Business and Management

Business Made Easy | Complete IB Business Notes

https://www.businessmadeeasy.xyz/

Topic 1 Revision Session

Essay Structure

Use the acronym – GET CASH.

  • Growth – as a business grows so does wealth of its owner
  • Earnings – you will earn more personally
  • Transference – you can hand on your business to your children
  • Challenge – personal satisfaction from taking risks
  • Autonomy – enjoyment of making your own decisions
  • Security – you have control of your employment
  • Hobbies – when a hobby becomes full time employment

CUEGIS

  • Change - Driving forces and restraining forces creates change in a business so that they can move forward and remain competitive.
  • Culture - the norms of an organisation, a country, or other social grouping. Culture shapes the values, beliefs, and customs of people. (Internal and External sections of the organisation)
  • Ethics - the socially accepted moral principles that guide decision making, based on the collective belief of what is right and what is wrong.
  • Globalisation - worldwide movement toward economic, financial, trade, and communications integration
  • Innovation - Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding.
  • Strategy - devising plans to achieve the long-term goals of an organisation