GCSE Business Studies Unit 1 Introduction To Small Businesses GCSE Business Studies Unit 1 Introduction to Small Businesses 1.2 Showing Enterprise • To understand how mind maps can be used by entrepreneurs to spot opportunities. • To be able to identify key questions that entrepreneurs ask All students will create a mind map of their own strengths and weaknesses Most students will ask valid questions to improve business knowledge Some students will justify why some questions are more important than others Enterprise GCSE Business Studies Unit 1 Introduction To Small Businesses Lesson objectives and outcomes Entrepreneur recap • Let’s share some of your poems/rhymes that you created last lesson. • Have any helped you remember how to spell the word Entrepreneur? Mind Maps • What is a mind map? • In which situations have you found a mind map useful? Words Images Logic Were developed by Tony Buzan Are designed to work in the same way as the brain and use… Encouraging problem solving Mind Maps They are useful for… Remembering things Giving an overview of a large topic area (E.g Revision!!!) Colour Special Awareness They are not designed to be neat! They are unique to every person Since everybody thinks in a different way! Tips to creating an effective mind map 1. Start with a coloured image or box in the centre of your sheet of paper. 2. Use plenty of images throughout your Mind Map. 3. Titles should be printed in capital letters. 4. Use colours as they help memory recall and stimulate creativity. 5. Be as spontaneous as possible. Don’t pause or think about it, just explode on to the paper. Task 1: • Create a mind map in your booklets to show your strengths and weaknesses. • You should start with your name in the centre of the page. • Think outside the box – don’t just include what you’re good or bad at in school. What attributes do you have that make you successful, and what holds you back? Asking Questions • When you were little you will have asked lots of questions so you could understand the world better. – Why is the sky blue? – What if I don’t eat my vegetables? – When is granddad coming to visit? • When coming up with new business ideas, an entrepreneur needs to ask a lot of questions in order to fully explore the business opportunity Why? Why Not? When? Where? What? How? Why did the chicken cross the road? In order to answer this question we may need to ask some more questions Why not cross the road? How did the chicken cross the road? Where was the road? Where was the chicken in relation to the road? When did this take place? What did the chicken do once he had crossed the road? Task 2: • Using the mind map questions in your booklet explore all the questions you may need to ask when starting up a new enterprise. • It will help to have a new business idea in your head – A new invention? – A shop or service? Task 3: Practice Exam Question Which do you think are the two most important questions that Ling Tan should be asking herself? Justify your answer. (6) Marking Criteria Level 3 5–6 A choice will be made with a clearly developed justification. For example ‘Asking if there is a market for a product is vital for any new business. Without a market that will buy a product the product is highly unlikely to be successful. The product must meet the needs of the customers in this market or be changed to meet them. Finance is also vital. Many new businesses are profitable but fail because of cash flow. One of the main reasons for this is lack of sufficient start-up funds’. Homework • Come up with an original business idea (it can be ANYTHING) • Fill in each box answering Why, What, Where, How, and Why Not questions which relate to your idea. • The more detail the better!