Businesses exist to satisfy the needs and wants of their customers by selling goods and services, usually in return for profit. This section of the syllabus considers the main functions of business organizations (HRM, finance, marketing and operations management).

• The role of businesses in combining human, physical and financial resources to create goods and services (AO2)
• The main business functions and their roles (AO2):

• human resources

• finance and accounts

• marketing

• operations

• Primary, secondary, tertiary and quaternary sectors (AO2)
• The nature of business activity in each sector and the impact of sectoral change on business activity (AO2)
• The role of entrepreneurship (and entrepreneur) and intrapreneurship (and intrapreneur) in overall business activity (AO3)
• Reasons for starting up a business or an enterprise (AO2)
• Common steps in the process of starting up a business or an enterprise (AO2)
• Problems that a new business or enterprise may face (AO2)
• The elements of a business plan (AO2)