Enhance your curriculum by addressing the QAA Guidance on skills for your subject, and incorporating the QAA (2018) Guidance on Enterprise and Entrepreneurship.

QAA Benchmark Statement

 

Providing ideas and resources to support you to teach enterprise and entrepreneurship online

Embedding Enterprise

The following ETC tools can help you to deliver these skills in the curriculum

How To Guides

These guides have been selected to build QAA (2018) enterprise skills in your teaching.


Creativity and Evaluation Using Questioning SCAMPER (QAA 1,3,6,7)

Group Size ? 1.) Small group (teams of 4-6)
2.) Individual Task
3.) Large Group
4.) Any

Small group (teams of 4-6)

Learning Environment ? 1.) Lecture Theatre
2.) Presentation Space
3.) Carousel Tables (small working group)
4.) Any
5.) Outside
6.) Special

Any

QAA Enterprise Theme(s) ? 1.) Creativity and Innovation
2.) Opportunity recognition, creation and evaluation
3.) Decision making supported by critical analysis and judgement
4.) Implementation of ideas through leadership and management
5.) Reflection and Action
6.) Interpersonal Skills
7.) Communication and Strategy
8.) Digital and Data Skills

1Creativity and Innovation 3Decision making supported by critical analysis and judgement 6Interpersonal Skills 7Communication and Strategy

Objective:

  • Creative thinking
  • Structured Group Problem solving
  • Evaluation of ideas through critical analysis and judgement
  • Presentation of ideas (including persuasion)

Overview:

This approach to creative thinking structures thinking through the use of a mnemonic "SCAMPER" and using questioning techniques to generate solutions. This makes an ideal group activity for students to work through the mnemonic and then present their results.

Activity:

Students are placed in small working groups and invited to explore the seven prompts of the SCAMPER mnemonic. Firstly, invite each group to take an existing product or service (or agree one to consider - this could be one that you want to improve, one that you'recurrently having problems with, or one that you think could form future product developments).

Questioning around these themes helps the groups develop creative ideas for developing new products, or services and for improving current ones. SCAMPER is a mnemonic that stands for:

  • Substitute.
  • Combine.
  • Adapt.
  • Modify.
  • Put to another use.
  • Eliminate.
  • Reverse.

Using these headings, invite each group to discuss the questions about the product, using the mnemonic.

By brainstorming as many questions and answers within each group, a rich solution can be produced.

Example Questions which you can share with groups in need of support.

Substitute: Ask "What can you substitute? What can be used instead? Who else instead? What other ingredients? Other material? Other process? Other power? Other place? Other approach? Other sounds? Other forces?"

  • What materials or resources can you substitute or swap to improve the product?
  • What other product or process could you use?
  • What rules could you substitute?
  • Can you use this product somewhere else, or as a substitute for something else?
  • What will happen if you change your feelings or attitude toward this product?

Combine: What can you combine or bring together somehow? How about a blend, an alloy, an assortment, an ensemble? Combine units? Combine purposes? Combine appeals? Combine ideas?

  • What would happen if you combined this product with another, to create something new?
  • What if you combined purposes or objectives?
  • What could you combine to maximize the uses of this product?
  • How could you combine talent and resources to create a new approach to this product?

Adapt: What can you adapt for use as a solution? What else is like this? What other idea does this suggest? Does past offer a parallel? What could I copy? Who could I emulate?

  • How could you adapt or readjust this product to serve another purpose or use?
  • What else is the product like?
  • Who or what could you emulate to adapt this product?
  • What else is like your product?
  • What other context could you put your product into?
  • What other products or ideas could you use for inspiration?

Modify: Can you change the item in some way? Change meaning, colour, motion, sound, smell, form, shape? Other changes? Or Magnify: What can you add? More time? Greater frequency? Stronger? Higher? Longer? Thicker? Extra value? Plus ingredient? Duplicate? Multiply? Exaggerate?

Or 'Minify': What can you remove? Smaller? Condensed? Miniature? Lower? Shorter? Lighter? Omit? Streamline? Split up? Understate?

  • How could you change the shape, look, or feel of your product?
  • What could you add to modify this product?
  • What could you emphasize or highlight to create more value?
  • What element of this product could you strengthen to create something new?

