YEAR 10 BUSINESS

MONDAY 4TH NOVEMBER 2013

MR NICHOLLS

OBJECTIVES:

• TO UNDERSTAND THE DIFFERENCE BETWEEN A GOOD AND A SERVICE.

• TO UNDERSTAND HOW MIND MAPS CAN BE USED BY ENTREPRENEURS TO SPOT OPPORTUNITIES.

WELCOME BACK…

• HOPEFULLY YOU ALL HAD A RELAXING AND REJUVENATING HALF TERM – NOW WE’RE BACK FOR 7 WEEKS UNTIL CHRISTMAS – SO WE NEED TO CRACK ON!

• FIRSTLY TODAY….SOME RESULTS…

RESULTS – SELLING ACTIVITYTeam: Team 1 Team 2

DJN: 40 40

Float: 5.10 5.10

Total: 94.37 110.80

Profit: 49.27 65.71

Well done to both teams – however – Team 2 took the win this time with a massive profit of

£65.71!!

Team 2 prize to

be given this

week!

A RECAP…

• THE TERM “ENTERPRISE” HAS TWO COMMON MEANINGS.

• FIRSTLY, AN ENTERPRISE IS SIMPLY ANOTHER NAME FOR A BUSINESS.  YOU WILL OFTEN COME ACROSS THE USE OF THE WORD WHEN READING ABOUT START-UPS AND OTHER BUSINESSES…“SIMON COWELL’S ENTERPRISE” OR “MICHELLE SET UP HER SUCCESSFUL ENTERPRISE AFTER LEAVING TEACHING”.

• SECONDLY, AND PERHAPS MORE IMPORTANTLY, THE WORD ENTERPRISE DESCRIBES THE ACTIONS OF SOMEONE WHO SHOWS SOME INITIATIVE BY TAKING A RISK BY SETTING UP, INVESTING IN AND RUNNING A BUSINESS. 

TODAY…

• THE DIFFERENCE BETWEEN A GOOD AND A SERVICE.

• HOW MIND MAPS CAN BE USED BY ENTREPRENEURS TO SPOT OPPORTUNITIES.

• AT THE END OF THE SESSION I’LL BE ASKING YOU TO TAKE YOUR BOOKS AWAY WITH YOU TO REVISE – YOU’RE GOING TO BE TESTED ON WHAT WE’VE COVERED SO FAR THIS TERM NEXT WEEK – SO YOU’LL NEED TO MAKE SURE YOU’RE READY!

THE DIFFERENCE BETWEEN A GOOD AND A SERVICE

• A SERVICE IS AN INTANGIBLE ACT WHILE GOODS ARE PHYSICAL. SERVICES ARE OFTEN JOBS OR WORK THAT CONTRIBUTE TO AN OVERALL GOAL.

• THEREFORE – SEE WHAT GOODS AND SERVICES YOU CAN NOTE DOWN IN YOUR BOOKS – MAKE SURE YOU’RE CLEAR ABOUT THE DIFFERENCE AS ABOVE!

HOW AN ENTREPRENEUR WILL USE A MIND MAP…

• SIMPLE – WHAT IS A MIND MAP?

• HOW MIGHT YOU USE A MIND MAP TO HELP YOU CONSIDER AN IDEA IN MORE DEPTH?

• LET’S SEE WHAT WE CAN COME UP WITH…

YOUR MIND MAP…

• YOU NEED TO START A CLEAN PAGE IN YOUR BOOKS AND CREATE A MIND MAP FOR:

WHY SOMEONE MIGHT CHOOSE TO SET UP A BUSINESS

• MAKE SURE YOU FULLY CONSIDER ALL OF THE REASONS WHY A PERSON MIGHT CHOOSE TO SET UP A BUSINESS – NOTE THE WORD MIGHT!

WHAT DID WE COME UP WITH?

HOMEWORK

• YOU NEED TO TAKE YOUR BOOKS HOME WITH YOU IN ORDER TO REVISE – NEXT WEEK WE’LL BE DOING A RECAP TEST ON WHAT WE’VE COVERED SO FAR THIS TERM – SO YOU SHOULD FAMILIARISE YOURSELF ON:

• WHAT A BUSINESS DOES.

• WHY CUSTOMER NEEDS ARE IMPORTANT TO A BUSINESS.

• CUSTOMER TYPES.

• COMPETITORS

• ADDING VALUE

• ADVANTAGES AND DISADVANTAGES OF A FRANCHISE