Year 10 Business Spotting a Business Opportunity Wednesday 11th September 2013 Mr Nicholls

Objective To be able to state what a business does. Key words: Business, Customer, Opportunity

To start with…

Business Think about business – we’re surrounded by businesses and bombarded by advertising constantly. Business is about providing a customer with a product or service that they want – and are willing to pay for.

Spotting a business opportunity… For a business to set up there has to be an opportunity for it to succeed. This is when businesses will need to consider the reasons for setting up and getting going, as well as what they’re going to do!

Nature of a Business… Basically it describes what type of business it is and also why things happen at that business. For example, if you owned a ski shop and during the summer your sales were almost nothing, people would say that it's because it's the "nature of the business“. In a food store, it would be busier during certain periods of the day (like right after work) because it's the "nature of the business" to be busier when people are on their way home and stop to pick up food for dinner So in simple terms – when we talk about the nature of a business, we’re talking about what that business does – simple as!

Resources. As well as considering what that business is going to do, the business will also need to consider the resources it has available to it. They will need to think about: Financial Resources – MONEY Human Resources – STAFF Physical Resources – SHOP/FACTORY Intangible Resources – REPUTATION/BRAND But also….a business is going to make sure it has…

CUSTOMERS!!!

Then… The business will need to consider where it’s setting up, whether the market conditions are right, how many employees it’s going to need, any intellectual property rights they might need on products or the like….and whether it’s going to be successful or not. After all – remember…

What does a business do?

Ok – what will they need? Choose ONE of the businesses. Write down a list of things that the business will need to carry out its activity. (For example, it will need equipment and people, but what types of equipment and what types of people?)

Business Aim: Put simply: An aim is where the business wants to go in the future, its goals. It is a statement of purpose, e.g. we want to grow the business into Europe. Based on the above – what do you think the aims for our 6 businesses might be?

Make sure you note this down! Important: Make sure you note this down! An aim is where the business wants to go in the future, its goals. It is a statement of purpose, e.g. we want to grow the business into Europe Business objectives are the stated, measurable targets of how to achieve business aims. For instance, “we want to achieve sales of €10 million in European markets in 2014” A mission statement sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

Homework Find examples of 5 Businesses and: - Explain briefly the nature of each. - List some of the resources that each will need to successfully run. - See if you can find out what their aims and objectives are Work due in on Monday – end of the lesson.