Business revision course - Tuesday

In today's lesson, I have began with Sources of Business ideas, which is how people get their ideas for setting up a business. It came out a conclusion of when people are getting/searching for the sources, it normally involves experiences from others, such as interviewing retired business people, checking out other people's marketing strategy...etc.

Next came along with our favourite part of business which we do it everyday in our blogs, EVALUATION. When we evaluate a business, what do we consider?

• Strengths and Weaknesses

In this section, we also talked about what are the components involved. Furthermore, we have a in-depth discussion about the importance of location for a business.

• Feasability (Is it possible to make or not?)


• Quality


• Market research (Primary & Secondary)


• Pricing


• Competition


• Patent, copytight, trademark


• How does the product work?


• Legislation


• Is there a company or not? (Sole trader, Partnership or Private company...)


• Market demand

Then when going on to the aims of business, which includes:

• Maximise profit


• Survive


• Benefit society


• Launch prestige products


• BREAK EVEN

Which consists no profit and no loss and doesnt consider the external environment.

What's safety margin? It's quite simple. The difference between current output and break even.

Lastly, we talked about the diagram of stock control.