Put to Another Use: Can you use this product somewhere else, perhaps in another industry?

  • Who else could use this product?
  • How would this product behave differently in another setting?
  • Could you recycle the waste from this product to make something new?

Eliminate: What can you eliminate? Remove something? Eliminate waste? Reduce time? Reduce effort? Cut costs?

  • How could you streamline or simplify this product?
  • What features, parts, or rules could you eliminate?
  • What could you understate or tone down?
  • How could you make it smaller, faster, lighter, or more fun?
  • What would happen if you took away part of this product? What would you have in its place?

Reverse: What can be rearranged in some way? Interchange components? Other pattern? Other layout? Other sequence? Transpose cause and effect? Change pace? Change schedule?

  • What would happen if you reversed this process or sequenced things differently?
  • What if you try to do the exact opposite of what you're trying to do now?
  • What components could you substitute to change the order of this product?
  • What roles could you reverse or swap?
  • How could you reorganize this product?

Evaluation:
Once the ideas have been generated, the next stage is evaluation. Through group discussion, ask the student to determine ifany stand out as viable solutions? Could any of them be used to create a new product, or develop an existing one?

All viable ideas can be explored further in order to find one improvement/suggestion for final presentation to the wider group.

A debrief on the solutions, the process and the team working should be included within the session to allow for the skills and emotional aspects of team work to be explored, and the constructs of the mnemonic discussed.

Skill Development:

Although the main focus of this project is idea generation, the discussion and evaluation within the group, which requires presentation and interpersonal skills as well as judgement and critical analysis of opportunities and ideas.

Student groups should be left to work through their discussion, and any difficulties with team working as may occur (intervening only to support the process and move the students on, if time pressures require) however it is important to review the task, the process and the protocols in order to seek guidance for future working or lessons to take forward.

Students should be encouraged to share the frustrations and difficulties of decision making within a group (where one individual may have suggested the idea) and how feedback should be given and shared.

Group dynamics need to be acknowledged and lessons can be shaped for future team working.

References:

http://www.mindtools.com/pages/article/newCT_02.htm

http://www.brainstorming.co.uk/tutorials/scampertutorial.html 

About the Author
This guide was produced by Enterprise Evolution.

Reflection on Learning Journey

Group Size ? 1.) Small group (teams of 4-6)
2.) Individual Task
3.) Large Group
4.) Any

Small group (teams of 4-6)

Learning Environment ? 1.) Lecture Theatre
2.) Presentation Space
3.) Carousel Tables (small working group)
4.) Any
5.) Outside
6.) Special

Any

QAA Enterprise Theme(s) ? 1.) Creativity and Innovation
2.) Opportunity recognition, creation and evaluation
3.) Decision making supported by critical analysis and judgement
4.) Implementation of ideas through leadership and management
5.) Reflection and Action
6.) Interpersonal Skills
7.) Communication and Strategy
8.) Digital and Data Skills

2Opportunity recognition‚ creation and evaluation 5Reflection and Action

Objective

  • To reflect upon learning journey
  • To acknowledge individual or team "learning gain" experienced over time (process; project; task; or period of learning/study)
  • To articulate skill development (soft skills) and personal insights (in team dynamics, personal progression or learning)
  • Option to support future development: to provide the opportunity to identify gaps in learning or development and create a personal action plan for personal development and future learning.

Overview

This task provides an opportunity to reflect on the learning gained during particular tasks for activities (ideally should be of "medium" length, such as intense induction programmes, week long activities or longer learning 'events' (modules or years of study). This can be particularly effective in terms of drawing out "change" or learning gain as identified by the learner themselves.

This approach provides an opportunity to reflect upon a wide range of individual development (including emotional development and confidence levels) as well as recognising improvement in the development of skills.

Traditionally physical diaries were issued to encourage students to write regularly and informally, however the wide range of multi-media (through smart phones and tablets) also allows students to select their own format (s) or trial the use of a new media tool for this purpose (ideally agreed in advance with tutor to avoid IT issues in viewing).

A learning diary is therefore a tool of reflection which can take a variety of forms.

