Unit 1: Enterprise In The Business World
UNIT 1: ENTERPRISE IN THE BUSINESS WORLDUnit 1: Enterprise in the Business WorldLevel: 1 and 2Unit type: CoreGuided learning hours: 30Assessment type: InternalUnit introductionWhat is a business and what does it do? The term ‘business’ can cover anythingfrom a sole trader in a local market to a multinational corporation selling productsto millions of people all over the world.This unit introduces you to the language and terminology used in business. Itexplores what businesses do, trends that affect them, how they operate and thefactors that influence their success.You will explore different types of business ownership and how these relate to thesize and scale of a business, as well as how the type of ownership impacts on theresponsibilities of the owners of a business. Combined with looking at types ofbusiness model, you can begin to understand how diverse the world of business is.You will use your understanding of business language to investigate what businessesdo by examining the aims and objectives they set, the importance of knowing theirmarket and understanding the influence of their stakeholders.You will plan an idea for a realistic business start-up in your local area, based on yourresearch, select a format and then present the business model and plan.This unit should be incorporated throughout the programme of study as the contentis synoptic and links to, and underpins, all the other units in the specification.Learning aimsIn this unit you will:A know how trends and the current business environment may impact on abusinessB plan an idea for a new businessC present a business model for a business start-up.BF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 201237
UNIT 1: ENTERPRISE IN THE BUSINESS WORLDLearning aims and unit contentWhat needs to be learntLearning aim A: Know how trends and the current business environment mayimpact on a businessTopic A.1 Finding information Sources of information, e.g. broadsheet and local newspapers, professional and tradejournals, websites, business networking organisations Reliability of sources and bias and currency of informationTopic A.2 Factors to consider in the current business environment National factors – political issues, level and type of government support for business,taxation, the economy, e.g. level of employment, inflation, exchange rates, cost ofloans Local factors – location of business, requirements for resources, e.g. premises, staff,equipment, location of suppliers, competitors and customers Impact of factors – on a selected target group of customers, relevance to businesspropositionTopic A.3 Trends affecting business Social trends, e.g.:o population changes, increasing life expectancyo households and families, e.g. more couples cohabitingo education, e.g. increasing achievements at GCSEo labour market, e.g. increase in flexible workingo increasing travel for work, e.g. longer commutes to work Technology trends, e.g. increasing use of information technology, telephony and webdevelopments Environmental trends, e.g. increase in renewable energy and recycling Ethical trends – ethical concerns of potential customers, e.g. carbon footprint,sources of timber, child labour, inadequate pay, animal welfare, identification ofvalues of an organisation and ethical codes to address ethical concerns, contributionof business to the communityTopic A.4 Size of business and type Micro business – up to 9 staff SMEs (small and medium enterprises):o small enterprises – between 10 and 49 staffo medium enterprises – between 50 and 249 staff Large business – more than 250 staff Start-ups and existing businesses38BF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 2012
UNIT 1: ENTERPRISE IN THE BUSINESS WORLDWhat needs to be learntLearning aim B: Plan an idea for a new businessTopic B.1 How business ideas can be successful Finding innovative solutions, e.g. Dyson Meeting customer needs, e.g. products or services, filling a gap, doing it better thancompetitors Identifying new needs, e.g. mentoring and coaching, using digital media (such associal networking websites) Continuing to meet established customer needs, e.g. adapt when gap in provision,review and improve provision Being entrepreneurial – ideas of recent entrepreneurs, e.g. Tanya Budd, RoseGrimond, Mark Zuckerberg Importance of having a strong vision and seeing it through, e.g. Apple Measures of success, e.g. financial, social, customer satisfactionTopic B.2 Business ideas Researching the market and identifying gaps or opportunities Selecting a product or service Targeting customers, e.g. by age, location, interests, concerns How a selected product or service will meet the need or demand of targetedcustomers Difference between ‘benefits’ and ‘features’ of a product or serviceTopic B.3 Assessing the suitability of a business idea Estimating resources required to develop ideas, including:o own time, others’ time, skills and areas of expertiseo personal commitmento finance, premises, materials, equipment Selecting the most appropriate idea Likelihood of success or failure, e.g. access to prospective customers, existingdemand, estimating profitability Identification of major barriers for a start-up business, e.g. large start-up costs,cash flow, licences, competitorsTopic B.4 Producing an initial plan for a business idea Producing a plan, including:o a rationale for a realistic idea, including vision and concepto supporting evidence, e.g. possible customers, possible routes to market, strategyfor dealing with competitors, ideas for financing, ideas for implementationBF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 201239
UNIT 1: ENTERPRISE IN THE BUSINESS WORLDWhat needs to be learntLearning aim C: Present a business model for a business start-upTopic C.1 Choice of format Definition, features, advantages and disadvantages of the following formats:o sole tradero partnershipo limited companyo public limited company (plc)o social enterpriseTopic C.2 Sources of help and support in developing a new business Sources of help, e.g. finance (bank manager), start-up capital (selling shares tofamily members, Prince’s Trust), research (other businesses), independent advice(Business Link) Support networks, e.g. Chambers of Commerce, trade associations, professionalbodies, friends and family, charities and voluntary organisationsTopic C.3 Business model Definition of a business model – shows how a business aims to generate revenue andmake a profit from operations: the model includes the components and functions ofbusiness, as well as revenues it generates and expenses it incurs Components of a business model, including:o results of researching the market, including identifying potential customers(businesses or individual consumers) and competitorso goods or services – make or buyo means of delivering to customer, e.g. internet only, franchise, direct saleso business aims – the long-term visions or goalso business objectives – measurable targets to help achieve the overall aims ofa business, importance of making objectives SMART (specific, measurable,achievable, realistic and time-related)o stakeholders and their influence on the business, e.g. owners, employees,customers, financiers, suppliers, local communityo finances and costs for start-upo providing evidence to justify why the idea will succeed40BF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 2012
