Level 2 Enterprise BTEC

This subject is broken down into 49 topics in 3 modules:

  1. Exploring Enterprises 13 topics
  2. Planning for and Running an Enterprise 20 topics
  3. Promotion and Finance for Enterprise 16 topics
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  • 3
    modules
  • 49
    topics
  • 17,729
    words of revision content
  • 2+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Enterprise

Exploring Enterprises

Enterprise and entrepreneurs

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Enterprise and entrepreneurs

Concepts of Enterprise and Entrepreneurs

  • Enterprise refers to any business or company which offers goods or services to customers for the purpose of making a profit.
  • An entrepreneur is the individual who conceives the idea, takes the initial steps of setting up the enterprise, accumulates the necessary resources, adopts the right strategies, and is responsible for the success or failure of the venture.

Types of Enterprises

  • Sole Trader: This type of enterprise is owned and run by one individual. The owner has unlimited liability, which means if the business fails, they are personally responsible for all the debts.
  • Partnership: This refers to the business form where two or more individuals share the risks, costs, responsibilities, and profits of a business venture.
  • Limited Company: A limited company is a separate legal entity, which means the company’s finances are separate from the personal finances of their owners.

Key Characteristics of Successful Entrepreneurs

  • Self-Motivated: Successful entrepreneurs do not need someone who will push them to work hard, as they are intrinsically driven to accomplish their goals and make their business successful.
  • Risk-takers: Entrepreneurs understand that in order to gain profits, they must be willing to take certain financial risks.
  • Innovative: Successful entrepreneurs continuously come up with new ideas and are not afraid to try out different approaches in business.

Functions and Contributions of Enterprises

  • Job Creation: Enterprises and entrepreneurs create jobs, helping to reduce unemployment and contributing to economic growth.
  • Economic Growth: The income earned by enterprises contributes to national income through taxes, which can be used for further development of the country.
  • Innovation: Enterprises support innovation by introducing new products and services, which may also lead to new technologies and development of new sectors.

Course material for Enterprise, module Exploring Enterprises, topic Enterprise and entrepreneurs

Enterprise

Planning for and Running an Enterprise

Structuring a business pitch

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Structuring a business pitch

Structuring a Business Pitch

Essential Elements

  • Understanding Your Audience is the first step in structuring a business pitch. Knowing their background, interests and concerns will help tailor the message effectively.
  • Clearly Define Your Business. It is crucial to explain what your business does, its unique selling points, how it operates and the problem it solves.
  • Present the Market Potential. This involves explaining the target market, its size, growth potential and your company's place within it.

Business Model and Plan

  • Detail Your Business Model. Explain your product or service, revenue generation strategy, sales and marketing approach, and pricing structure.
  • Show Your Financial Projections. Highlight your break-even point, potential profits, and return on investment. This should be backed up by solid market research and assumptions.
  • Present the Business Plan. Outline short-term and long-term goals, the pathway to achieve them, and how potential investment will be used.

Team and Ethics

  • Showcase Your Team. Don’t forget to introduce your team, their expertise and roles. Investors invest in people as much as they do businesses.
  • Mention Ethical Considerations. Consider addressing any social responsibilities, ethical considerations or sustainability practices linked to the business.

Closing the Pitch

  • Summarise the Business Proposition. Bring together all the key points and present them in a concise and compelling summary.
  • Discuss the Investment Required. Don't be coy about discussing the funds needed and what they will be used for. Be ready to discuss potential ROI and exit strategies.
  • Provide a Call to Action. End with why the proposition is a must-have opportunity and encourage the audience to take next steps.

Remember, confidence, clarity and charisma can significantly boost the effectiveness of your business pitch. Make sure to practise the pitch multiple times and be ready for any potential questions.

Course material for Enterprise, module Planning for and Running an Enterprise, topic Structuring a business pitch

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