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Year 10 Business (Business Activity (Good - A physical item that can be…

- - - - They have unlimited liability (The owner is personally liable for all business debts)
      - Only one person owns the business
      - A business owned by a single person
    - - • Owner keeps all the profit and has complete control
      - • No legal requirements to start the business (UK)
      - • Can offer personal services due to their size
    - - • They have unlimited liability
      - • May struggle to raise finance
      - Long hours and hard work days
      - No continuity - if the owner dies the business dies with it
  - - - • Sole Traders like hairdresser
  - - - • Partnership
      - • Joint Venture
      - • Limited Partnership
      - • Limited Liability Company
  - - - • Group of 2 to 20 people who agree to run and own a part of a business
      - • The people might specialize in different areas of the business
      - Deed of partnership
        
        • Date formed
        
        • Name of all partners
        
        • Location of business
        
        • Business name
        
        • Period of the partnership
        
        • Capital
        
        • Share of profit
        
        Duties of partners
        
        • When the partnership is terminated (i.e. Death of partner or stoppage of contribution)
    - - • Easy to set up
      - • Different business specialities
      - • More capital with more owners
      - • Finance info is not published
    - - • Partners have unlimited liability
      - • Profit has to be shared
      - • Partners might disagree and fall out
    - - • LLP partners are limited to the amount each member guarantees
    - - • Partnership where some partners contribute to capital and enjo a share of the profits but do not take part in running the business
      - • One partner has to have unlimited liability
  - - - • Franchisor - Owner of the franchise name e.g. subway
      - • Franchisee - Person running their own franchise
    - - • Relatively cheap to open
      - • Very good overall profit
    - - • Time consuming
      - • Not free to run the business how you want
- - - - Businesses need somewhere to locate, they also need resources from land such as oil, soil, etc.
    - - The workforce - manual workers, skilled workers and managers
    - - Working Capital: Raw materials, components and finished goods to be sold
      - Fixed Capital: Machines and tools
    - - Business people who have ideas to set up new businesses. They organise resources
- - - - Training given to new employees when they first start a job
    - - Training tasks that take place while doing the job like mentoring or job rotation.
    - - Training that that takes place away from the work area
- - - - Most important - Physiological Needs
      - Safety and Security
      - Love and Belonging
      - Esteem Needs
      - Least important - Self-actualization
    - - The 2 factors of motivation are Motivators and hygiene factors
      - Pros
        
        Can be used to address issues in a compay
        
        Practical
      - Cons
        
        Factors may be subjective
        
        General
    - - All workers are motivated by money
      - Pros
        
        Helps workers get motivated to work harder
        
        Helps companies prepare better practices
      - Cons
        
        Requires huge capital
        
        Not sustainable for groups