Business Startup

Need to Know


After completing this chapter students should be able to:
  • Define a sole trader.
  • Illustrate your understanding of a sole trader.
  • Outline the advantages of operating as a sole trader.
  • Outline the disadvantages of operating as a sole trader.
  • Distinguish between limited and unlimited liability.
  • Illustrate your understanding of a partnership.
  • Outline the advantages of operating as a partnership.
  • Outline the disadvantages of operating as a partnership.
  • What is a deed of partnership?
  • Illustrate your understanding of a private limited company.
  • Outline the advantages of operating as a private limited company.
  • Outline the disadvantages of operating as a private limited company.
  • What is a certificate of incorporation?
 
Production Options
  • Define job production.
  • Illustrate your understanding of job production.
  • Define batch production.
  • Illustrate your understanding of batch production.
  • Define mass production.
  • Illustrate your understanding of mass production.
  • Compare job production, batch production and mass production under the following headings:
    • Cost
    • Type of labour
    • Type of machines
  • Illustrate your understanding of the term economies of scale.
 Finance Options
 
  • Distinguish between a short, medium, and long term source of finance.
  • Outline three short, medium, and long term sources of finance.
  • Outline the factors that an entrepreneur must consider before choosing a source of finance.
 Business Plan
 
  • What is a business plan?
  • Outline the benefits of preparing a business plan.
  • List the headings of a business plan. What would you expect to find under each heading.

Resources
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