Business

Things to read

The Lean Startup by Eric Ries: While this book is aimed at entrepreneurs and is quite popular in the startup world, its core principles are highly relevant to GCSE Business Studies. It introduces concepts like validated learning, minimum viable product (MVP), and pivot, which demonstrate practical approaches to product development, market testing, and adapting a business model – all key elements of understanding how businesses operate and innovate. It offers a modern, dynamic perspective on business strategy.

How I Built This with Guy Raz: This podcast from NPR tells the stories behind some of the world’s best-known companies. Guy Raz interviews the founders, who share their journeys, challenges, and successes. It’s an inspiring way to learn about entrepreneurship, innovation, and how businesses develop in the real world.

Economics: This is perhaps the most closely related subject. Economics helps you understand the broader environment in which businesses operate, including concepts like supply and demand, market structures (monopolies, perfect competition), economic cycles (recessions, booms), interest rates, inflation, and government policies. All these factors directly influence business decisions and performance, making a strong grasp of economics highly beneficial.

Human Resources (HR) Officer/Assistant: HR professionals are responsible for managing the “people” aspect of a business. This includes recruitment, training, employee relations, managing policies, and ensuring a positive work environment. Your understanding of business organisation and employee motivation from GCSE will be very relevant here.
Accountant/Financial Assistant: If you enjoy the financial side of business, roles in accounting or finance are a direct fit. You could be involved in managing budgets, preparing financial reports, processing invoices, or assisting with payroll. These roles are crucial for every business to track its performance and ensure financial health.
Sales Executive/Manager: Sales roles involve directly interacting with customers to sell products or services. This requires strong communication, negotiation, and an understanding of customer needs and business propositions. Many businesses, whether selling goods or services, rely heavily on their sales teams.

Plan your own business
Idea & Research: Define your product/service.
Research your target market, competitors, and industry trends to identify a gap or unique selling point.
Business Plan Outline: Create a brief plan detailing your mission, goals, operations, marketing strategy, and management structure.
Financial Projection: Estimate start-up costs, operating expenses, pricing, and potential revenue. Forecast profit and loss.
Legal & Structure: Decide on your business legal structure (e.g., sole trader, limited company) and handle necessary registrations and licenses.
Marketing & Launch Strategy: Plan how you’ll reach your customers and promote your offering. Develop a clear strategy for your initial launch.