The BTEC Level 3 National Extended Diploma in Business is a comprehensive, career-focused qualification that prepares students for education and the dynamic business world. Equivalent to three A levels, this two-year course offers a practical and real-world approach to learning, blending academic theory with hands-on experience. Students explore various business-related topics throughout the course, including marketing, finance, human resources, management, entrepreneurship, and the global business environment. The curriculum is designed to develop essential skills, including problem-solving, decision-making, teamwork, and communication, which are highly valued in today's competitive job market. This qualification offers a flexible pathway for learners, whether they aim to enter university, pursue professional qualifications, or transition directly into employment or apprenticeships in the business sector. With a strong emphasis on project-based assessments, work-related scenarios, and industry engagement, learners acquire the knowledge, confidence, and competence necessary to succeed in diverse business contexts. It is ideal for ambitious students eager to understand how businesses operate and who want to build a solid foundation for a future business career. Definition; Business refers to an organisation or enterprising entity engaged in commercial, industrial, or professional activities. The purpose of a business is to organise the economic production of goods or services. Businesses can be for-profit entities or non-profit organisations fulfilling a charitable mission or furthering a social cause. Businesses range in scale and scope from sole proprietorships to large, international corporations. Business also refers to individuals' efforts and activities to produce and sell goods and services for profit. Characteristics of business include Businesses can be for-profit entities or non-profit organisations. Business types range from limited liability companies to sole proprietorships, corporations, and partnerships. Some businesses run as small operations in a single industry, while others are large operations across many industries worldwide. Apple and Walmart are two examples of well-known, successful businesses. Types of business include; Sole Proprietorship: As the name suggests, a sole proprietorship is owned and operated by a single person. There is no legal separation between the business and the owner, which means the business's tax and legal liabilities are the owner's responsibility. Partnership: A partnership is a business relationship between two or more people conducting business together. Each partner contributes resources and money to the company and shares in the profits and losses of the business. The shared profits and losses are recorded on each partner's tax return.7 Corporation: A corporation is a business in which a group acts as a single entity. Owners are commonly referred to as shareholders who exchange consideration for the corporation's common stock. Incorporating a business releases owners from the financial liability of business obligations. A corporation comes with unfavourable taxation rules for the owners of the business. Limited Liability Company (LLC):
This relatively new business structure was first available in Wyoming in 1977 and in other states in the 1990s. A limited liability company combines the pass-through taxation benefits of a partnership with the limited liability benefits of a corporation.
