Business ownership
- Created by: Georgiafoulkes
- Created on: 17-05-16 19:04
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- Business
- business objectives
- First year:survive and ensure the business is stable.
- Second+thirdyear: make a profit in the busines.
- Finally: expand, expand the business.
- Second+thirdyear: make a profit in the busines.
- First year:survive and ensure the business is stable.
- Types of businesses ownership
- Sole proprietor: owning a business on your own, you have unlimited liability. Although you can employ people to work for you.
- Unlimited liability is if your business goes into debt that you cannot repay your personal belongings can be taken to repay the debt.
- Benefits-100% of the profit, nobody to consult with-make desciosns fast and easily.
- Disadvantages-nobody to share the workload with,not as many skills in the business.
- partnerships:When you own a business with another person, you share the profits and both make decisions together.
- you also have unlimited liability in a partnership, you also have to share the profits.
- You have more skills in the business and have other people to help make important decisions.
- Sole proprietor: owning a business on your own, you have unlimited liability. Although you can employ people to work for you.
- Stakeholders
- employees
- They would want job security
- competitors
- They want their business to be better than yours.
- customers.
- they want good quality products at good prices.
- goverment
- they want the business to follow the set laws and make money for the country.
- local community
- they wnat the business to provide new jobs.
- suppliers
- they want to be paid on time and to buy in bulk.
- employees
- business objectives
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