? (likelihood of buying goes up, spending rises, creates job and profits, quality of life increases)

● What is the business most worried about in the future in terms of confidence

https://www.tutor2u.net/economics/reference/consumer-spending

https://www.tutor2u.net/economics/reference/brexit

Business A: Name● How the behaviour of customers

have changed? (the need for technological advancement (online, cashless, being on social media)

● How does the business deal with these changes and the impacts on the success of the business

https://www.tutor2u.net/business/presentations/marketing/consumerbehaviour/default.html

Business B: Name● How the behaviour of customers

have changed? (the need for technological advancement (online, cashless, being on social media)

● How does the business deal with these changes and the impacts on the success of the business

https://www.tutor2u.net/business/presentations/marketing/consumerbehaviour/default.html

Business A: Name● Explain the sales of goods act

and the trade description act. And how it impacts the business

● Explain GDPR act and how it will affect the business

● Explain any other consumer legislation (laws) that can affect the business


https://www.coredna.com/blogs/general-data-protection-regulation

Business B: Name● Explain the sales of goods act

and the trade description act. And how it impacts the business

● Explain GDPR act and how it will affect the business

● Explain any other consumer legislation (laws) that can affect the business


https://www.coredna.com/blogs/general-data-protection-regulation

Business A: Name● Define what the market is● How businesses understand

customer characteristics and their target market

● Why its so important that the business constantly keeps an eye on changes in what customers want and what their competitors are doing

● The importance of having a competitive advantage from understanding the market

https://www.tutor2u.net/business/presentations/marketing/stpsegmentation/default.html

https://www.tutor2u.net/business/reference/target-market

https://www.tutor2u.net/business/reference/competitive-advantage

Business B: Name● Define what the market is● How businesses understand

customer characteristics and

https://www.tutor2u.net/business/presentations/marketing/stpsegmentation/default.html

their target market● Why its so important that the

business constantly keeps an eye on changes in what customers want and what their competitors are doing

● The importance of having a competitive advantage from understanding the market

https://www.tutor2u.net/business/reference/target-market

https://www.tutor2u.net/business/reference/competitive-advantage

Business A: Name

● What does the business do to keep customers satisfied, how do they record it, what do they use (which? Amazon reviews, customer feedback)

● Why is it important to keep customers satisfied? (word of mouth leads to more sales)

https://www.tutor2u.net/business/blog/qa-what-is-meant-by-having-a-customer-focus

https://www.tutor2u.net/business/blog/training-staff-to-meet-customer-expectations

https://www.tutor2u.net/economics/blog/customer-satisfaction-surveys-used-to-combat-possible-market-failure-on-the-trains

Business B: Name● What does the business do to

keep customers satisfied, how do they record it, what do they use (which? Amazon reviews, customer feedback)

● Why is it important to keep customers satisfied? (word of mouth leads to more sales)

https://www.tutor2u.net/business/blog/qa-what-is-meant-by-having-a-customer-focus

https://www.tutor2u.net/business/blog/training-staff-to-meet-customer-expectations

https://www.tutor2u.net/economics/blog/customer-satisfaction-surveys-used-to-combat-possible-market-failure-on-the-trains

Business A: Name● Why is it so important that

business plan ahead? (predicting future changes)

● What does the business do to plan ahead? And how does it deal with the changes

● Why is it important to have the right finances and cash flow

● What are the implications of not having the right finances for the business

https://www.tutor2u.net/business/reference/sources-of-finance-for-a-startup-or-small-business

https://www.tutor2u.net/business/blog/why-is-the-cash-flow-forecast-so-important

https://www.tutor2u.net/business/reference/finance-introduction-to-cash-flow

Business B: Name● Why is it so important that

business plan ahead? (predicting

https://www.tutor2u.net/business/reference/sources-of-finance-for-a-startup-or-small-business

future changes)● What does the business do to

plan ahead? And how does it deal with the changes

● Why is it important to have the right finances and cash flow

● What are the implications of not having the right finances for the business

https://www.tutor2u.net/business/blog/why-is-the-cash-flow-forecast-so-important

https://www.tutor2u.net/business/reference/finance-introduction-to-cash-flow

Business A: Name● Why is so important to market

local businesses ( give 3 advantages of marketing)

● What are the implications of the business in terms of marketing (cost, target market, need?)