Key considerations for the tutor include:

  • media (format options include: written essay or report; video diary; podcast; voice memos; photos/collage; or a combination of approaches)
  • structure (open; templates; prompts or based on prescribed reflective models and frameworks, or those sourced by the student)
  • formalised base line (questionnaire or status review at the start, to review at the end)
  • inclusive of theory and wider reading (whilst some learning diaries are entirely "personal" and seek to draw out the development of softer skills and personal 'learning gain' others seek the inclusion of wider reading and theory development to evidence change and thought)
  • assessment (% within modules vary though typically it is used as part of an assessment strategy, though can stand alone when used to capture and review a full programme year or team task activity.)

NB: Consideration of how to create "value" is key in determining the role/purpose of this approach within an assessment strategy or within a programme. Typically students value activities that the tutor places a value on, and their currency is marks/assessment. However as diary is, by definition, a subjective view, and should reflect what the student has heard, learnt and reviewed, it is the student's own analysis and insights that count, and clear marking parameters and guidance need to be provided to ensure clarity.

Activity

Issuing this task should be done at the start of the activity that you wish the learners to reflect upon. Ideally you encourage (or set) answering a range of open-ended questions, delighted to understand their initial position as they approach this learning/task. This may include expanding upon their prior understanding or life experience, as relevant to this work.

Once the activities are being undertaken, reflective models can be issued or sourced by the students to support their thinking. However you may wish to provide a set of reflective questions at regular intervals as prompts to their developing thinking.

This activity can be highly prescriptive, with set timescales at which you expect stages of reflection to be completed (as relating to the task being undertaken) however it is also possible to make this an open task, where the approach and learning is with the student to design and undertake. This allows the learner to explore, source and select their own model for reflection and test its effectiveness as a tool for their development during the process. This additional skills of research, evaluation and comparative analysis but risks diluting the quality of the reflection if the students place the emphasis upon critiquing models rather than the task itself and their personal learning. It is therefore important that you reflect the emphasis you wish to seek within your assessment schedule.

To increase the synthesis, and the ability for personal and confidential reflection, you may wish to create a format in which the students regularly capture thoughts and feelings, but keep this as a personal document (diary, blog or video diary) from which the submission is created. This synthesised version of their learning and reflections build an understanding of their personal development over time and allows for honest and uncensored self-reporting and reflection. Again the structure/control of the format/questions can be loose and open (providing only sources and reference to guide) or highly prescriptive (working within a template or with specific tools/questions) to ensure that the key elements of learning (including emotional elements and confidence) are a required feature of the submission.

Skill Development

Personal reflection is a tremendous skill, but is often difficult for students to develop, particularly during a period of study, with little or no external reference points or practical application. It is therefore recommended that this is an assessed piece, so that the value of reflection is made clear. It is therefore important that you, as the tutor, place importance upon the development of this skill and take class-time to consider what is meant by reflection practice and how to ensure that reflection leads to learning.what is meant by reflective practice and how to ensure that reflection leads to learning. It is also important to consider the formative as well summative assessment within this process, as reflective skills are improved through regular practice, and this form part of your regular teaching. It is important that you 'model' a reflective approach with the students by including reflective questions onto your regular contact with them, and making reflection an explicit aspect of your activity/classroom debrief. Making this explicit within your teaching will reinforce the student's understanding of reflection as an activity to repeated and practiced, as well as help them see how reflective questioning or models can deepen their understanding, and build confidence in their abilities.

Resources

Three stem questions (Borton T 1970) were further developed by John Driscoll (1994, 2000, 2007)

  • What?
  • So what?
  • Now what?
  • Driscoll Reflective Questions (2000) - Download (PDF | 843KB)
  • Gibbs's reflective Cycle - Download (PDF | 843KB)
  • Atkins, S. and Murphy, K. (1994) - Download (PDF | 843KB)
  • Task template for individual (adapted from Reflective Learning Diary Template sourced from Burns, T and Sinfield, S (2012) "Essential Study Skills" Third Edition SAGE (photocopiable; printable) - Download (PDF | 843KB)

References

  • Burns, T and Sinfield, S (2012) "Essential Study Skills" Third Edition SAGE
  • Gibb's reflective cycle: from Gibbs, G (1988) "Learning by doing: A guide to teaching and learning methods"
  • Atkins and Murphy Model from Atkins, S. and Murphy, K. (1994) Reflective Practice. Nursing Standard 8(39) 49-56
  • Driscoll, J (2000) Practising Clinical Supervision Edinburgh Bailliere Tindall
Your How To Guide Here

If you would like to have your How to Guide featured, please download the template and email the completed version to hello@etctoolkit.org.uk.

