Business Studies - Preliminary Course_1

1. the nature of a business

   Annotations:

   • -producing goods and services -profits, incomes, employment, choice, innovation, entrepreneurship and risk, wealth and quality of life

1. classification of business

   Annotations:

   • -size - small to medium enterprises (SMEs), large -local, international, global -industry - primary, secondary, tertiary, quaternary, quinary -legal structure - sole trader, partnership, private company, public company, government enterprise
2. factors influencing choice of legal structure

   Annotations:

   • -size, ownership, finance

1. external influences

   Annotations:

   • -economis, financial, geographic, social, legal, political, institutional, technological,  competitive situation, market -
2. internal influences

   Annotations:

   • -products, location, resources, management and business culture
3. stakeholders

1. stages of the business life cycle

   Annotations:

   • -establishment -growth -maturity -post-maturity
2. responding to challenges at each stage of the business life cycle
3. factors that can contribute to business decline
4. voluntary and involuntary cessation

   Annotations:

   • -liquidation

1. features of effective management
2. skills of management

   Annotations:

   • -interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
3. achieving business goals

   Annotations:

   • -profits, market share, growth, share price, social, environmental -achieving  a mix of the above goals -staff involvement - innovation, motivation, mentoring, training

1. classical approach

   Annotations:

   • -management as planning, organising and controlling -hierarchical organisational structure -autocratic leadership style
2. behavioural approach

   Annotations:

   • -management as leading, motivating, communicating -teams -participative/demoncratic leadership style
3. contingency approach

   Annotations:

   • -adapting to changing circumstances

1. operations

   Annotations:

   • -goods and/or services -the production process -quality management
2. coordinating key business functions and resources
3. finance

   Annotations:

   • -cash flow statement -incime statement -balance sheet
4. marketing

   Annotations:

   • -identification of the target market -marketing mix
5. ethical business behaviour
6. human resources

   Annotations:

   • -recruitment -training -employment contracts -separations - voluntary / involuntary

1. responding to internal and external influences
2. managing change effectively

   Annotations:

   • -indentify the need for change : business information systems -setting achievable goals -resistance to change -management consultants  

1. definition
2. role
3. success and/or failure
4. economic contribution

1. sources of information
2. the business idea

   Annotations:

   • -competition
3. establishment options

   Annotations:

   • -new, existing, franchise
4. market

   Annotations:

   • -goods and / or services, price, location
5. finance

   Annotations:

   • -sources of finance -costs
6. legal

   Annotations:

   • -business name, zoning, health and other regulations
7. human resources

   Annotations:

   • -skills -costs: wage and non-wage  
8. taxation

   Annotations:

   • -federal and state taxes -local rates, charges
9. personal qualities

   Annotations:

   • -qualifications, skills, motivation, entrepreneurship, cultural backgound, gender

1. Forecasting

   Annotations:

   • -Total revenue, total costs -Break-even analysis -Cash flow projection
2. Monitoring & valuation

   Annotations:

   • -Sales -Budget -Profit
3. Organising resources

   Annotations:

   • FOHM: -Finance -Operations -Human Resources -Marketing
4. Vision goals/objectives

   Annotations:

   • -Vision  -Business goals -long-term growth
5. Sources of planning ideas

   Annotations:

   • -Situation analysis
6. Taking corrective action

Annotations:

• -Importance of a business plan
• Management: -staffing and teams
• trend analysis
• Identifying & sustaining competitive advantage
• Avoid over extension of finance and other resources
• Using technology
• Economic condition