Understanding Enterprise

Understand the competing demands, pressures and motivations that face an entrepreneur.

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Assessment Criteria

• 1.2

  Identify the major functions needed in a small business and how they link to and support each other.

• 1.3
  Explain what is involved to successfully start and run a small business
  
• 1.4
  Identify the competing demands of running a small business
  
• 1.5
  List the diverse capabilities required of entrepreneurs
• 1.6
  Identify the need for entrepreneurs to take risks
  
• 1.7

  Explain the demands and pressures on the entrepreneur of running a business enterprise.

Understand the financial aspects of running a small business enterprise

Assessment Criteria

• 2.1
  Identify financial requirements and sources of funding
  
• 2.2
  Explain how cash flows in and out of the business
  
• 2.3
  Interpret financial accounts
  
• 2.4
  Define basic accounting terms
  

Understand the marketing, sales and customer service functions within a small business enterprise

Assessment Criteria

• 3.1
  Explain how to conduct market research
  
• 3.2
  Explain how to identify customer needs
  
• 3.3
  Outline the benefits of good customer service and how to measure and monitor it
  
• 3.4
  Explain terms of business
  
• 3.5
  Outline basic marketing and sales techniques and tools