Level 2 Business Enterprise WJEC
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33 topics in 4 modules
☑️ The Business Enterprise Environment 11 topics
- Ownership, Liability and Size
- Purposes, Sectors and Scope
- Stakeholders and their Influence
- The Operational Environment
- Legal Framework
- Enterprise and Entrepreneurship
- Benefits and Risks Associated with Enterprise and Entrepreneurship
- The Skills Required to be a Successful Entrepreneur
- The Suitability of a Business Idea
- Sources of Advice and Finance
- Finance and Success of a Business Idea
☑️ Researching a Concept for a New or Revised Product or Service 10 topics
- Enterprise Ideas
- Features of Successful Enterprise Ideas
- Types of Enterprise
- Enterprise Skills
- The Risks of Lack of Enterprise
- Creativity Techniques
- Refining Enterprise Ideas
- Develop Research based on the Four Ps
- Market Research Methods
- Data Presentation and Interpretation
☑️ Promoting and Financing an Enterprise Idea 7 topics
- Promotional Methods (Digital, Online Media, Traditional)
- Strengths and Weaknesses of Different Promotional Methods
- Developing an Idea for Test/Field Marketing
- Developing Strategies for the Promotional Campaign
- Planning a Costed Promotional Campaign
- Financial Plan
- The Supply Chain for the Enterprise Idea
☑️ Planning and Pitching an Enterprise Idea 5 topics
- Structure and Format of a Business Plan
- Contents and Presentation of a Business Plan
- Features of a Business Pitch
- Presentational Skills Used in a Business Pitch
- Using Feedback and Review to Identify Changes in a Business Plan
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Level 2 Business Enterprise WJEC Revision Content
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Level 2 Business Enterprise WJEC - The Business Enterprise Environment - Ownership, Liability and Size Content Preview
The Business Enterprise Environment
Ownership, Liability and Size
Ownership Types
- Sole traders are one-person businesses where the individual has full control and ownership. The profits are entirely theirs, but they also bear any losses.
- In a partnership, ownership is shared between two or more individuals who have each invested in the business.
- Private limited companies (Ltd) are owned by shareholders who have bought shares privately. These shares cannot be sold to the public.
- Public limited companies (PLC) are businesses whose shares can be purchased by the public on the stock exchange. Shareholders own the business.
Liability
- Unlimited liability occurs when business owners are personally responsible for all the debts of the business. This applies to sole traders and partners.
- Limited liability protects shareholders' personal assets. They will only lose what they have invested in the business. This applies to limited companies (both PLC and Ltd).
Business Size
- Micro businesses tend to have fewer than 10 employees. These businesses often function in a niche market.
- Small businesses usually have between 10 and 49 employees. They have a larger market presence than micro businesses but are still outranked by medium and large enterprises.
- Medium-sized businesses typically have between 50 and 249 employees. They often operate in broader markets and have an extensive customer base.
- Large businesses have more than 250 employees. They are usually well established with a significant market presence.
Evaluating Business Size
- Business size can be judged by looking at turnover, which is the total income of the business in a specific period.
- The number of employees is another way to gauge business size.
- The market share can also indicate the size of the business. This is the percentage of total sales in a market that belongs to one business.
Impact of Ownership, Liability, and Size
- Ownership, liability and size impact on a business's risk levels, profit shares and decision making processes.
- Larger businesses may have a more complex decision-making structure due to the greater number of stakeholders involved.
- The choice of ownership type could impact on how profits are shared and reinvested.
- Varying liability levels (whether unlimited or limited) would directly affect the risk involved for the owners. Ownership and liability both play a role in attracting potential investments for the business.
Question: A public sample question is not available for this course yet.
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