Level 2 PassLevel 2 MeritLevel 2 DistinctionIdentify current trendsthat may impact on astart-up business.1A.22A.M1 Explain how changes inthe current businessenvironment are likely toimpact on a start-upbusiness.2A.M2 Compare how two trendshave impacted on astart-up business. *2A.P1 Outline how the businessenvironment can impacton a start-up business.2A.P2 Explain how currenttrends will impact on astart-up business. *Prepare an initial plan fora business idea for thelocal area. *#1B.42B.M3 Compare the features,strengths andweaknesses of twosuccessful businesses.2B.M4 Explain how the initialplan for a business ideahas the potential torespond to marketneeds. *2B.P3 Describe, using relevantexamples, the featuresof successful businesses.2B.P4 Prepare a realistic initialplan for a business ideasuitable for the localarea. *#BF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 2012Identify the features ofsuccessful businesses.1B.3Learning aim B: Plan an idea for a new businessIdentify factors of thebusiness environmentthat can impact on astart-up business.1A.1412B.D2 Justify how the initialplan for a business ideahas potential for successin relation to existinglocal businesses. *2A.D1 Assess the current risks,opportunities and trendsin the businessenvironment for a startup business. *Learning aim A: Know how trends and the current business environment may impact on a businessLevel 1Assessment criteriaUNIT 1: ENTERPRISE IN THE BUSINESS WORLD
Level 2 PassLevel 2 MeritPresent, with guidance,a business model for abusiness start-up. #1C.62C.P6 Present a realisticbusiness model for abusiness start-up. #2C.P5 Explain the reasons forthe choice of formatselected for a businessstart-up.42#Opportunity to assess English skills*Opportunity to assess mathematical skillsOutline the choice offormat selected for abusiness start-up.1C.52C.D3 Present a realisticbusiness model for abusiness, explaininghow the format andsupporting evidencejustifies the initialbusiness idea. #Level 2 DistinctionBF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 20122C.M5 Present a realisticbusiness model for abusiness, explaining howthe format and businessmodel will enable it tocarry out its activitiessuccessfully. #Learning aim C: Present a business model for a business start-upLevel 1UNIT 1: ENTERPRISE IN THE BUSINESS WORLD
UNIT 1: ENTERPRISE IN THE BUSINESS WORLDTeacher guidanceResourcesLearners will need access to local businesses.Assessment guidanceThis unit is assessed internally by the centre and externally verified by Edexcel.Please read this guidance in conjunction with Section 8 Internal assessment.Potentially, the unit covers a large amount of ground and the intention is that,rather than becoming knowledgeable about all aspects of the business environment,learners instead become aware of the need to monitor the business environment anddevelop the skills to research what they need in order to develop a specific businessidea.This unit is synoptic and it would be advisable to deliver it over the period of thecourse as it links to and underpins all the other units.An active approach should be taken to delivery, encouraging learners to takeresponsibility for finding information and applying it to their own business model.The unit gives learners opportunities to explore current affairs and reflect on theimpact that changes could have on businesses or social enterprises.It is recommended that assessment evidence for this unit is presented in a portfolio, withthe following sections, under which the learner places their evidence to meet the criteria: idea for the start-up business research for the start-up business initial plan for a business idea format of business start-up, reasons for choice business model presentation observation records and/or witness statementsWork should be broken up into manageable stages. The assessment programmecould be presented as a series of interlinked and coordinated tasks from which theoutline business plan is derived. It will be necessary to have detailed and wellmaintained tracking records so as to track the achievement of individual criteria.Supporting evidence in the form of presentation materials, learners’ notes and peerobservations must be retained. Learners need to provide the initial rationale for thechoice of development of a business idea and a brief project plan; then later theyneed to provide the more specific detail in the business plan.Learners’ presentations can be either written or verbal, but presentations need tobe supported by completed assessor observation records detailing individual learnerachievement against the target criteria. This is particularly important if a grouppresentation has been made. If learners have worked in groups on an idea for astart-up business, the groups should be no more than three or four learners.BF031438 – Specification – Edexcel BTEC Level 1/Level 2 First Award in Business –Issue 2 – May 2012 Pearson Education Limited 201243
UNIT 1: ENTERPRISE IN THE BUSINESS WORLDLevel 2For 2A.P1, the learner needs to outline how the business environment can impact ona start-up business.For 2A.P2, the learner needs to explain how current trends will impact on a start-upbusiness. If they wish, they could focus on trends that have a particular impact ontheir own idea for a business start-up.For 2A.M1, the learner needs to explain how changes in the current businessenvironment are likely to impact on a start-up business. This leads to 2A.M2 wherethe learner will compare how two trends have impacted on a start-up business. Ifthey wish, they could focus their evidence on the impact this will have on their ownidea for a business start-up. This evidence could be developed further in 2A.D1,where the learner will assess the current risks, opportunities and trends in thebusiness environment for a start-up business. This should go beyond expressing ahunch or opinion but rather should draw upon relevant data or balance one argumentwith the opposing argument before coming to a decision.For 2B.P3, the learner needs to describe, using relevant examples, the features of
National factors – political issues, level and type of government support for business, taxation, the economy, e.g. level of employment, inflation, exchange rates, cost of loans Local factors – location of business, requirements for resources, e.g. premises, staff, equipment, location of suppliers, competitors and customers
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
