Business Studies – SACE Stage One Introduction & First Topic

A little inspiration to kick-start your studies in Business and Enterprise https://www.ted.com/talks/ashton_cofer_a_young_inventor_s_plan_to_recycle_ styrofoam Small business makes up over 96% of all businesses in Australia Think of your local area, there are small businesses everywhere! A small business starts with an idea, maybe not as creative as the young lad inventing a second purpose for Styrofoam, but an idea nonetheless. Entrepreneurs of note; Mark Zuckerberg (Facebook), Bill Gates (Microsoft), Jeff Bezos (Amazon), Larry Page (Google), Richard Branson (Virgin), Steve Jobs (Apple) The success of these sorts of people seems far off, but is it? Mark Zuckerberg is a prime example of that. Facebook was launched from his college dorm room in 2004. So in 13 years he has racked up 62billion in net worth……a pretty impressive rate.

What did they all have in common? Taking a business class (Not Really) They had an idea, and ideas worth sharing and concepts that you think many people might agree with and want, is where the knack for business knowledge comes into it. So sure, the entrepreneurial aspect is important and often you require that first, but business knowledge is equally as important so ideas get shared and businesses make money rather than ideas kept within someone’s head And you don’t need to re-create the wheel, successful businesses don’t always stream from inside one persons head Would Apple have created the iPhone if there was no BlackBerry? Something to think about…..

Starting from the Start – Business Plans If you want to make sure that the business suits you and your customers, then you definitely need to have a business plan. Definition - Business Plan: A written statement of the goals and objectives for the business, and the steps to be taken to achieve them Written summary and evaluation of the business idea. The clear direction of the business Strategies relative to management, marketing, finance and resources. Identifies areas of strength and weakness Assists the owners in seeking finance from a bank.

Advantages of a Business Plan Advantages of developing a business plan; Helps test the viability of the business Assists the business to be proactive rather than reactive Identifies the strengths and weaknesses of the business Forces the owner to justify his/her actins Indicates the owners ability and level of commitment Assists in maintaining the business operation (provides focusing

Elements of a business plan A typical business plan should, however, include the following elements: 1  An executive summary — a one-page document describing the business and its objectives. This is usually prepared at the end of the plan-writing process. 2  An operations plan — outlining how the business will be set up and the human resource needs. 3  A financial plan — which details how the business will be financed, and projected cash ow, revenue, expenses and pro t. 4  A marketing plan — outlining key information from the industry the business will be entering and how it fits in, and the marketing strategy of the business.

Planning Definition: the process of formulating objectives and determining how to achieve them. Acts as a link or bridge between the business owner’s ideas and the actual operation of the business Ultimately saves money, time and effort, and also increases the likelihood of success Preparing a business plan is very similar to completing an assessment task. - time, effort and research = A good result.