LCVP Link Modules cheat sheet

Enterprise = the initiative to take a risk and organise resources (money, people, materials) to produce goods or services for profit or social benefit.

Three characteristics of an entrepreneur: willingness to take calculated risk, initiative/self-reliance, and the ability to organise and manage resources.

Calculated risk differs from gambling: the entrepreneur assesses likely loss against likely return before committing resources.

Intrapreneur: an employee who applies entrepreneurial behaviour (innovation, initiative) inside an existing organisation.

Social enterprise: trades to generate income but reinvests surplus in a stated social or community objective.

Profit motive vs. social motive: for-profit firms measure success by surplus after costs; social enterprises measure it by social impact plus financial sustainability.

Rewards of enterprise: independence, profit, self-fulfilment, status. Risks: financial loss, long hours, uncertain income, personal liability.

Business plan components: description of the idea, market research, marketing plan, production/operations plan, finance plan, and risk assessment.

Enterprise in the community: local enterprises create employment, keep money circulating locally, and can sponsor local clubs and services.

Local environment factors affecting a business: availability of premises, local labour supply, transport links, and local customer demand.

National environment factors: government policy and taxation, interest rates, inflation, exchange rates, and national infrastructure.

International environment factors: trade agreements, tariffs and quotas, currency movements, and competition from imports.

Tariff = a tax on imported goods that raises their price; quota = a physical limit on the quantity of a good that may be imported.

Exchange rate movement: a weaker domestic currency makes exports cheaper abroad and imports dearer at home.

Globalisation effect on small firms: larger market reach but also competition from lower-cost overseas producers.

Local multiplier effect: money spent with a local business is partly re-spent locally on wages and local suppliers.

Stakeholders of a business include owners, employees, customers, suppliers, the local community, and government.

EU single market permits free movement of goods, services, people and capital among member states; trade outside it is governed by the relevant agreements.

Enterprise skills set: initiative, creativity, problem solving, decision making, communication, teamwork, and time management.

Entrepreneurial process stages: idea generation → market research → feasibility study → business plan → sourcing finance → start-up → growth/review.

Feasibility study tests whether an idea is viable in terms of demand, cost, and available resources before money is committed.

Market research: primary research collects new data (surveys, interviews, observation); secondary research uses existing data (reports, statistics).

Sources of start-up finance: personal savings, family loans, bank loan, grant, credit union loan, and investor equity.

Break-even point (units) = fixed costs ÷ (selling price per unit − variable cost per unit).

Cash flow forecast records expected money in and money out per period; a business can be profitable yet fail through poor cash flow.

SWOT analysis: internal Strengths and Weaknesses, external Opportunities and Threats - used to evaluate a business idea.

SMART objectives are Specific, Measurable, Achievable, Relevant and Time-bound.

Career investigation steps: identify the occupation → research entry requirements → interview or research a person in the role → compare with own aptitudes → set an action plan.

Sources of career information: guidance counsellor, college and training-body prospectuses, employer websites, professional bodies, and careers databases.

Aptitude = natural or developed ability to learn a particular type of task; interest = what a person enjoys doing.

Entry routes after school: direct employment, apprenticeship, further education (PLC/college), higher education (university), and traineeship.

Apprenticeships combine on-the-job training with off-the-job study and lead to a recognised qualification.

A career plan should state the goal, the qualifications needed, the timeline, and the short-term steps to reach it.

Transferable skills (communication, teamwork, IT, numeracy) can be carried from one job or course to another.

Labour market information shows which occupations are growing or declining and informs realistic career choices.

Recruitment sequence: job advertisement → application form/CV and cover letter → shortlisting → interview → selection → contract of employment.

A CV is normally ordered: personal details, education, qualifications, work experience, skills, interests, referees.

A cover letter should state the position applied for, match the applicant's skills to the job specification, and request an interview.

Job specification lists duties and required qualifications; person specification lists the attributes of the ideal candidate.

Employment rights typically include a written statement of terms, minimum wage, paid holidays, rest breaks, and protection from unfair dismissal.

Health and safety duty: the employer must provide a safe workplace and training; the employee must follow safety procedures and report hazards.

Equal treatment law prohibits discrimination in recruitment and employment on grounds such as gender, age, religion, disability, or family status.

Gross pay = total earnings before deductions; net pay = gross pay minus income tax, social insurance and other deductions.

A contract of employment should be read and understood before signing; terms cannot normally be less favourable than statutory minimums.

Work experience report structure: description of the organisation → duties performed → skills developed → what was learned → evaluation and recommendations.

Employer expectations of a work-experience student: punctuality, appropriate dress, confidentiality, willingness to learn, and following instructions.

Punctuality and attendance are the most frequently cited criteria in employer references for new entrants.

Workplace skills valued by employers: communication, teamwork, problem solving, IT literacy, numeracy, and customer awareness.

Confidentiality means not disclosing client, commercial, or staff information obtained during work placement.

A work placement diary/log records tasks, dates and reflections; it is the evidence base for the final report.

Giving notice, thanking the employer, and requesting a reference are standard closing steps of a placement.

Reflective evaluation compares intended learning outcomes with what was actually experienced and identifies gaps.

IT skills used in the Link Modules portfolio: word processing, spreadsheets, presentation software, email, and internet research.

Spreadsheet uses: formulas for totals and averages, sorting and filtering data, and charting results for a report.

Source evaluation criteria: authority of the author, date of publication, evidence provided, and whether the source is primary or secondary.

Plagiarism = presenting another person's work or ideas as one's own without acknowledgement; it is avoided by citing sources.

A bibliography lists sources used, normally including author, title, publisher and date.

Communication process elements: sender → message → medium/channel → receiver → feedback; noise is any interference in the process.

Non-verbal communication includes body language, tone, and eye contact, and can reinforce or contradict the spoken message.

Formal communication follows the organisation's structure (reports, minutes); informal communication is the grapevine of everyday conversation.

Minutes record decisions and actions from a meeting; an agenda lists items to be discussed beforehand.

Stages of team development: forming → storming → norming → performing → adjourning.

Team roles usually include leader/chair, recorder, timekeeper, and researcher; each role carries a defined responsibility.

Characteristics of an effective team: clear shared goal, defined roles, open communication, mutual trust, and review of progress.

Problem-solving sequence: define the problem → gather information → generate options → evaluate options → choose and implement → review the outcome.

Decision-making techniques: majority vote, consensus, cost-benefit analysis, and decision trees.

Consensus decision requires all members to accept and support the decision, not necessarily to prefer it.

A decision tree weighs options by likely outcome and probability; a cost-benefit analysis compares total costs against total benefits.

Brainstorming rules: generate many ideas without judging them, build on others' ideas, and evaluate only after the idea-generation phase.

Meeting skills: circulate an agenda in advance, keep to time, record actions with owners, and review actions at the next meeting.