We have produced a guidance sheet which will assist you in completing the How to Guide.

If you have any questions regarding completing the template, please Contact Us.

Case Examples

Your Example Here

If you would like to have your Case Study featured, please download the template and email the completed version to hello@etctoolkit.org.uk.

We have produced a guidance sheet which will assist you in completing the Case Study.

If you have any questions regarding completing the template, please Contact Us.

Embedding Entrepreneurship

If you or your students are interested in developing a business idea, becoming self-employed/freelance or creating a business here are some tools to help and also some links to business start-up support.

How To Guides

These guides have been selected to build QAA (2018) entrepreneurship skills in your teaching.


SWOT Analysis (QAA 2,3,5,6,7)

Group Size ? 1.) Small group (teams of 4-6)
2.) Individual Task
3.) Large Group
4.) Any

Individual Task

Learning Environment ? 1.) Lecture Theatre
2.) Presentation Space
3.) Carousel Tables (small working group)
4.) Any
5.) Outside
6.) Special

Any

QAA Enterprise Theme(s) ? 1.) Creativity and Innovation
2.) Opportunity recognition, creation and evaluation
3.) Decision making supported by critical analysis and judgement
4.) Implementation of ideas through leadership and management
5.) Reflection and Action
6.) Interpersonal Skills
7.) Communication and Strategy
8.) Digital and Data Skills

2Opportunity recognition‚ creation and evaluation 3Decision making supported by critical analysis and judgement 5Reflection and Action 6Interpersonal Skills 7Communication and Strategy

Objective:

• Understand the use of a SWOT Analysis
• Complete a SWOT Analysis for a business


Overview:

The activity is designed to assist the entrepreneur/ small business owner to create a SWOT Analysis for their business. This is normally completed before the business starts, however review and examination (re-completing a SWOT Analysis) throughout the life of the business is recommended, especially to support any major decision making.
This activity can be completed by anyone/group who wants to understand what a SWOT Analysis is.

Firstly, what is a SWOT & how is it used?

A successful business considers the wider environment in which it operates.  In the business planning process, the SWOT analysis provides a framework to consider the strengths and weaknesses of the internal aspects of your business; and the opportunities and threats of the environment in which you are operating.

For example, your business planning should consider factors such as:

  •  The state of the economy [local/regional/national] and how growth and decline are likely to affect your sales business
  •  Changes in legislation that could support or create a burden for your business
  •  Social trends that may have an impact on market size or consumer choice
  •  Political pressures for or against your business activity

Carrying out a thorough SWOT helps you to plan to maximise strengths, take opportunities to meet customer needs and develop the business.  It also allows you to develop ways of overcoming any weaknesses, and removing or being prepared for potential threats.

Strengths and Weaknesses
Strengths and weaknesses are issues that already exist and are internal to the business. 

Examples of common strengths and weaknesses include:
Strengths: You as the entrepreneur
 Relevant experience e.g. 5 years working in retail/with children
 Transferable or life skills such as being a good organiser / time manager etc.
 Skills that are directly related to the business such as design skills, customer service, financial management skills
Strengths: Your business
 A good location, convenient and accessible to customers
 Highly level of expertise in staff team
 Confirmed orders for your product / service
Weaknesses: You
 Inexperienced at running your own business
 Additional training / accreditation required e.g. hygiene certificate
 Limited selling skills
Weaknesses: Your business
 Need to borrow funds to set up
 Waste in business operations
 Working from home, with limited space to work and danger of becoming isolated

