Introduction

This unit introduces learners to fundamental concepts in business and management, including entrepreneurship, finance, operations, and human resources. Topics such as business planning, financial forecasting, and customer service are covered, providing a broad understanding of how businesses operate. By examining key functions and management principles, learners will be equipped with essential knowledge to navigate business environments and prepare for higher studies in business-related fields.

Learning Outcomes

• Understand the principles of starting a business.
• Identify the need for financial planning when starting up in business.
• Understand the role of finance when managing a business.
• Explain the recruitment process in small organisations and how it enhances the workforce.
• Understand how operations management is essential to a successful business.
• Understand marketing and the competitive environment.