Business Basics Lesson 6

• Citizenship
• Upper Secondary (Key Stage 4)
• BTEC, GCSE

Introduction to business

Lesson 6

https://eduspark.world/courses/details/business-basics-for-svitlo-education

https://eduspark.world/courses/details/business-basics-for-svitlo-education

What is your understanding of 'risk'?

Business Case Study: Billy’s, Cocktail and Wine Bar

Costs: £15,000 a month

Current Income: £10,000 a month

Trade Days:

Monday Closed

Tuesday: 5%

Wednesday: 5%

Thursday: 15%

Friday: 25% live music, tribute band

Saturday: 30% live music local artists

Sunday: 20% live music, theme

USP & Value proposition: Cocktails are fantastic. Food is good quality and affordable. Owners and staff are friendly. Wine is quality too.

They need to find ways of increasing their revenues to first break even and secondly, make a profit. 

Most of their trade is evening trade but they are open from 11am and paying staff from 10am.

Customer base is mainly 30+ in age,

Challenges: Weak days not covering costs, best days not busy enough to cover the shortfall. We need twice as many customers to turn £10k sales into £20k and a profit or we need to add more income channels.

What could they do to attract more customers? Are there different customers they can target? What sort of analysis would you do to understand the current business situation before you act?

What three things did you learn about Billy's Bar having listened to Craig?

Headline Numbers

What do you understand about the term 'Headline Numbers'

Lessons from Bill Gates

Share one thing that you learnt about Bill Gates

Which of Bill Gates tips will you remember best?

Task

1. List 4 entrepreneurial skills would Jay and Lawrence have to possess in order for them to become successful business men?

2. Explain two reasons why Jay and Lawrence would want to start their own business.

3. Explain two ways in which Jay and Lawrence could reduce the risks of setting up their own business.

Homework

Mark Cuban (born July 31, 1958) is an American businessman, film producer, investor, philanthropist, television personality, and writer who is the owner of the Dallas Mavericks and co-owner of 2929 Entertainment. He is also one of the main "sharks" on the ABC reality television series Shark Tank.

Create a presentation

Create a presentation for next week covering the things Mark Cuban shares in this video that makes you 'rethink everything'.