Opportunities and Threats
These are external issues that your business may face, consider what could happen?
Opportunities
 Fulfil some needs of customers which you know at this stage are not  being met e.g. a delivery service to busy or housebound customers
 Offer something different (compared to who you know to be probable competition) or something better e.g. beauty services for men / a luxury product range
 Possible changes in the business environment or market place e.g. increase in mobile phone market creates growth in accessories
 Access certain support – if your business is in a regeneration area, for example
 Changes in the law which might affect your business operations, such as changes in licensing laws
Threats
 Increasing cost of borrowing
 Emerging competition using your ideas
 Personal illness may affect running of the business
 Technological advances making your equipment or methods outdated
 Changes or reductions in government spending
 Disagreements between partners

Sample SWOT Analysis:
 
1. For a domestic cleaning business:

 Strengths:

  • Knowledge of sector
  • Contacts within referral agencies.
  • Health safety, COSHH, customer care.
  • Business qualifications and experience

Weaknesses:

  • Sickness / holiday pay
  • Competition.
  • New to self employment.
  • Need accounting support.

Opportunities:

  • The elderly population in the UK and in local area is continuing to grow.
  • Social Services benefits will be transferred to clients who can decide on how to spend this funding to support their needs.

 Threats:

  • Care agencies offering domestic help in addition to normal services.
  • Cleaning agencies already in area. 
  • One sole trader already offering domestic cleans aimed at older people.
  • Lower than average domestic income within the Borough.


Activity:

If you are working with an individual or group who is going to set up their own business, invite them to complete a SWOT Analysis for their business.

If the individuals are not considering setting up their own business, then ask the group to complete a SWOT Analysis on a famous company. A favourite is to chose well known brands such as McDonalds, what are the strengths, weaknesses, opportunities & threats for them, but specific sector specialists can be chosen.

Another exercise is to consider what a SWOT would have looked like when designing a product. For this exercise, split the groups into 4-6 people. Ask them to think back to when they owned a CD player or depending on their age, a Walkman or even record player.
Ask them to imagine that they have invented the ipod and need to outline its strengths and weaknesses to their shareholders.

Give each of them a piece of flip chart, draw a cross and mark an S, W ,O, T (one in each of the quadrants) and work on each section together as a group.
Ask them to ask themselves, What are the Strengths of the IPOD – How is it a better product that the CD player? What are the weaknesses of the product?
Looking at the wider environment, what opportunities has the iPOD got to develop and finally what are the weaknesses.

The session should take no more than 30 minutes and around the same if they are to report their findings back to the group.

 
Skill Development:

Completing a SWOT Analysis helps individuals to consider both internal and external factors. To complete the exercise, the group will need to use a number of skills including – research, audit, evaluation, discussion, debate, negotiation & presentation.


 
Resources:
• Post-its or similar sticky pads
• Pens 
• Papers/pads
• Flip charts 

About the Author
This guide was produced by Mike Marsden (Programme Manager, The Women's Organisation).

Start-Up Costs and Financing a New Business

Group Size ? 1.) Small group (teams of 4-6)
2.) Individual Task
3.) Large Group
4.) Any

Small group (teams of 4-6), Individual Task

Learning Environment ? 1.) Lecture Theatre
2.) Presentation Space
3.) Carousel Tables (small working group)
4.) Any
5.) Outside
6.) Special

Carousel Tables (small working group)

QAA Enterprise Theme(s) ? 1.) Creativity and Innovation
2.) Opportunity recognition, creation and evaluation
3.) Decision making supported by critical analysis and judgement
4.) Implementation of ideas through leadership and management
5.) Reflection and Action
6.) Interpersonal Skills
7.) Communication and Strategy
8.) Digital and Data Skills

2Opportunity recognition‚ creation and evaluation 3Decision making supported by critical analysis and judgement 4Implementation of ideas through leadership and management 5Reflection and Action

Objective:

 

  • To ensure that the new business owner fully appreciates the potential costs involved in setting up a new business
  • To ensure that sufficient contingencies are built in to the financial forecasts
  • To evaluate different funding options or opportunities.

 

Overview:

 

This activity is designed to provide an opportunity for the entrepreneur/ small business owner to consider the costs of setting up a new business and the financing options available.

