Topic 1:
Planning and Establishing a Small Business
This topic covers the foundational steps
involved in planning and establishing a small business. It includes lessons on
understanding what constitutes a small business, conducting self-analysis,
creating a business plan, and exploring various business models.
Conclusion
The lessons on planning and establishing a
small business provide a comprehensive guide for aspiring entrepreneurs. By
focusing on critical aspects such as business planning, market research, and
choosing the right business model, the curriculum equips individuals with the
knowledge needed to successfully start and grow a small business.
Key Points
🏢 What is a small business? Understanding the definition and
characteristics of small businesses.
🔍 Self-analysis: Evaluating personal traits and skills necessary
for successful entrepreneurship.
📝 Initial business plan: Learning the steps to create a
foundational business plan.
📊 Market research and planning: Importance of detailed market
research and strategic planning.
📍 Location of a business: Analysing factors that influence the
choice of a business location.
💼 Buying an existing business: Understanding the process and
considerations involved in purchasing an established business.
🏗️ Starting a new business: Steps and strategies for launching a
new business from scratch.
🤝 Franchising: Exploring the franchising model as a method of
starting a business.
📈 Expanding a business: Strategies for growing an existing
business to increase market reach and profitability.
Summary
- What is a Small Business?
Introduction to small businesses, defining their characteristics, size,
and impact on the economy.
- Self-Analysis for a Successful Business Person: Examination of the personal qualities and skills required for
successful entrepreneurship, including risk tolerance, leadership, and
financial literacy.
- The Initial Business Plan:
Overview of the components of a business plan, such as mission statements,
goals, target market analysis, and financial projections.
- Market Research and Detailed Planning: Discussion on the importance of conducting thorough market
research to understand customer needs, competition, and market trends.
- Location of a Business:
Analysis of factors that influence business location decisions, including
customer accessibility, cost, and local regulations.
- Buying an Existing Business:
Exploration of the advantages and challenges of acquiring an existing
business, including valuation, due diligence, and negotiation.
- Starting a New Business:
Steps involved in creating a new business, from idea generation and legal
structure selection to branding and marketing strategies.
- Franchising:
Introduction to franchising, covering the benefits and risks of operating
a franchise, and understanding franchise agreements.
- Expanding a Business:
Strategies for business growth, including market expansion, product
diversification, and scaling operations.
Topic 2:
Financing a Small Business
This topic explores the various aspects of
financing a small business, from understanding financial needs to different
methods of obtaining funds and managing the cost of borrowed money.
Conclusion
The lessons on financing a small business
emphasize the importance of understanding financial management in ensuring
business sustainability. By exploring various financing options, cost
management, and budgeting, the curriculum provides essential knowledge for
effectively funding and operating a small business.
Key Points
💵 Finance for a small business: Overview of the financial needs
and sources of capital for small businesses.
💳 Methods of obtaining finance: Understanding different ways to
secure funding, including loans, investors, and personal savings.
📉 Cost of borrowed money: Analysis of the costs associated with
borrowing money, such as interest rates and repayment terms.
💰 Cash budget: Importance of creating and maintaining a cash
budget to manage business finances effectively.
Summary
- Finance for a Small Business:
Introduction to the financial requirements of small businesses, covering
startup costs, operational expenses, and working capital needs.
- Methods of Obtaining Finance:
Overview of the various financing options available to small businesses,
including bank loans, venture capital, angel investors, and crowdfunding.
- Cost of Borrowed Money:
Examination of the costs associated with borrowing funds, focusing on
interest rates, fees, and the impact of debt on business cash flow.
- Cash Budget:
Discussion on the importance of cash budgeting, including techniques for
forecasting income and expenses to maintain financial stability.
Topic 3:
Insuring the Business
This topic covers the critical role of
insurance in protecting a business against potential risks. It distinguishes
between compulsory and voluntary insurance policies.
Conclusion
The lessons on ensuring a business provide a
framework for understanding how to mitigate risks through insurance. By
distinguishing between compulsory and voluntary insurance, the curriculum helps
business owners identify the necessary protections for safeguarding their
operations.
Key Points
🛡️ Insurance and business: Understanding the importance of
insurance in protecting business assets and operations.
📋 Compulsory insurance: Overview of mandatory insurance policies
required by law for certain businesses.
💼 Voluntary insurance: Exploration of additional insurance options
that business owners can choose to protect against specific risks.
Summary
- Insurance and Business:
Introduction to the role of insurance in business, focusing on how it
helps mitigate financial risks and ensure business continuity.
- Compulsory Insurance:
Examination of the types of insurance that are legally required for
businesses, such as workers’ compensation and public liability insurance.
- Voluntary Insurance:
Overview of optional insurance policies that businesses can take out to
cover additional risks, including business interruption insurance,
property insurance, and professional liability insurance.
Topic 4: My
Small Business Project
This topic is a practical application of the
concepts learned in the previous lessons, where students plan and develop their
small business projects.
Conclusion
The small business project lessons emphasize
the practical application of theoretical knowledge, guiding students through
the process of planning, researching, and establishing a small business. This
hands-on approach enables students to experience the challenges and rewards of
entrepreneurship.
Key Points
🏪 What is a small business? Reiteration of the basic concepts of
small business, as applied to individual projects.
🔍 Self-analysis: Applying personal evaluations to determine
readiness for starting a business.
📝 The initial business plan: Developing a detailed business plan
for a specific small business project.
📊 Market research and planning: Conducting in-depth market
research to support the business idea.
📍 Location of a business: Deciding on the best location for the
proposed small business.
Summary
- What is a Small Business?
Revisiting the definition and characteristics of small businesses, with a
focus on how these apply to students’ projects.
- Self-Analysis for a Successful Business Person: Practical application of self-assessment tools to determine
suitability for entrepreneurship and to identify areas for personal
development.
- The Initial Business Plan:
Guiding students through the process of creating a business plan for their
proposed small business, including defining goals, strategies, and
financial projections.
- Market Research and Detailed Planning: Instructing students on how to conduct market research for their
business ideas, including identifying target markets and assessing
competition.
- Location of a Business:
Assisting students in selecting an appropriate location for their small
business, considering factors like customer accessibility, costs, and
legal considerations.
Comments