Business Management Units 1 and 2
Unit 1 covers the planning of a business. As all businesses contribute to the economic and social wellbeing of a nation, it is vital to develop conditions under which new business ideas can emerge. This Unit looks at taking a “What if …” idea and turning ideas into a reality. Students will explore the factors affecting business ideas, the internal and external environments which affect how a business operates and the effect these have on planning a business.
Following on from planning a business, Unit 2 focuses on establishing the business. It looks at the legal requirements to bring the business into existence, the establishment of financial record keeping and staffing the business. It also looks at how to promote and inform potential customers about the business. Students look at effective ways to market the business and the best way to meet the staffing needs of the business, as well as meeting financial record keeping requirements.
Who is it for?
This subject is for students who:
- are interested in the business world
- enjoy developing and implementing their own ideas
- are thinking about starting their own business in the future
- are already running their own small business or are working in a business
- would like to work in business in some capacity in the future
- would like to know more about how to run a business successfully.
What do you do?
In Unit 1 students:
- analyse case studies of various business, including the examination of corporate social responsible issues of all businesses
- develop an idea for a business for which you will also write a business plan.
In Unit 2 students:
- look at some of the legal procedures and requirements to establish a business
- write a marketing plan for a business, which can be for the business idea that was developed in Unit 1 or a fresh business product
- look at the criteria for hiring the right staff for the business and the recruitment process.
What skills do you need?
What skills do you develop?
Along with reading and writing skills, students also need to have computer skills in order to:
- do online research
- download and save Word documents
- scan and upload Word documents.
A textbook is not required, but optional. Students can choose one of the following:
- Key Concepts in VCE Business Management Units 1 & 2, fourth edition by Chapman, Dumovic, Richardson and Smithies. Jacaranda 2016
- Cambridge VCE Business Management 1 & 2 by Julie Cain, Megan Jeffery and Gillian Somers. Cambridge University Press, Australia 2016.
Things to think about
Business Management is very popular, but also very challenging. In order to successfully complete this subject you will need to commit to at least 5 hours of studying each week. School-based students must utilise the periods the home school has allocated for this subject and may still need to do some homework tasks.
It is also expected that you will develop the skill to write detailed extended response answers and use business language and terminology.
Things you can do now
You can watch Going with the Flow and read newspapers such as The Age or Herald Sun. You can also observe business activities all around you, e.g when you go shopping, or go out to a sporting event or an entertainment event.
Go to the VCAA website for more information about this subject.
Things to have a look at
Marketing movie based on a true story.