in this course, students learn about:

role of business

· the nature of a business

– producing goods and services

– profit, employment, incomes, choice, innovation, entrepreneurship and risk, wealth and quality of life

types of businesses

· classification of business

– size – small to medium enterprises (SMEs), large

– local, national, global

– industry – primary, secondary, tertiary, quaternary, quinary

– legal structure – sole trader, partnership, private company, public company, government enterprise

· factors influencing choice of legal structure

– size, ownership, finance

influences in the business environment

· external influences – economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets

· internal influences – products, location, resources, management and business culture

· stakeholders

business growth and decline

· stages of the business life cycle

– establishment

– growth

– maturity

– post-maturity

· responding to challenges at each stage of the business life cycle

· factors that can contribute to business decline

· voluntary and involuntary cessation – liquidation