Essential Enterprise Know How

Overview

Framework:
RQF
Level:
Level 3
Unit No:
J/502/8403
Credits:
3
Guided learning hours:
14 hours

Assessment Guidance

Assessment to be by provision of work-based evidence in a portfolio, possibly supported by professional discussion.

Unit Learning Outcomes

1

Understand the competing demands, pressures and motivations that face an entrepreneur

Assessment Criteria

  • 1.1
    Appreciate the emotional investment entrepreneurs make in their business
  • 1.2
    Identify the major functions needed in a small business and how they link to and support each other
  • 1.3
    Explain what is involved to successfully start and run a small business
  • 1.4
    Identify the competing demands of running a small business
  • 1.5
    List the diverse capabilities required of entrepreneurs
  • 1.6
    Identify the need for entrepreneurs to take risks
  • 1.7
    Recognise that running a business takes a lot of time, energy and commitment
2

Understand the financial aspects of running a small business enterprise

Assessment Criteria

  • 2.1
    Identify financial requirements and sources of funding
  • 2.2
    Explain how cash flows in and out of the business
  • 2.3
    Interpret financial accounts
  • 2.4
    Define basic accounting terms
3

Understand the marketing, sales and customer service functions within a small business enterprise

Assessment Criteria

  • 3.1
    Explain how to conduct market research
  • 3.2
    Explain how to identify customer needs
  • 3.3
    Outline the benefits of good customer service and how to measure and monitor it
  • 3.4
    Explain terms of business
  • 3.5
    Outline basic marketing and sales techniques and tools