Unit 1

Unit introduction

A business is any activity that provides goods or services, whether that is to make a profit or not.

The common thread in business is that owners and employees are striving to satisfy customers.

Nowadays, customers are more informed and have more options in terms of what they buy and

who they buy from, so a successful business is one that balances satisfying their customers with

selling products or providing services.

In this unit, you will gain an overview of the key ingredients for business success, how businesses

are organised, how they communicate, the characteristics of the environment in which they

operate, and how this shapes them and their activities. You will also look at the importance of

innovation and enterprise to the success and survival of businesses, with the associated risks

and benefits.

By developing relevant business knowledge and understanding, this unit will help you to progress

to employment, vocational training and higher apprenticeships, or higher education.