2022-10B-AO1

Benefit of a sole trader?

• Quick and easy to start up
• Two or more people to invest
• Shared workload
• Unlimited liability

what is a benefit of being a sole trader?

• unlimited liability
• quick and easy to set up
• lots of people to work with
• democracy

What is an Entrepreneur?

• a risk taker that starts their own business or enterprise to make a profit or for ethical reasons.
• someone who gives out loans
• working for someone
• doesnt invest

Benefits of a partnership

• Easy to startup & little paperwork once the deed of partnership complete
• Unlimited liability
• Disagreements may occur
• Longer decision-making — all partners must agree

Benefits of a partnership over a soletrader

• less people
• Wider range of skills and attributes
• More control over decision making
• Less funding

What is a hierarchy?

• is the route/line of communication and authority within a business, it shows the route an order takes to get to its intended recipient.
• is the number of people a manager is directly responsible for (only directly under).
• shows the layers of management and authority in a business or enterprise.
• is the assignment and entrustment of tasks to another person below you in the hierarchy.

Which one of these is an attribute?

• Sales
• Confidence
• IT
• Timekeeping

Benefits of a sole trader

• Quick and easy to start
• unlimited liability
• heavy workload
• Difficult to raise finance

how a business can increase revenue ?

• Get more customers through promotions or offers
• reduce costs
• make sure that the product is good
• get more employees to work for you

the advantages of a franchise ?

• Startup and ongoing support from head office
• Limited liability protects owners’ personal wealth
• Original owners likely to maintain control
• Increased business reputation from being legally registered