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Setting up a new enterprise - Coggle Diagram
Setting up a new enterprise
Enterprise process
Identify the problem
brainstorming
Individual reflection
Understand the problem
Identification need or want
Explore creative solution
Solve a problem
meet a need
get the most effective solution
action planning
Keeping financial capability in mind
Breaking down goals to achievable tasks
Working towards goals set out earlier
Implementing the plan
carry out our plan
effectively
efficiently
lawfully
with due regard to health and safety
not always as expected
making decision
quickly
responsive
flexible
monitoring progress
Set it out to make sure the projects are tracked and any deviations identified
evaluating
Successes and failures
reviewing the final outcomes
Assessed skill, attitude, qualities
understanding acquired and learned lessons
if follow each step the would be successful in enterprise
Types of business organisation
Sole trader
owned and run by one person
owner has unlimited liability
Limited company
private limited company
owned by small group
limited liability
shares cannot be sold to public
public limited company
shares sold to general public
listed on stock market
shareholders have limited liability
Partnership
owned by 2/more people
share profits and responsibilities
unlimited liability
Co-operative
owned and run by members
members share a common interest
owned/ managed by people who work or use service
types
consumer co-operative
producer co-operative
worker co-operative
Social enterprise
Charities
aims to support specific causes
operate using donation, grants, fundraising
no profit sought for owners
not-for-profit organisation
sells goods or services
reinvest all profits into activities
benefits the community
Franchise
franchisee buys right to use franchisor's name or brand
uses existing company's operating system