Business ManagementQ&A by dot point

Sources of business ideas - personal experience, recognising a need or want in the market, observing existing businesses, the entrepreneurial mindset; methods used to identify business opportunities; the role of an entrepreneur

Legal requirements when establishing a business - business name registration, Australian Business Number (ABN), business structure choice, taxation registration (GST, PAYG), industry-specific licences and permits, planning and zoning, intellectual property protection

Key elements of an operations system - inputs, processes and outputs; characteristics of operations management within manufacturing and service businesses; strategies to improve operations - facilities design and layout, materials management, quality management, technological developments, global sourcing, waste minimisation, lean management

Management styles - autocratic, persuasive, consultative, participative, laissez-faire - including the appropriateness of each in different situations; management skills - communication, delegation, planning, leading, decision making, interpersonal, time management, problem solving, emotional intelligence

Motivation theories - Maslow's hierarchy of needs, Locke and Latham's goal-setting theory, and Lawrence and Nohria's four-drive theory; motivation strategies including performance-related pay, career advancement, investment in training, support strategies and sanction strategies; appropriateness of each in different contexts

Types of businesses - sole trader, partnership, private limited company, public listed company, social enterprise, government business enterprise - and their objectives; stakeholders of a business and their interests; corporate culture (official and real)

Key performance indicators - percentage of market share, net profit figures, rate of productivity growth, number of sales, rates of staff absenteeism, level of staff turnover, level of wastage, number of customer complaints, number of workplace accidents - and their interpretation; Lewin's force field analysis of driving and restraining forces of change

Senge's learning organisation - personal mastery, mental models, shared vision, team learning, systems thinking; low-risk and high-risk strategies for implementing change; leadership during change; the importance of leadership styles and management skills in implementing change