BUSINESS MANAGEMENT
Unit 1: Planning a Business
Area of Study 1
The business idea
Outcome 1
- describe how and why business ideas are created and developed, and explain the methods by which a culture of business innovation and entrepreneurship may be fostered in a nation.
Key knowledge
- sources of business opportunity such as innovation and entrepreneurship, recognising and taking advantage of market opportunities, changing customer needs, research and development, technological development and global markets
- the characteristics of successful business managers and business entrepreneurs and how these characteristics contribute to business success
- the methods by which a culture of business innovation and entrepreneurship may be fostered in a nation, such as government investment in research and development, council grants for new businesses, business mentorships, school-based educational programs in entrepreneurship, and the creation of regional business start-up hubs.