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Business Week 1

Business 1st Lesson
by

Arron Smith

on 10 July 2012

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Transcript of Business Week 1

Starting A Business
Why?
In pairs note as many different reasons for
starting a business that you can think of
2 Mins
You Could Have Had:
Financial - To make your fortune

Personal - Independance/Desire to show the world a new idea
Identified a gap in the market / market niche

To Help Others - Charities are also recognised businesses
Business Aims
Now we have thought about why businesses are set up and the risks involved we need to consider the AIMS of businesses.

Firstly lets define a business aim:

A business aim is an OVERALL goal that they want to achieve

An important thing to remember is business aims are LONG TERM!
What Do Businesses Do?
Every Business no matter what sector are all involved in some form of exchange - they are offering a good or a service at a price and customers agree to pay the price to the business to get the good or service. All business activity involves some form of exchange.
Starting a business is a risky move and takes ENTERPRISE
What do we mean by the term Enterprise in business?
Definition 1:
an organization created for business ventures

Definition 2:
readiness to embark on bold new ventures

Or - Someone who is ready to take risks
e.g 'He will go far hes got enterprise'
Otherwise known as an Entrepreneur
For a business to be successful the owner has to know when to take risks
A good entrepreneur will only ever take
calculated risks. They'll do research, plan the
business carefully to ensure success and
weigh up the consequences of failure.

A top entrepreneur is a valuable asset to any
business
Entrepreneurs Characteristics/ Qualities
Think about the entrepreneurs you have just
seen. Think about the individual characteristics of
each of these people and think about the qualities
required in order to be a succesful entrepreneur
Your Task:
Produce a short piece of text about the particular qualities
good entrepreneurs need to succeed. Also mention
the risks involved with starting your own business and
how being a smart entrepreneur can help manage
these risks
The 7 Business Aims
There are 7 common business aims that
are recognised in many different markets
Your Task:
Find the 7 most common business aims
The 7 Business Aims
Profit
Market Share
Growth
Ethical Considerations
Survival
Environmental Sustainability
Customer Satisfaction
Now we understand business aims
consider these businesses and think
about what their aims might be
Business Objectives
We have covered business Aims but we now need to
consider business Objectives

What is the difference between a business aim and
a business objective?

Business Objectives
Business objectives are like aims but they are usually short term,
They can be considered stepping stones towards achieving an aim
Once a firm has established its aims, it needs to set business objectives
Just like with aims, there are different types of objectives. They can be related to survival, profit, growth, market share, customer satisfaction or ethical and environmental issues.




For example:
1. A firm's aim is to improve environmental sustainability.
So their objective might be to increase usage of recycled materials in the production process from 20% to 50% within the next 6 months
Your Task
Using the aims you created for the previous businesses
(Walkers etc) now set the companies objectives in order
to meet these aims

Remember they should be measurable!
Using Objectives to measure success
Companies compare their actual performance to the objectives they have set. This way they can measure how successful they have been in a period of time. They do this in different ways depending on the nature of the objective
Numerical Targets
Numerical targets are easy to compare as 'numbers don't lie' - for example:

A business could set itself a target of making profits of £1000 after one year

This is easily measurable as they can check their incoming and outgoings
Non Numerical Targets
Non numerical targets are slightly more difficult to measure, for instance if your objective is to 'behave in an ethical way' how is this measureable?

In this case the business could list some ethical activities it will do, and some unethical activities which it wont - then they can measure performance by checking to see whether it has kept its promises

Alternatively businesses can conduct impact assessments - these are surveys completed by somebody outside of the business to find out what they think of the business's behaviour. In this case they could carry out an environmental impact assessment
Review Questions
What are the main reasons for setting up a business?

What does Enterprise mean?

List 3 features of a good Entrepreneur

What are business aims?

What are business objectives?

Give an example of a business aim and objective for
the company Burger King
Your Task
Complete the measuring business success task on the business website located on the business website (0:Drive)
Objectives are more specific than aims but most importantly they are measurable!
Full transcript