Level 1 Business BTEC

This subject is broken down into 24 topics in 6 modules:

  1. Introduction to Business 4 topics
  2. Business Environments 4 topics
  3. Business Functions 4 topics
  4. Business Communication 4 topics
  5. Customer Service 4 topics
  6. Enterprise and Entrepreneurship 4 topics
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  • 6
    modules
  • 24
    topics
  • 8,309
    words of revision content
  • 1+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Business

Introduction to Business

Types of businesses

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Types of businesses

Types of Businesses

Sole Trader

  • Encompasses individuals who are self-employed and own their business alone.
  • Sole traders have unlimited liability, which means the owner is personally liable for any business debts.
  • The business and the owner are legally the same entity.

Partnership

  • A business owned by two or more individuals who share the profits and losses.
  • Partners have joint and several liability, meaning they are individually responsible for the total partnership's debts.
  • A formal agreement, called a partnership agreement, often outlines how profits, losses, and work are shared.

Limited Company (Ltd)

  • A distinct entity that is legally separate from its owners (the shareholders).
  • Shareholders have limited liability, hence their personal property is protected if the company fails.
  • There are two types: private limited company (Ltd), whose shares cannot be offered to the public, and public limited company (plc), whose shares can be sold to the public.

Franchise

  • A business model where a well-established company (franchisor) allows an individual (franchisee) to trade under its name.
  • The franchisee buys the franchise rights using a franchise fee, effectively purchasing a ready-made business.
  • The franchisor provides training, equipment, and often a customer base.

Co-operative

  • A business owned and run by the people who either work in it, or, the people who use its services, known as members.
  • Profits are reinvested in the business or distributed among the members based on their participation or investment.
  • They follow a democratic structure where each member gets one vote.

Legal Structures

Sole Proprietorship

  • The simplest and most common form of business, owned by one individual.
  • The owner is personally liable for all business debts and responsibilities.

Partnership

  • Formed when two or more individuals come together to form a business.
  • Like sole proprietorships, partners are personally liable for business debts.

Corporation

  • A legal entity that separates the owners' personal assets from business debts.
  • Owned by shareholders who are not personally liable for the company's debts.

Note: BTEC Business Level 1 terminology might differ from these general business terms, refer to your course materials for precise definitions.

Course material for Business, module Introduction to Business, topic Types of businesses

Business

Business Communication

Types and methods of communication

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Types and methods of communication

Types and Methods of Communication

Verbal Communication

  • Verbal communication is any form of communication that uses words. It can be spoken or written.

  • Face-to-face communication is the most effective form of verbal communication, as it allows for immediate response and clarification.

  • Telephone communication is useful for quick discussions or when immediate feedback is necessary.

  • Virtual meeting platforms like Zoom or Microsoft Teams are increasingly important tools for verbal communication, allowing for real-time, remote discussions.

Written Communication

  • Written communication involves any type of interaction that uses the written word. It is essential in business for providing record of discussions, or instructions.

  • Emails are used for both internal and external business communication. It allows for detailed communication and record keeping.

  • Reports and proposals are a formal kind of written communication often used to present research findings or strategic plans.

  • Instant messaging apps such as Slack or WhatsApp are increasingly used for real-time written communication in a less formal context.

Non-verbal Communication

  • The body language of a speaker can convey a lot about their attitude or feelings: it includes facial expressions, gestures, posture and eye contact.

  • Visual aids, such as graphs or diagrams, are another form of non-verbal communication that can help to clarify points and make information more memorable.

Formal vs Informal Communication

  • Formal communication is the exchange of official or legal information. It often follows a set structure or protocol, such as board meetings, company reports or payroll announcements.

  • Informal communication, or 'the grapevine', is less structured and can happen between any members of an organization. This includes casual conversations, and social chats over a coffee break.

Remember, effective communication is key to successful business operations. It ensures everyone is on the same page, fosters team cohesiveness, and reduces misunderstandings.

Course material for Business, module Business Communication, topic Types and methods of communication

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