Day 1
The three main business sectors are:
Primary, Secondary and Tertiary Sectors
What does SWOT mean?
Strengths
Weaknesses
Opportunities
Threats
List 5 words that comes to mind when you hear INNOVATION
...
How would you say with other words
His ideas is "revolutionary"
game changing
The 4 vital functions a business must have to operate effectively
Finance
Marketing
HR
Production
Define Business environment
All factors that influence operation such as culture, employees, economy, politics, trends, competition
What reasons can trigger change in a business? (5 reasons 3 for point)
Changes in technology
Changes in what customers want
Products becoming obsolete
New and original ideas
Adapting existing products or services
What should we not include in a presentation slide?
Sound effects
Paragraphs
Footnotes
How would you say
"taking care of" new talents
His ideas are very "creative"
Nurturing
Out of the box
Advantages and disadvantages of starting up as Sole Traders
A: Keeping all the profit for themselves, They make all the decisions, The easiest type of ownership, Less rules and regulations than other types of organisation
D: They take all the risks and responsibility, Working long hours, Limited finances, difficult to get a bank loan
Describe businesses by their size and scale
Size: Micro, Small, Medium, Large
Scale: Local, Regional, National, International
What is the difference between
bring about changes and foster changes
a novel approach and a radical approach
cause changes / help and encourage changes
a new and original / extreme
What expression means You make your audience interested?
You get your audience ......... (1 word)
hooked
What type of companies have to pay income and what kind of companies have to pay corporate tax?
Income tax: Sole trader and Partnership
Corporate tax: Limited Liability Company
Advantages and disadvantages of starting up as partnership
A: Can raise more finances than sole traders, Different partners can mean different skills, They can share workload and responsibility
D: Arguments between partners, Shared profit, Unlimited liability
SWOT
1 Competitor has gone bankrupt
2 High production cost
3 Poor location
4 Experienced workforce
5 Demand for production
6 New competitor
S: 4
W: 2, 3
O: 1, 5
T: 6
8 main factors involved in innovation (5 for points)
Contemplation, Thinking outside the box, Motivation, Analysis, Inspiration, Vision, Imagination, Ideas
Advantages and disadvantages of starting up as Limited Liability Company
A: Owned by shareholders, Limited responsibility, Easier to raise money
D: Must be registered, Legal set up costs are high, Because of shared profit with shareholders only, employees are hard to motivate
What does PASTEL analysis mean?
Political
Economic
Social
Technological
Environmental
Legal
5 main types of resources you need to start up or run a business (with 1 example each)
Financial
Physical
Human
Educational
Emotional
6 ways to START a presentation effectively
Quote statistics
Personal anecdote
Refer to a famous person
Quote a famous person
Tell a joke
Ask a question