Business ownership

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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.
    • 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.
    • 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.


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