VCE Business Management is one of my favourite subjects!
I did 1/2 in Year 10 and am doing 3/4 right now in Year 11, and I can say for sure that you don't need 1/2 to do well in 3/4 right now.
I feel like the workload might depend from school to school, but in my experience the workload is relatively light.
The content is a lot of memorising definitions, knowing the description, pros and cons of concepts and stuff along the lines of that, but I'd also say that it's a lot of common sense as well. Homework is usually case studies and/or questions from the textbook or that your teach would've come up with.
There are a lot of case studies and it's a lot of applying the relevant knowledge to these case studies, such as picking out the type of business in the example, what sort of KPIs can be used for the situations, recommending a solution based on pros and cons, etc.
You have to look out for buzzwords which can be what determine whether you get the point or not in the answer you've given, despite having demonstrated your knowledge, but apart from that, Business Management is a great subject and I'd argue it's one of the easiest you can do (this is incredibly subjective, though
).
Having good writing skills is a bonus, and being able to make sense while writing is quite valuable, though overall, you should be fine in the subject next year.
Protip: REMEMBER THE TASKWORDS!
Good luck and happy studying!
If you have any more questions, let me know! I'll be more than happy to help