Level 3 Business WJEC

This subject is broken down into 28 topics in 4 modules:

  1. Business Opportunities 7 topics
  2. Business Functions 7 topics
  3. Business Analysis and Strategy 7 topics
  4. Business in a Changing World 7 topics
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  • 4
    modules
  • 28
    topics
  • 10,693
    words of revision content
  • 1+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Business

Business Opportunities

Enterprise and entrepreneurship

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Enterprise and entrepreneurship

Enterprise and Entrepreneurship

  • An entrepreneur is someone who spots a business opportunity and takes calculated risks to set up a business to capitalise on it.
  • This process of spotting opportunities and setting up businesses is known as entrepreneurship.
  • An entrepreneur usually contributes capital and takes on the financial risks of the venture.
  • Entrepreneurship is key to an economy as it leads to innovation, employment, and contributes to growth.

Entrepreneurial Characteristics

  • Entrepreneurs often exhibit certain traits, such as: creativity, risk-taking, innovation, and determination.
  • They are often good at identifying business opportunities which others do not see.
  • Being resilient and adaptive are important traits, as not all business ventures will be successful straight away.
  • Entrepreneurs must be ready to learn from failure and try again.

Enterprise Skills

  • Enterprise skills are the skills needed by an individual to handle the challenges of setting up and running a business.
  • These skills include: problem-solving, initiative taking, organising, time management, financial management and communication.
  • It's not just entrepreneurs who need these skills. Employers often value employees with enterprise skills.

Business Opportunities

  • A business opportunity is a potentially profitable situation which an entrepreneur can leverage to start a business.
  • Opportunities arise due to changes in market trends, technological advancements, and unmet market needs.
  • Successful entrepreneurs are constantly on the lookout for new business opportunities.

From Idea to Business

  • Converting a business opportunity into a successful business requires planning, research and execution.
  • A well-thought-out business plan can help guide the process and is important for securing investments.
  • Thorough market research is essential to understand the demand, competition, and market dynamics.
  • Successful execution will need the entrepreneur to manage resources efficiently, make strategic decisions, and adapt to changes.

Course material for Business, module Business Opportunities, topic Enterprise and entrepreneurship

Business

Business Analysis and Strategy

Business analysis

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Business analysis

Business Analysis Overview

  • Business Analysis involves the research and examination of an organisation or business domain.
  • It helps to identify business needs and finding solutions to business problems.
  • The aim of business analysis is to assist organisations in making rational investment decisions.

Tools and Techniques of Business Analysis

  • SWOT Analysis: It stands for Strengths, Weaknesses, Opportunities, and Threats. It helps in identifying the internal and external factors that affect the business.
  • PESTLE Analysis: This acronym stands for Political, Economic, Sociological, Technological, Legal and Environmental factors that could impact a business.
  • Porter’s Five Forces Model: It is a tool used to analyse the competitive environment within which a company operates.
  • Ansoff’s Matrix: The matrix is a strategic planning tool that provides a framework to devise strategies for future growth.

The Role of Business Analysts

  • Business analysts identify and define the solutions that will maximize the value delivered by an organisation to its stakeholders.
  • They work across all levels of an organisation and may be involved in everything from defining strategy to creating the enterprise architecture.
  • Business analysts create a detailed business analysis, outlining problems, opportunities and solutions for a business.

Benefits of Business Analysis

  • Risk Mitigation: Business analysis identifies potential risks and offers strategies to avoid or mitigate those risks.
  • Cost Savings: By recognising inefficient business processes and recommending improvements, business analysis can lead to significant cost savings.
  • Informed Decision-Making: Business analysis delivers a robust base for making decisions and efficient allocation of resources.

Factors Influencing Business Strategies

  • External factors such as economic conditions, competitors, customer behaviour and regulatory environment can hugely impact business strategies.
  • Internal factors such as financial capacity, human resources, operational efficiency and company culture also influence strategic decisions.

Course material for Business, module Business Analysis and Strategy, topic Business analysis

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