Instructions: This webquest comprises three sections which cover the topic of Running a Business. It outlines the tasks and activities that you are expected to complete over the next few weeks. It is expected that you will complete all the set tasks included in the quest, and that all work be saved to your student folder and submitted at the appropriate time. Goodluck
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Section 1: Being an Entrepreneur
Before you begin to run a business, it is important to look at at why people may decide to be self employed. To do this is it often best to speak directly to people who own a business, also known as an entrepreneur, and find out their reasons for going into business.
1. Your task therefore is to interview a local business operator, using the following questions as a guide for your interview. You are to have a typed or handwritten copy of both the questions and the responses. Save your work and submit one copy of the interview to your teacher.
It is also interesting to look at why others go into business and what personal characteristics they possess that help them to be successful business people.
2. Click on the links below and read the 2 brief case studies of Australian business people and the article on young entrepreneurs. Construct a list which describes the personal features and characteristics that have contributed to their success.
More information - Nudie Juice
How do you compare?
3. Do this online quiz to see if you have the personal characteristics to be an entrepreneur and establish your own business. List the personal features that the quiz shows as important Quiz
Section 2 Planning for success
It is important that you select the appropriate structure for your business. You should already be familiar with the four business structures you can choose from, including sole trader, partnership, company and incorporated association, and that there are advantages and disadvantages of each type of structure.
1. If you need help refreshing your memory on business structures then click on the link below as it provides all the information that you may need.
2. Using this link www.business.gov.au :
a) Outline the steps involved in starting your own business. b) Outline what assistance this site provides for people setting up a business.
C) Why do you think such assistance may be helpful?
Section 3 Business Operation: Creating your own business
Your task is to get creative , use your imagination and dream up a unique small business that you think would work (survive, flourish, prosper) in your local area. This can include opening a franchise if you desire.
Step 1: An important part of your assignment is your creative idea. Often it can be said "you know what business this area really needs?", but here is you opportunity to take that next step and actually create a small business of your own. Your first statement is to complete the following statement:
" the area I live in really needs a ______________________, because ..............................................................................................................."
Step 2: Now do some dreaming about this small business. Use this link to complete the statements as best you can at the moment, to try and better visualise your business. Save a copy of these questions and your responses for later reference.
Step 3: It is also important that when you are setting up a new business that you are aware of the laws which will impact on your business. Using this link to create a checklist of what laws will impact on your business and how you will incorporate these laws into your planning decisions.
Once a business has established your number one priority will be to ensure that you sell your product or service. If you do not sell your product then you will not make any profit and the business will fail. It is for this reason that you must work out how you intend to market your products to maximise sales.
Step 4: Your task is to write a marketing plan for your business. This marketing plan should cover the Marketing Mix (4 P's - product, price, promotion and place) and should include an explanation of who you have chosen as your target market. In order to create your marketing plan it may be helpful to click on this link and answer the following questions. This will provide the basis for your marketing report.
The marketing plan needs to be typed and saved in your folder.
Step 5: As you know it is vital for your business to sell its product or service, but it is also important that business records are kept. This allows the owner(s) to see if the business has been profitable and compare business performance over time. It is also law that certain business records be maintained.
We will be doing more work on maintaining records in class, but as an introduction you can click on the link below and see what some of these documents look like.
You will not be required to create any of these documents for your business, but you must understand all of them and be able to explain what they are used for.
After you have gone to all this trouble to establish your business it is important to make sure that you take steps to minimise risk and help your business survive in the long term.
Step 6: Using this Link find information about how to help your business recognise the warning signs for when a business is in trouble and how to help your business survive. Using Microsoft publisher, make a brochure which will warn businesses about these dangers and provide useful tips to help businesses survive.
Step 7: Your final task is to combine all of the information that you have gathered about your new business into a persuasive PowerPoint presentation. Your goal is to convince the banker (your teacher) to give you a loan by showing that your business will be a financially worthwhile venture.
Helpful hints for your presentation