Business Management Tools. - These are further terms that I will connect with our learning.

So…what is a business?

⬜ Businesses exist to satisfy the

NEEDS and WANTS of people,
organizations, and governments.

◻ They must provide products

or services to customers.
The nature of business

To what extent should businesses want to be sustainable? (Care for the

environment) Please write this down
Key Concept - Sustainability

Sustainability is “meeting the needs of the present

without compromising the ability of future
generations to meet their own needs” (United Nations 1987).
 Key Concept - Sustainability

The Triple Bottom Line: What It Is & Why It’s Important

Read this article and make

notes about each aspect of
the triple bottom line.

Which aspect do you think

is most important to
businesses and why?
 Rubric Paired Research Task Nature of Business
Activity - Each student needs to submit this on Managebac (probably as a google Tick when
doc). No grade is assigned but feedback will be given. completed.
Business chosen and the type of business, purpose is clearly explained (retail, manufacturing, finance etc.)

The sector(s) it operates in is clearly identified and justified. (Also explain why it does NOT operate in the other
sectors)
You have clearly explained how the four main functions (HRM, Finance, Marketing and Production) interrelate with
each other in order for the business to produce its final product(s)/service(s).

You have explained how the four factors of production (land, labour, capital and enterprise) are linked in order to
produce its final product(s)/service(s).

Researched how they try to connect with the concept of sustainability

The Nature of Business (Functions)
◻ As a business grows it is important to have clearly
defined functions or processes.
⬜

Pre assessment - Please discuss

with a partner

What do you already know about

these business functions?

Activity

Use independent research (after

discussion) to assist in making
notes.
 Factors of Production
◻
Four Business Sectors.
Each business connects to a different sector.

intellectual and knowledge based

sector.
Activity - Which Sector?
ATL Research Skills

● Collect, record and verify data

● Make connections between various sources of information (if
applicable)
● Evaluate and select information sources and digital tools based on
their appropriateness to specific tasks
● Create references and citations, use footnotes/endnotes and construct
a bibliography according to recognized conventions
What do the following have in
common?
1.1 Entrepreneurship

What is an entrepreneur?
 Use your notebooks

1. a) What sort of characteristics are needed?

b) Which characteristic is the MOST important?
c) How could you connect this task to the learner profiles?
2. To what extent would you like to be an entrepreneur?
It is likely that an
entrepreneur will need a
business plan (BM tool)

Task - List 3 purposes of

this document.
 Keywords/Ideas.
• Entrepreneur - Definition
and their characteristics

• Why do people start their

own businesses?
(opportunities)

• What are the

challenges in running
your own business.
.
 Why do people start
businesses?

• Please discuss with a partner the reasons why people start up

businesses. (include real life examples)
• Then bullet point these in your notes and explain which 3 reasons
are the most popular and why.
• Use Kognity to help you to research the challenges and explain which 3
reasons are the biggest issues and why.
Mini quiz - How would you answer the
following questions?

What do you remember about the following key terms?

● List the 4 factors of production

● List the 4 business functions
● Explain the difference between the four sectors
● Define sustainability and explain its importance of (triple bottom line,
people, profit and planet)
Self Quizzing = effective revision
Mini quiz - Retrieval Practice

What do you remember about the following key terms?

● What is a business?
● Define entrepreneurship (connected the the IB learner
profiles)
● Compare and contrast the pros and cons of being an
entrepreneur
 Pre Assessment.

What do you already know about the following key terms?

● Private Sector Business

● Public Sector Business
● Sole Traders
● Partnerships
● Private Limited Companies
● Public Limited Companies
● Social Enterprises

We will have a mini quiz about these terms in a few weeks in a Do Now board
activity.

Knowledge of the bolded words is the most important for this course.