Business Studies

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What are the main reasons for setting up a business?
Financial, personal and to help others.
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What skills does an entrepreneur possess?
ability to think ahead, learn from mistakes, plan carefully and decisiveness.
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What are the advantages and disadvantages of a sole trader?
Easy to set up, own boss, keep any profit, work long ours, unlimited liability.
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What are the advantages and disadvantages of a partnership?
More ideas, shared workload, more capital, legally responsible for the other partner, unlimited liability and risk of disagreements.
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What are the advantages and disadvantages of a private limited company?
Limited liability, more expensive, lots of legal paperwork and legally obliged to publish accounts.
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What are the advantages and disadvantages of a franchise?
Established product, less risk of failure, wider marketing, franchisor provides training and advice, franchisee has limited creative control.
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Other cards in this set

Card 2

Front

What skills does an entrepreneur possess?

Back

ability to think ahead, learn from mistakes, plan carefully and decisiveness.

Card 3

Front

What are the advantages and disadvantages of a sole trader?

Back

Preview of the front of card 3

Card 4

Front

What are the advantages and disadvantages of a partnership?

Back

Preview of the front of card 4

Card 5

Front

What are the advantages and disadvantages of a private limited company?

Back

Preview of the front of card 5
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