Learning outcomes Understand how to prepare for business Own strengths & weaknesses Contributing to a business Benefits of running a business Know how different aspects affect preparation for business Regulations and laws for small businesses Marketing and sales Financial issues Understand how to start and run a business Business Plan Starting and running a business Advice and support

The tasks

Your own strengths and weaknesses When you discuss your future plans with a careers adviser, you will probably talk about subjects you like and how these link with different jobs: What you might not discuss are things such as: Size and type of organisation Whether you want predictable and routine tasks or not Travel Team/independent work

Your own strengths and weaknesses Different people are suited to different types of employment The aim of this lesson is to look at the personal skills and attitude needed to start and run a small business. You will have the opportunity to think about your own talents and how suited you may be to this type of work.

Aptitude test

My Score

How did you score? Score Analysis 8-10 You seem to have most of the qualities needed to run a small business. You may have to address a few areas of weakness. 4-7 You have some of the qualities necessary to run a small business but there are several areas of weakness which you need to consider 1-3 You do not have many of the qualities needed to run a small business. If you attempted to do so you would have to change considerably and would probably need a lot of help and support.

Factors that affect the small business owner Long working hours Financial Insecurity

Long working hours... For most employees, the Working Time Regulations limit employees to working no more than 48 hours a week This rule does not apply if you are self employed Less time to spend with friends and family

Financial Insecurity Running any business involves risk There may be little money spare for luxuries such as new clothes and holidays Usually, any profit is put straight back into the business

What do you need to set up a small business? Success Skills, knowledge & expertise Time Money Space Ability

Case Study: Alastair Lee