Updated on: 14-12-2024 In this unit you will carry out the activities involved in running a small business. You will
learn and develop entrepreneurial skills of independence, innovation, imagination, risk
adversity, creativity, intuition and leadership. The small business should be run over
a trading period of at least three hours and a small budget will need to be available.
This unit follows the business planning that you completed in Unit 15: Starting a
Small Business.
The small business could be conducted as part of a physical store, an online business
or both. It could also be run as part of a competition. You will need to work in small
groups to enable the small business to be ruin during the trading period. The trading
period can, but does not need to, be supervised within school/college.
During the trading period, you will develop an understanding of the importance of
having a plan for the small business, dealing with money, executing sales techniques
appropriately and handling customers correctly. You will also develop the ability to
evaluate the success of the small business and the importance of the role you played.