Unit 1 3 Putting a Business Idea into

Unit 1. 3: Putting a Business Idea into Practice

Learning Objectives What are we learning today? By the end of the lesson you should be able. . . Ø To understand the following key terms (AO 1): Ø Financial Objectives Ø To apply THREE objectives used by a small business. (AO 2) Ø To analyse that businesses have different objectives. (AO 3)

Starter In pairs discuss a) What is an objective b) What is the difference between income and profit

Tasks 1. Read page 64 & 65 in pairs 2. Create a spider diagram to explain the different objectives shown on pages 64, 65, 66 3. Complete the work sheet below

Financial Objectives Ø Financial Objectives: Targets expressed in money terms such as making a profit, earning income or building wealth. Ø Survival Ø Profit Ø Wealth Ø Income Ø Financial Security

Non-Financial Objectives Ø Non-Financial Objectives: Targets that are not expressed in money terms. Ø Personal Satisfaction Ø Challenge Ø Independence Ø Control Ø Helping Others

SMART Objectives Ø To increase profit by 5% by June 2014. Ø To increase sales by 10% by June 2016. S Specific M Measurable A Achievable R Relevant T Timed Activity: Now write three SMART objectives for a business.

Activity Ø Complete the worksheet provided by your teacher!

Plenary Are you now more confident in your understanding of the learning objectives? Ø To understand the following key terms (AO 1): Ø Financial Objectives Ø To apply THREE objectives used by a small business. (AO 2) Ø To analyse that businesses have different objectives. (AO 3)