aidemia--modules-lessonstartideas_type	Give a creative idea how to begin a lesson
Which subject	Business
What age group	College
What topic	Business formats - soletrader, partnership, ltd, plc, franchise
Quantity	1
Any other preferences

Lesson Introduction: Exploring Business Formats

Welcome to the World of Business!

Imagine walking into a bustling marketplace filled with diverse shops, each run in a unique way. Some shop owners are solo warriors, running their establishments entirely on their own. Others have chosen to join forces, sharing risks, profits, and responsibilities. While you stroll through this colourful venue, you spot a well-known brand with multiple locations, each promising the same quality and service. And just beyond that, a franchise offers a taste of something familiar, making it easy for anyone to step in and run a piece of the brand.

Activity: The Business Formats Carousel

Objective

To ignite your curiosity and lay the foundation for understanding the various business formats: sole trader, partnership, limited company (Ltd), public limited company (PLC), and franchise.

How It Works

1. Role Play: Divide the class into small groups, each representing one of the five business formats. Provide each group with a brief description of their assigned format, including key characteristics, advantages, and disadvantages.

2. Setting the Scene: Create a mock marketplace environment in the classroom. Designate areas for each business format. Each group will decorate their area to visually represent their format, using posters, props, or digital presentations.

3. The Carousel Begins: Set a timer for 5 minutes. Each group will present their business format to the rest of the class, highlighting their unique features and what makes them suitable in different circumstances.

4. Interactive Discussion: After all groups have presented, engage in a discussion about how these formats impact business operation, growth potential, and personal liability. Ask thought-provoking questions such as:

   • "Which format would you choose to start a business and why?"
   • "How does the choice of business format affect a company's ability to attract investment?"

Conclusion

This activity aims not only to familiarise you with the different business formats but also to encourage collaborative thinking and communication. As we dive deeper into today's lesson, keep in mind the passions, dreams, and practicalities that shape each business format. By the end of our session, you’ll have a clearer understanding of how these structures impact real-world business decisions!

Let’s get started!