Checklist for the BUSS1 exam

Everything you need to have covered for the BUSS 1 exam

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Enterprise and Entrepreneurs
Characteristics of a successful entrepreneur
Risk and reward
Opportunity cost
Motives for becoming an entrepreneur
Government support for entrepreneurs
Generating and protecting ideas
Sourcing ideas
Niche and mass markets
Copyrights, patents, trademarks
Transforming resources into goods and
4 factors of production
Transformation process
Improving the efficiency of production
Classifying outputs
Adding value
Developing a business plan
Purpose+content of a business plan
Information and guidance for entrepreneurs
Conducting start up information
Purpose of market research
Types of market research ­ primary+secondary
How to collect data
Content of the data ­ qualitative+quantitative
Factors influencing sampling methods
Understanding markets

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Types of markets
Market segmentation
Market size, growth and share
Choosing the right legal structure for the
Limited liability
Unlimited liability
Not for profit organisations
Raising finance
Ordinary share capital
Loan capital
Bank overdrafts
Venture capital
Personal sources
Locating the business
The market
Government intervention
Employing people
Types of employees
Permanent or temporary, Full time or part time
External consultants, contractors, advisors
Calculating costs, profit and revenue
Calculating costs
Calculating total revenue
Calculating profit
Fixed costs
Variable costs…read more

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Total costs
Break even analysis
Calculating break even output
Drawing break even graphs
Cash flow
Identify why businesses use cash flow
Cash flow forecasting
Cash flow statements
What does cash flow tell a business
Setting budgets
Problems with budgets
Assessing business start ups
Objectives of business start ups
SWOT analysis
Internal/micro and external/macro influences
Risks involved in setting up a new business…read more



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