Acing Business Management 1/2 and MoreBy Viral Mehta in VCE
8th of February 2018
Looking for Business Management 3/4 resources? These should help – and just in time for the new academic year!
Welcome to the Business Management Year 11 success guide. I am Viral (not pronounced the way your doctor spells out “viral”). How often do you see Year 11 articles? Don’t worry – I’ve got your back, Year 11s.
Business Management is an extremely popular VCE subject, as you might know. It’s not about minding your own business (my failed attempts at humour). Business Management in VCE is about understanding how to open up a business, how to fulfil legal, financial and staffing requirements, how to manage a business, and at last, transforming a business. In this article, I will be focusing on Units 1/2 specifically.
You can find a more detailed analysis of what the subject actually involves in the VCAA Business Management 2017-2021 study design. But to summarise, here’s what VCAA says about Unit 1 and Unit 2:
Unit 1: Planning a business
Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. Therefore how businesses are formed and the fostering of conditions under which new business ideas can emerge are vital for a nation’s wellbeing. Taking a business idea and planning how to make it a reality are the cornerstones of economic and social development. In this unit students explore the factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business.
Unit 2: Establishing a business
This unit focuses on the establishment phase of a business’s life. Establishing a business involves complying with legal requirements as well as making decisions about how best to establish a system of financial record keeping, staff the business and establish a customer base. In this unit students examine the legal requirements that must be satisfied to establish a business. They investigate the essential features of effective marketing and consider the best way to meet the needs of the business in terms of staffing and financial record keeping. Students analyse various management practices in this area by applying this knowledge to contemporary business case studies from the past four years.
Sorry for the exposition (I do a lot of exposition in English creative writing as well).
1. Why pick Business Management 1/2?
Business Management 1/2 is a subject very much worthy of choosing, studying and applying. People will tell you that it is only common sense. A lot of the time, these people haven’t actually done the subject, or have performed poorly in Business Management (or perhaps they are Bill Gates, which are very unlikely, I guess).
It is a subject that brings business to life.
You might have questions about the way businesses start, are planned and the way they operate. Or if you’re even looking to open up your own business, this subject is for you.
2. How should you study Business Management 1/2?
Business Management 1/2 does require memorisation to an extent. However, it equally requires understanding and application – skills that will also benefit you in Business Management 3/4.
Even though it’s a relatively new study design, not heaps has changed. Ask your teacher questions about how to best apply your knowledge. Ask your teacher for extra revision work or exercises.
If you have an interactive textbook, one of the most important things is to active it. Whichever textbook you are using, interactive online versions come with extra exam questions, activities, and multiple choice questions that can help to stimulate your learning.
Develop mind maps if you think it is a viable way of studying for you. Experiment!
3. How do you prepare yourself best for Business Management 3/4?
I’ve heard students say that Business Management 1/2 content isn’t necessary for 3/4. While this is true to an extent, the subject will give you a lot of skills useful for studying Business 3/4.
To illustrate this, let me tell you my Business Management 1/2 journey.
I ended up doing a few things that teachers only tell you about once you’ve started Business Management 3/4. Whenever you see a business, look at its logo, its employees, its environment; try to analyse it and make some notes of what you find interesting in the business. Scroll through business news. Write about anything underwhelming that you find about the business. Go through past exams and closely observe the “task words”; i.e., describe, explain, analyse etc. Importantly, consider how sample answers are written: the vocabulary, the answer structure in accordance with the marks.
These are all important skills that can and will help you prepare for BusMan 3/4.
Aim to get 100% in your exams and SACs. Maybe also complete a practice exam if you require further confidence.
Lastly, have copies of all your SACs and exam answer sheets, and store them somewhere safe – very safe! You can use these for revision.
Of course, you can also chuck up a question in the ATAR Notes Business Management forum. Trust me: ATAR Notes is the most ideal method of gaining knowledge while procrastinating simultaneously!
See you all for now. Have fun with VCE. 🙂