Please enable JavaScript.
Coggle requires JavaScript to display documents.
Business Studies ( So Far) (Characteristics of an Entrepreneur (Risk taker…
Business Studies ( So Far)
Stakeholders
peron or organisiation whoa re interested in the success of a business
2 kinds
External and Internal stakeholders
An example of a stakeholder is customers, as they want the business to produce quality products at reasonable prices
Sole Traders
Advantages
Easy to set up and run
All profits go to the owner
Independence with full control of the business
Flexible, able to adapt to changes quickly
Disadvantages
Difficult to raise finance
Subject to unlimited Liability
Long hours of hard work are involved
Cannot be continued when the owner dies
Characteristics of an Entrepreneur
Risk taker such as BILL GATES
Innovative such as WALT DISNEY
Proactive such as RICHARD BRANSON
Diligent such as STEVE JOBS
Resilient such as LI KA SHING
Visionary such as JOHN D. ROCKFELLER
Decisive such as ANDREW CARNEGIE
Good communicator such as JACK MA
Partnerships
There are differences between partnerships and Sole traders
There is a Deed of partnership in which it states how the workers are hired and trained
Franchising
A franchise a business model which allows a business to sell goods or services under establishes firms branding systems
A franchisee is a business that buys the franchise and sells it
Business or Economics ?
Economics
How one has to carry out analysis using theories and models
Mathematical skills are improved throu learning this subject