Business is very abstract and if you don't have a family business and have never had any work experience its sometimes difficult to get your head around stuff.
That said my advice to you is "put yourself in the scenario" try to think about what you would do if you walked into the example and actually had to think like the business owner in the case study you are given. The sooner you think like the owner the sooner you will start thinking like a business person and it might not come naturally at first but you will start to develop your skills set very quickly and this is a skill set that employers are crying out for.
Anyway, today's lesson covered Learning Aim A - Understanding the costs involved in business and how businesses make a profit. Although we didn't really get to the importance of profit you do need to know what your costs are before you can start thinking about making a profit and selling anything!
Lesson 1 - Topic A.1 Understand the costs involved in business
After today's lesson you should:
Understand and identify the costs of a business including:
- startup costs - the cost incurred when setting up a business
- operating (running) costs - the costs incurred in the day to day running of a business
- We will start next lesson by testing you on this!
- Class notes on Costs, revenue, expenditure and profit
- Costs of different types of business
- Total costs worksheet
- Estimating costs homework
- TOTAL COSTS = FIXED COSTS + REVENUE
Lesson 2. we will look at understanding, defining and identifying the difference between fixed cost's and variable costs, direct and indirect costs and total costs.
We will also consider revenue and profit. The formulae will not be given to you in the exam so you will need to remember these once you have been taught them.
- Revenue = Price per item x No of items sold
- Profit = Total Revenue - Total Costs
- Profit activities worksheet
- Additional profit activities
Good luck and enjoy
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