Business activity, marketing and people

Entrepreneurs spot opportunities and gaps in the market. They will develop new ideas for products and services by combining the resources available to them.

A business plan is an essential part of starting any business. Entrepreneurs create business plans to help them consider all of the elements they are going to need for their new business to be a success.

There are a number of different ownership options when setting up or running a business. These may depend on the size of the business, the number of owners and the level of risk owners are willing to take.

All businesses create aims and objectives to give them goals or targets to achieve. Businesses usually have a mixture of financial and non-financial objectives.

Businesses need to be aware of their stakeholders. The activities of a business will affect many of their stakeholders. The stakeholders can also influence the decisions that a business makes.

Business growth is important as it enables businesses to increase the scale of their operation and competitiveness. This may be done either internally (organically) or externally (inorganically).

The aim of marketing is to meet or exceed customer needs and expectations. To do this a business must find out what their customers’ needs are.

Together the different elements of the marketing mix can be used to create the image that a business believes will give it the best chance of selling products and services to consumers.

Businesses have many different roles and responsibilities and need staff to carry them out. The role of human resources is to identify the needs of the business and ensure that they are met.

Businesses make use of various types and methods of communication as part of their day-to-day activities. Using communication effectively can have a significant impact on the success of a business.

New staff may be needed for a number of reasons, but when recruiting a business must decide where to advertise their vacancy, complete relevant documentation, and comply with employment law.

Motivation determines how hard employees are willing to work for a business and how productive a business is. A business can motivate its employees through financial and non-financial methods.

Training and development are important for businesses. They help businesses to ensure their employees are able to perform well, reach their potential and stay motivated.