This unit is all about Starting up a Small Business. This should be a fun and hands on assignment which hopefully you will enjoy completing, however it will be highly demanding if you complete this to the best of your ability.
The resources below should be of some use to help you complete the demands of this unit.
|P1 present the initial business idea using relevant criteria||To meet P1, learners must present the initial business idea using relevant criteria. These criteria should be
clear from the business idea, for example the type of business, what its unique selling points may be, any
|P2 explain how to identify the target market||For P2, the presentation should include an explanation of how to identify the target market, which will be informed by the business idea and the criteria used to define it.||Example Business Presentation Structure|
P3 describe the skills needed to run the business successfully and what areas require further personal development
For P3, learners must be realistic about their skills and personal development analysis. Although the small
|Personal Skills and Development Presentation||360 Appraisal Review Form (External Site)|
|P4 describe the legal and financial aspects that will affect the start-up of the business||For P4, learners must produce a proposal which describes the legal and financial aspects that will affect the start up of the business. They may need to consult with specialists (this should be guided by the delivery of the unit) and should address aspects such as the legal status of the business, the form of trading it will undertake, |
together with specific relevant legal and financial issues. Learners should presume that their ideas can become reality and should consider these areas accordingly.
|P5 produce a proposal containing the essential information for the start up of a business|| |
For P5, the outline business plan should follow a formal report format and can be developed into a
|Business Plan Check List|
|M1 explain methods used to identify the target market for the proposed business||For M1, learners need to demonstrate their understanding of the methods used to identify the target market
for the proposed business. This will require them to consider a range of methods that could actually be used
|See P2 Resources to enable the skills development to achieve this.|
|M2 analyse the personal development needed to run the business successfully|| |
For M2, if learners were to launch a business, they would certainly need to undertake further personal
|See P3 Resources to enable the skills development to achieve this.|
|M3 assess the implications of the legal and financial aspects that will affect the start up of the business.|| |
For M3, learners also need to consider the impact of legal and financial aspects. This may require them to describe systems they will have in place for addressing such issues, such as recording systems for tax and VAT liabilities. Learners may wish to include a summary of how these will be embedded within the overall business
|D1 present a comprehensive business proposal that addresses all relevant aspects of business start up.|| |
To meet D1, learners need to draw all their evidence together into a comprehensive business proposal that addresses all relevant aspects of business start up. Other pass and merit criteria will already have covered much of the evidence they will need. For distinction level, they need to present all the evidence in a fluent
|Business Plan Check List|