● What lessons have the business learnt over the years from promoting the business?

https://www.tutor2u.net/business/reference/the-purpose-of-marketing

https://www.tutor2u.net/business/reference/marketing-role-of-marketing-in-business

https://www.tutor2u.net/business/reference/marketing-objectives

Business B: Name● Why is so important to market

local businesses ( give 3 advantages of marketing)

● What are the implications of the business in terms of marketing (cost, target market, need?)

● What lessons have the business learnt over the years from promoting the business?

https://www.tutor2u.net/business/reference/the-purpose-of-marketing

https://www.tutor2u.net/business/reference/marketing-role-of-marketing-in-business

https://www.tutor2u.net/business/reference/marketing-objectives

Business A: Name● Impact of staff turnover and

sickness on the company● What strategies has the business

implemented to reduce this?● What are the costs to the

business having time off? (statutory sick pay? 28 weeks pay)

https://www.tutor2u.net/business/reference/labour-turnover

Business B: Name● Impact of staff turnover and

sickness on the company● What strategies has the business

implemented to reduce this?

https://www.tutor2u.net/business/reference/labour-turnover

● What are the costs to the business having time off? (statutory sick pay? 28 weeks pay)

SWOT analysis● What is it? Why do businesses

use it?PEST analysis

● What is it? Why do businesses use it?

https://www.tutor2u.net/business/reference/swot-analysis

https://www.tutor2u.net/business/reference/what-is-pest-analysis

https://www.tutor2u.net/business/reference/business-the-technological-environment

Business A: NameStrengths

● What are the business strengths? Least 3 strengths and explain how this impacts the business in a positive way

Weaknesses

● What are the business weaknesses? Least 3 weaknesses and explain how this impacts the business in a negative way

Opportunities

● What are the business opportunities? Least 3 opportunities and explain how this could impact the business in a positive way

Threats

● What are the business threats? Least 3 threats and explain how this impacts the business in a negative way




Business B: NameStrengths

● What are the business strengths? Least 3 strengths and



explain how this impacts the business in a positive way

Weaknesses

● What are the business weaknesses? Least 3 weaknesses and explain how this impacts the business in a negative way

Opportunities

● What are the business opportunities? Least 3 opportunities and explain how this could impact the business in a positive way

Threats

● What are the business threats? Least 3 threats and explain how this impacts the business in a negative way


Business A:Political

● Does the political stability of the country affect the business? Brexit? Trade agreements with other countries and how it affects the business

● How does any change to laws (health and safety, employment (minimum wage, paternity pay etc) affect the business?

Economic

● Economic factors that affect the business (inflation, interest rates, exchange rates, economic growth, unemployment rate), How does each one affect the business? (impacts on costs, prices to charge, cost of borrowing, cost of importing etc)

Social




● Customer demographics (age, religion, sex, culture, lifestyle, attitude, fashion, education) and how these change and how these changes affecting the business ( in terms of products sold, range of products, staffing, places to sell)

Technology

● How technology change has affected the business (internet, social media, types of technologies (cashless system)

Business B:Political

● Does the political stability of the country affect the business? Brexit? Trade agreements with other countries and how it affects the business

● How does any change to laws (health and, employment (minimum wage, paternity pay etc) affect the business?

Economic

● Economic factors that affect the business (inflation, interest rates, exchange rates, economic growth, unemployment rate), How does each one affect the business? (impacts on costs, prices to charge, cost of borrowing, cost of importing etc)

Social

● Customer demographics (age, religion, sex, culture, lifestyle, attitude, fashion, education) and how these change and how these changes affecting the business ( in terms of products sold, range of products, staffing, places to sell)




Technology

● How technology change has affected the business (internet, social media, types of technologies (cashless system)

· web viewthe entrepreneur's history explaining why they set up the business. ... what was...

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