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OCR Cambridge National in Business and Enterprise (Level 1/2) R063 Setting up and running an enterprise

Introduction Setting up an enterprise can be a very rewarding thing to do. Whether you are looking to provide a service, supply a product or run an event you will need to take the initiative and use your skills to make it a success.

Research What type of enterprise will work? You will need to find out if your idea is viable by researching; one way of doing this is by carrying out a SWOT analysis. Strengths Weaknesses Opportunities Threats Once you have decided if your idea is a viable idea you will need to create a plan.

Business Plan You will learn how to produce plans to show that you have thought about the following points: Target market Researching the market Prices and offers Advertising Suppliers Location

Communication Skills Setting up a business or organising an event requires you to be able to communicate well. You will learn about: Verbal communication Remote communication How to write memos, reports, prepare agendas and minutes Giving a presentation to an audience

Working together Getting the best out of those you work with requires good relationships. You will learn about team-working, negotiation skills, how to assign task to others and ensuring the best use of your resources.

Working together Being able to receive feedback and take criticism is also necessary if your venture is to be a success.

Costs Many profitable enterprise initiatives fail because of cash flow. Knowing how to keep your accounts, order stocks, pay wages and make sure your customers pay on time are key to the continued success of your enterprise. Your enterprise will at least need to be able to break even.

You will learn... What an enterprise activity is How to collaborate with others How to set targets and allocate resources How to plan for success How to look after your customers How to advertise your services and products How to estimate the costs and revenues

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