 

Activity:

 

Does the entrepreneur/ small business owner already have some equipment or stock etc. that can be used in the business? What additional start-up costs will be incurred in order to successfully start the new venture?

 

This can be broken down into:-

  1. Premises costs. If renting, then any refurbishment costs may need the landlord’s approval.
  2. Equipment (this may be sub-divided into office equipment, production equipment etc.)
  3. Stock. Initial stock and cost of replenishing this as it is used.
  4. Promotional Costs. This can be high in the early months in order to get the new business known.
  5. Overheads. For example, rent, rates, utilities, insurance etc.
  6. Employment Costs (both for the owner and any staff for the first few months until income is being generated).
  7. Sundries/ Contingencies. It is never easy to forecast for every type of cost that a new business may incur. As such, it is good to have some form of contingency for such ‘unexpected’ costs.

 

Once the above Start-Up costs have been completed, it is only then that the Financing can be considered. If the start-up costs are higher than at first anticipated, it may be that the new business owner needs to re-evaluate these costs. For example, consideration of renting items of equipment instead of buying etc.

 

Financing the new business start-up.

  1. Where can the new business owner go to access funding? This really depends on the amount of funding needed. For example, if this is less than £10,000 then a good place to start would be the Start-Up Loan Scheme. If more than £10,000 is needed then it might require a combination of potential lenders. It helps, however, if the business owner has some personal monies to invest into the new venture (or perhaps, friends or family).
  2. How long will the funds be needed? Loans from The Start-Up Loan Scheme can be repaid over 1 to 5 years. For larger projects it may be possible to repay loans over 10 or more years. It very much depends on the amount of funding and what the monies were needed for.

What if things change and I need additional funding? As long as the new business owner can demonstrate that they are running the business well, they may be able to access further finance to assist their growth plans. This is why it is so important to have a good business plan and to monitor how well the business is actually performing compared to the plan.

 

Skill Development:

 

By developing analytical and financial forecasting skills within entrepreneurial learners, it is possible to test assumptions and explore alternative ‘what-if’ scenarios in the context of a business start-up. 

 

This breaks down some of the key thinking and skills of the entrepreneur and allows the students to work through their assumptions.  This can be conducted in groups, or as individuals, allowing students to focus on start-up.

 

Resources:

 

  • Pens, paper and calculators

About the Author
This guide was produced by John Jones (Senior Business Advisor - The Women's Organisation).

Developing a Personal Survival Budget (QAA 3,4)

Group Size ? 1.) Small group (teams of 4-6)
2.) Individual Task
3.) Large Group
4.) Any

Individual Task

Learning Environment ? 1.) Lecture Theatre
2.) Presentation Space
3.) Carousel Tables (small working group)
4.) Any
5.) Outside
6.) Special

Any

QAA Enterprise Theme(s) ? 1.) Creativity and Innovation
2.) Opportunity recognition, creation and evaluation
3.) Decision making supported by critical analysis and judgement
4.) Implementation of ideas through leadership and management
5.) Reflection and Action
6.) Interpersonal Skills
7.) Communication and Strategy
8.) Digital and Data Skills

3Decision making supported by critical analysis and judgement 4Implementation of ideas through leadership and management

Objectives:

  • To ensure the potential new business owner knows exactly how much income the business needs to sufficiently generate, in order to cover personal living costs to survive.  

  • To analyse how financial circumstances may change when becoming self-employed.

Overview:

When setting up a business, the first thing to do is work out exactly how much money the business needs to make to support the individual.  This ‘Personal Survival Budget’ activity is designed, so that the new business owner knows exactly how much money the business needs to make, in order  to support and cover personal expenditure.  This is critical to ensure that business and household expenses are kept separate and to support business decision making and planning.

Activity:

This takes approximately 20-30 mins to complete the template below.
1. First of all, remember that you are only calculating your personal expenditure, not any expenses the business may incur.
2. Ensure that you include all of the items that you have the responsibility to pay for in your household. If you have any other items of expenditure that do not appear on the list, include them in the ‘other’ box.
3. Secondly, remember that your financial circumstances will change when you become self-employed, as you will begin paying class two national insurance contributions monthly, and any benefits that you are currently entitled to, such as housing/council tax benefit, may reduce or stop. If you are not sure what benefits you may be entitled to, seek advice from a Welfare Rights Advisor.
4. Finally, the budget is based on your expenditure per month, so if there are bills that you pay weekly, quarterly, or annually, remember to divide them by the appropriate amount.

