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154-Edexcel-GCEBus1 - Edexcel AS Business Studies Unit 1...

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Edexcel AS Business Studies Unit 1 Developing New Business Ideas Specification Resource Map Key topics on the Edexcel Unit 1 Specification mapped to the tutor2u Business Studies Blog
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Unit 1 Developing New Business Ideas Section C © Edexcel Limited 2010 Edexcel GCE in Business Studies\Economics and Business 1.3 Unit content 1.3.1 Characteristics of successful entrepreneurs This topic focuses on the people skills and personal qualities that entrepreneurs need to succeed. It also touches on why people set up businesses in the first place. Content What students need to know Teacher guidance Characteristics of entrepreneurs Initiative, hard-working, resilient, creative, self-confident, take calculated risks. Students should consider whether or not they have sufficient entrepreneurial skills to set up their own business and if not, how they could develop them. What motivates entrepreneurs? Significance of profit and non-profit motives, ethical stance. Students should explore possible reasons why people set up businesses, for example desire to work independently or work from home. Some may start businesses for social purposes, for example an organic farm. Leadership styles Use of appropriate leadership style for situation or for dealing with employees: autocratic, paternalistic, democratic, McGregor’s Theory X and Theory Y. Students could reflect on their own preferred leadership style and which styles are better to use in certain situations. 1.3.2 Identifying a business opportunity Students need to realise that identifying a new business opportunity is not enough in itself. They have to analyse factors which may affect demand and the interaction of demand and supply. Content What students need to know Teacher guidance What makes a market? What should firms supply? The relationship between price and supply, factors affecting supply. Students could explore the changes in the market and prices for mobile phones – from when mobile phones were first supplied to now. What do they conclude about the interaction between price and supply and demand? Identifying what consumers want or need Factors affecting demand.
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