LCVP- Enterprise Skills Simplified

Methods of generating ideas

Brainstorming, online research, check competitors, surveys, suggestion box, customer reviews

Desk research definition

Using existing info (like reports) to get ideas and help make decisions

Promotion definition

A way to tell customers about a product

Ways a business can promote its products

Ads (TV, radio, social media), sales offers, email promos, trade fairs, PR (sponsorship, celebs, influencers)

Reasons a business may fail

No planning, not enough money, poor research, bad location, competition, bad service

Characteristics of an entrepreneur

Takes risks, creative, hardworking, confident, motivated, makes decisions

Supports available for a business start up from a Local Enterprise Office (LEO)

Mentoring, advice, training, grants

Benefits entrepreneurs/new businesses can bring to the local economy

Jobs, more spending, tax money, more choice, support local events, training

Impacts of Brexit on businesses and consumers: consumers

UK goods cost more, arrive slower, less choice, higher delivery fees

Impacts of Brexit on businesses and consumers: businesses

Higher costs, supply delays, UK rules are different

Four areas that businesses use ICT for

Research, marketing, emails, video calls, free wifi

Challenges a business may face when moving into online sales

Costs, need staff training, cyber security, online competition, delivery issues

Benefits to a business of having a social media presence

More sales, show brand, build awareness, watch competitors, stay relevant

What can a business do to improve online reputation when receiving bad reviews

Hire someone for complaints, listen to customers, reply to reviews, price well, monitor reviews

Diversification definition

When a business changes or adds products to reduce risk or grow

Why is it important for a business to diversify?

Reduces risk, protects income, uses resources better, avoids seasonal losses

How has ICT impacted the running of businesses?

Work is faster, easier to talk to staff/customers, remote work, social media, tech costs

Skills of an entrepreneur

Planning, leading, time use, motivating, negotiating

Benefits to an organisation of upskilling their employees

Better skills, more efficient, stay competitive, keep staff, flexible workers

Why do organisations need a leader?

Sets vision, motivates team, guides work, helps business run well

Characteristics that make leaders effective

Good planner, makes decisions, communicates well, fair, motivates others

Ways an organisation can ensure its employees stay motivated

Good pay, benefits, promotions, nice workplace, travel opportunities

Impacts poor leadership has on an organisation

Less profit, bad reputation, unhappy staff, poor communication, no direction

Why would a business move to selling online?

Cheap to start, quick setup, grow fast, more profit

Key items to be included in a funding application when seeking finance for business development

Business plan, amount needed, forecast accounts, credit history, loan terms, how money will be us