Items of Expenditure

Monthly £

 

Rent/ Mortgage

£

Council Tax

£

Water

£

Utilities (gas, electricity, water, oil, etc

£

Phone

£

Food

£

TV License

£

Home/ Life Insurance

£

Loan/ Credit cards/ personal debt repayments

£

Newspapers/ Magazines

£

Car Tax/ Insurance

£

NI Contributions

£

Saving Plans

£

Other

£

Total Expenditure

£

 

5. Now that you have established your average monthly expenditure, the next step is to identify any income that you may already have, or possibly claim for, to help meet this expenditure. Again remember that this is a monthly budget. Depending on your personal circumstances, you may receive some, all or none of the items below:

Estimated Income Outside Self-Employment

Monthly £

Income from family/partner - parents

£

Part-time job

£

Full-time job

£

Benefits

£

Other income

£

Total Income Outside Self-Employment

£

6. To give a new business the best chance of survival, it is best to minimise your drawings as much as possible in the first year to avoid getting into debt. For this reason we establish the minimum drawings that you could take form the business and ‘survive’. This is calculated by taking the total income (above) from the total expenditure . What remains will be the minimum amount that you could draw from the business per month in order to survive.

Minimum drawings calculation

Monthly £

Total expenditure

£

Total income outside self employment

£

Total expenditure less total income

£

NB. In some cases, your income may exceed your expenditure. This occurs when there is already enough income coming into the household to cover all the bills, and drawings from the business are not ‘necessary’. In this case it is best to set very low drawings to allow the business a healthy cash flow.

Skill Development:

  • Reflection

  • Financial analysis and budgeting

  • Rationalising

  • Decision making

Resources:

  • Flip Chart / Power point (if presenting in a group)

  • Calculator

  • Hand out the following template for the entrepreneur/ small business owner to complete (link)

 

Template to hand out to business owner / entrepreneur

To help estimate the minimum amount of monthly drawings that you need to take from the business to cover all your personal day to day living costs, please complete the tables below and add any other items of personal expenditure that may not be on the list.

 

Items of Expenditure

Monthly £

 

Rent/ Mortgage

£

Council Tax

£

Water

£

Utilities (gas, electricity, water, oil, etc

£

Phone

£

Food

£

TV License

£

Home/ Life Insurance

£

Loan/ Credit cards/ personal debt repayments

£

Newspapers/ Magazines

£

Car Tax/ Insurance

£

NI Contributions

£

Saving Plans

£

Other

£

Total Expenditure

£

 

 

In the table below please list any income outside self employment that you receive such as: Income from Partner/ Tax credits/ Child benefits/ House Keep

 

Estimated Income Outside Self-Employment

Monthly £

Income from family/partner - parents

£

Part-time job

£

Full-time job

£

Benefits

£

Other income

£

Total Income Outside Self-Employment

£

 

 

Minimum drawings calculation

Monthly £

Total expenditure

£

Total income outside self employment

£

Total expenditure less total income

£

 

This section highlights that you will need to draw a minimum of £_____ from the business to cover all personal day to day living costs.

 

References:

https://www.princes-trust.org.uk/help-for-young-people/tools-resources/business-tools/finance-advice

 

 

 

About the Author
This guide was produced by Franchine Taylor (Senior Business Advisor at The Women's Organisation).

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Additional Resources

Where to start: taking your module online Semester B 2020 Advice and Guidance "Do the Maths" 

featuring: Assessment Guidance: written by Professors Sally Brown and Kay Sambell for use when face-to-face attendance for exams and other assessments aren't possible (Original shared open resource - with grateful thanks to authors).

Alternative assessment formats including a focus on accessibility has been shared by Damian Gordon (with grateful thanks to the author).

QAA has provided initial guidance (24th March) and will update further here as new guides are created.

Commercial products and support that has been made available temporarily to support the sector include:
https://www.straightupbusiness.institute/educational-impact/