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1.1 Spotting a Business Opportunity
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• Understanding customer needs
• Market mapping
• Analysing competitor strengths and weaknesses
• Understanding the need to add value
• What options exist for starting a business?
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1.2 Showing Enterprise
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• What is Enterprise?
• Thinking creatively / what questions do entrepreneurs ask?
• Invention and innovation – generating new business ideas
• Taking a calculated risk and other important enterprise skills.
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1.3 Putting a Business Idea into Practice
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• Objectives when starting up
• adding value.
• The qualities shown by entrepreneurs
• Estimating revenues, costs and profits
• Forecasting cash flow
• Obtaining finance
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1.4 Making the Start-Up Effective
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• Customer focus
• The marketing mix
• The importance of limited liability
• Start-up legal and tax issues
• Effective on-time delivery and customer satisfaction
• Recruitment, training and motivating staff
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1.5 Understanding the Economic Context
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• Market supply and demand
• Impact of changes in interest rates
• Impact of changes in exchange rates
• How do business cycles affect small businesses?
• What effect do business decisions have on stakeholders?
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