GCSE Business CCEA

This subject is broken down into 32 topics in 7 modules:

  1. Creating a Business 7 topics
  2. Marketing 8 topics
  3. Business Operations 4 topics
  4. Human Resources 5 topics
  5. Business Growth 2 topics
  6. Finance 5 topics
  7. Planning a Business 1 topics
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  • 7
    modules
  • 32
    topics
  • 11,649
    words of revision content
  • 1+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Business

Creating a Business

Entrepreneurs

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Entrepreneurs

Entrepreneurs

Definition

  • An entrepreneur is an individual who sets up a business, taking on financial risks in the hope of making a profit.

Characteristics of Entrepreneurs

  • Innovative: They come up with new ideas or new ways of doing things.
  • Risk-taking: They are willing to take financial risks to succeed.
  • Self-motivated: They are driven to succeed and are willing to put in the necessary work.
  • Versatile: They are flexible and adapt easily to changing circumstances.

Role of Entrepreneurs

  • They identify business opportunities and come up with innovative ideas for goods or services.
  • They gather the resources needed to start and run the business. This includes arranging finance, finding a location, hiring staff and buying materials.
  • They ensure the day-to-day management of the business. This can involve a wide variety of tasks such as sales, marketing, customer service, financial management and problem-solving.

Why Entrepreneurship is Important

  • Economic Development: Entrepreneurs can contribute to economic development by creating jobs and boosting the country's GDP.
  • Innovation: They can bring new products and services to the market, improving quality of life and driving economic growth.
  • Competition: By starting new businesses, entrepreneurs can increase competition in the market, which can lead to better products and services at lower prices.

Different styles of Entrepreneurship

  • Serial entrepreneurs: These are individuals who start multiple businesses, often selling each one after it becomes successful and moving on to the next idea.
  • Lifestyle entrepreneurs: These are individuals who start businesses that align with their personal passions or lifestyle choices.
  • Social entrepreneurs: These are individuals who start businesses with the primary purpose of resolving a social issue or providing a public benefit.

Challenges Faced by Entrepreneurs

  • Financial Risk: Starting a business requires capital, and there is always a risk that the business will not succeed and the investment could be lost.
  • Market Competition: New businesses often face tough competition from established firms and other startup companies.
  • Workload and Stress: Starting and running a business requires a lot of time and effort, which can lead to stress and burnout.
  • Uncertainty and Instability: The business landscape is constantly changing, which can create uncertainty for entrepreneurs.

These are some of the main points about entrepreneurs. Understanding the characteristics, roles, and challenges of entrepreneurs will help in the creation of a successful business.

Course material for Business, module Creating a Business, topic Entrepreneurs

Business

Business Operations

Methods of Manufacturing

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Methods of Manufacturing

Methods of Manufacturing

Manual Manufacturing

  • Manual Manufacturing is a labour-intensive method where goods are produced primarily by human workforce.
  • This form of manufacture is often used for artisanal or bespoke goods, where precision, attention to detail, or individuality are key attributes.
  • It does not require heavy investment in machinery, but skilled labour is critical.
  • Manual manufacturing can be expensive as it is time-consuming and dependent on the availability and efficiency of the workforce.

Automated Manufacturing

  • Automated Manufacturing uses machines and technology to produce goods, often with minimal human intervention.
  • This method typically results in high-volume, identical outputs, ideal for various industries like car manufacturing, food processing or technology equipment production.
  • Automation increases efficiency and output, and can significantly reduce labour costs.
  • However, initial investment in automated systems is high, and managing technological breakdowns can be complex.

Lean Manufacturing

  • Lean Manufacturing is a strategic method centred around eliminating waste in all forms within the manufacturing process.
  • It focuses on increasing efficiency, reducing waste, and using empirical methods to decide what matters, rather than uncritically accepting pre-existing ideas.
  • The main benefits include improved productivity, increased quality, lower costs, and shorter lead times.
  • Implementation may involve significant change in work practices and can be challenging for some businesses.

Flexible Manufacturing

  • Flexible Manufacturing is a system that can react and adapt to changes, capable of producing different parts or products with minimal manual intervention.
  • This method allows businesses to offer a range of products and quickly adapt to market changes.
  • It requires advanced automation and computer-controlled systems.
  • The key benefits include shorter production times, reduced labour costs, and the ability to offer a greater range of products.
  • However, set-up costs can be high and it requires well-planned processes to operate effectively.

Understanding the strengths and limitations of these various manufacturing methods can aid in choosing the most appropriate method for a particular business situation.

Course material for Business, module Business Operations, topic Methods of Manufacturing

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