Business and Management
Topic 1 Revision Session
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
- 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