Running A Business Flashcards
Characteristics of a successful entrepreneur
Organised, planning skills, assumes the risks of a business of enterprise, managing skills, creative
Advantages of being an entrepreneur
Being your own boss - independence
Possibility of making a profit
Possible tax advantages
Contribute to society
Disadvantages of being an entrepreneur
Hard work and long hours
Risk of failure and stress
Income may fluctuate and be uncertain
High levels of responsibility
Different types of business organisations
Sole trader - Isabella’s beauty salon Partnership - M & M Communications Private company - Becks Pty Ltd Public company Incorporated Association
Types of research and importance of demographics in business opportunities
Statistics on sales - help to refine products to suit demographics and maximise profit.
Establishing an existing business
They have a market, stock and equipment, but may be difficult to beat the previous standard as well as customers and staff being resistant to the change.
