Business Studies 0.0 / 5 ? Applied BusinessStarting a BusinessGCSEAQA Created by: LiviMae2498Created on: 20-05-14 12:00 What are the main reasons for setting up a business? Financial, personal and to help others. 1 of 6 What skills does an entrepreneur possess? ability to think ahead, learn from mistakes, plan carefully and decisiveness. 2 of 6 What are the advantages and disadvantages of a sole trader? Easy to set up, own boss, keep any profit, work long ours, unlimited liability. 3 of 6 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. 4 of 6 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. 5 of 6 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. 6 of 6
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