AS Revision Checklist Section 1 Entrepreneurship Generating Product Ideas Types of Industry Market Research Understanding Markets Legal Structures

Raising Finance, Location and Employing People

What qualities does an entrepreneur have? Why become one and what help is available to one? Where do they come from? What is a niche market? What is a franchise? How can an idea be protected? Primary, Secondary and Tertiary businesses, the transformation process Types of market research (primary and secondary), what is sampling? Methods for sampling such as random and stratified Types of market, demand, market growth, share and size (formulae), segmentation Sole trader, partnerships, Ltd, PLCs and not for profit businesses Sources of finance (loans, overdrafts, business angels) what factors are important when considering location, what factors may an entrepreneur consider when employing people? Fixed, Variable and Total costs Price, Revenue and Profit (formulae) Work out by formula, contribution formula, changes in variables and lines on the chart. Not likely to be asked to do break even from scratch but may be asked to analyse! How are these calculated? (May be asked to fill in blank spaces so must practice!) Why do businesses use them? 3 types of budget (income, expenditure and profit) Why set budgets? What are the issues with setting budgets? What is the risk? Use SWOT analysis Strengths, Weaknesses, Opportunities and Threats. Why do businesses fail? What are the stages in business planning and what sections does one include? Who can help and where can the information be taken from for this?

Calculating costs, revenues and profits Break Even Analysis

Cash Flow Forecasting Setting Budgets Assessing Business Start Ups Business Planning

AS Revision Checklist Section 2 Using Budgets

Look at the benefits and drawbacks of budgets . Calculate and interpret variance e.g Favourable and Adverse . using variances to help make decisions Improving cash flow . what causes cash flow problems . how to improve cash flow Measuring and increasing profits . calculation and understanding of net profit . calculation and understanding of return on capital . how to improve profits and profitability . understand difference between cash and profit key elements of structures and workforce roles, how structure affects performance In what ways can a business measure performance of its employees? Formulae for labour productivity, absenteeism, days lost to health and safety issues and labour turnover Recruitment process, internal and external recruitment, selection and its importance and training methods Maslow, Herzberg, Mayo and Taylor. How can a business motivate its employees? (financially, job empowerment, job design and teams)

Improving Cash Flow

Measuring and increasing Profit

Organisational Structures

Measuring the effectiveness of the work force

Recruitment, selection and training

Motivation

Operations Management making operational decisions Quality Customer Service

operational targets, capacity utilisation calculating non-standard orders, and matching production with demand Quality control and quality assurance, TQM and ISO 9000. How do we meet customer expectations? What is good customer service? Why does it matter? How does it benefit a business and how can it be improved? monitoring What do we consider when choosing a supplier? How can they help or hinder success? 4 main types of technology and advantages and disadvantages of using technology What is the purpose of marketing and why do businesses do it? Niche and Mass Product (product life cycle and Boston Matrix), place, price, promotion impact of market conditions and competition, what determines competitiveness, how to improve it

Working With Suppliers

Technology

Effective marketing

Marketing Mix Marketing and competitiveness