Business Studies

We want our students to develop as enterprising individuals with the ability to think commercially and creatively, demonstrate business acumen, and draw on evidence to make informed business decisions and solve business problems. A sound understanding of business concepts will help students develop as effective, independent critical and reflective thinkers with enquiring minds. Using an enquiring, critical approach will empower students to make informed judgments, understand and play an active role in the business world that surrounds them.

Business at Hermitage Academy is an immersive experience, exposing students to fundamentals such as marketing, human resources, financial management, economic impact, enterprise skills and spotting a business opportunity. Students undertaking this subject will have a flare for business and have ideas on how to develop a product or service over time. Students will develop their knowledge of key concepts as well as local, national and international businesses and how to apply, analyse and evaluate using their literacy skills to read and deduct from given evidence, as well as developing good research and data gathering skills of their own. Students will also develop their use of equations and numeracy skills to gain a deep understanding of business finances.

As well as following the curriculum, students will be encouraged to read for pleasure, experiencing a diverse range of literature as a platform for exploring new ideas, developing critical thinking skills and learning more about the world around them.

Students enjoy business because it is varied, fast-paced and fun. Every student is inspired to believe in their potential and to aim high. We live in a corporate world and the markets operate around us constantly. Because of this, business is a universal subject. There are few, if any, careers for which an understanding of business would not be of some benefit and 1.44 million new business applications were submitted in 2021. We have devised our business curriculum with this in mind, students acquire a grounding towards knowledge, skills and understanding that they would need if embarking upon their own business journey.

It’s not only business lessons that are exciting at the academy: Business teachers also facilitate Business competitions such as “Be the Future” in association with the Peter Jones Foundation. Within this students, plan and create a social enterprise idea that addresses a social or environmental issue, such as poverty, climate change or inequality. Business teachers also extra-curricular activities, such as an enterprise club where students work in teams, to consider what it means to be entrepreneurial before considering what steps they could take to address to address the issues they have identified. Students create their products or service. They consider how it would operate; market and promote their products and services to their target audience; then pitch their business proposal to the judging panel.

The challenge helps students to develop their business and entrepreneurial skills as well as promoting key skills such as creativity, teamwork and communication.

Curriculum information

Year	Autumn	Spring	Summer
10	The dynamic nature of business including why and how new business ideas come about. Risk and reward, the impact of risk and reward on business activity. The role of business enterprise, the purpose of business activity and the role of entrepreneurship. Identifying and understanding customer needs. The purpose, methods and use of data in market research. How businesses use market segmentation to target customers. Understanding the competitive environment. Business aims and objectives and why these differ between businesses.	Business revenues, costs and profits including interpretation of break-even diagrams, cash and cash flow and sources of business finance. How to make a business effective including options for start-up and small businesses, business location, the marketing mix and business plans. Business stakeholders including who business stakeholders are and their different objectives.	Technology and business including different types of technology used by business and how technology influences business activity in terms of sales, costs and the marketing mix. Legislation and business including its purpose and impact upon. The impact of the economic climate and external influences on businesses.
11	The impact of the economic climate and external influences on businesses. Methods of business growth and their impact including the types of business ownership for growing businesses and sources of finance for growing and established businesses. Why and how business aims and objectives change as businesses evolve. The impact of globalisation on businesses including barriers to international trade and how businesses compete internationally. The impact of ethical and environmental considerations on businesses. Making marketing decisions including the design mix, the product life cycle and Using the marketing mix to make business decisions.	Making operational decisions including business operations, working with suppliers, managing quality and the sales process. Making financial decisions including business calculations and understanding business performance.	Making human resource decisions including organisational structures, effective recruitment, effective training and development and motivation.

Business is a great subject. I enjoy learning about what it takes and how to become a great entrepreneur. It encourages critical thinking and teaches me ways to be able to build on an idea, which is useful for everyday life.

Year 10 student

I like business because it is a cool subject that I find very interesting. I love learning about the factors involved in starting a business, and the financial risks and rewards for an entrepreneur.

Year 10 student