Learning Outcome One (Element One)
1.1) Self-employment options existing for business
There are several self-employment options such as sole trader, partnership, franchise, social enterprise as well as cooperative in nature. As commented by (), for the sole trader, the employment of the staff and handling responsibilities is a major criterion. In case of partnership, it involves pooling the expertise that of the two or additional persons involved. The limited company also focuses towards the companies to run having their own obligations as well as legal rights. For franchise, the already established business gives right the franchisee in using their business model. The social environment operates in benefiting the society along with the environment for achieving their objectives ().
() commented that the business type chosen for the business is the partnership since it have unlimited liability. The profits and losses are also shared and also have shared responsibility along with reduction in pressure on the individuals involved.
1.2) Defining the business purpose
The business purpose of the partnership, franchises is to expand the growth of the organization throughout. It helps in product as well as service sectors to the customers. As commented by (), the social enterprises and the sole traders have fewer regulations that need to accomplish the management of the business. The business helps in providing products to the customers. The business purpose of the cooperative aims in creating the value of the customers and doesn’t aim for profit. These businesses are in for providing crafts to the customers.
1.3) Reasons behind founding small business ventures
Personal: The reason behind the finding of small business ventures is to personally have a clear vision. It also depicts the pride and satisfaction of the entrepreneur personally.
Family: From the outlook and opinion of (), the family starting the business ventures focuses towards the trust and keeping the accounts in the family.
Business: The small business ventures establishment is due to the effective an d efficient business ().
Community: The community required for the business helps in sustainable growth of the business (). It also helps in better productivity as well as better work towards the community.
1.4) Analyzing business skills
The sole trader requires excellent technical knowledge for the sale of the selected products, and services. The reason is because of having excellent low costs of running as well as knows the pros and cons of the technical equipments required. According to the opinion of (), the occupational knowledge also helps in sustainable growth of the organization and hence the weakness are exploited. The professional growth includes the good knowledge in legislation, legal, marketing as well as finances. Other than this, the managerial option included in sole trader includes the extensive planning, decision making and problem solving capabilities. It is because; the sole trader is the only person dealing with the business. So, from the point of view of (), the sole trader takes the important decisions regarding the problems. The entrepreneurs himself have to manage the risk s as well as stay self motivated in the business. One should also have the energy as well as attitude towards the success of the organization.
For the partnership business structure, the technological knowledge required is totally specified with the products and the services that the organization is selling. () commented on the essential fact that the occupational knowledge also includes the kind of the market and the customers that the organization are aiming at. The professional outlook also includes the knowledge regarding the financial calculations, skills regarding the people and the decision making process. The managerial risk includes the decision making of the organizational plans and procedures for selling the products and services to the clients. As commented by (), the entrepreneurial quality includes the confidence of the persons involved in partnership in handling the risks. It also includes the level of motivation, drive, energy as well as ambition that helps in driving the organization towards the way of success. Other than this, the self motivation of the partners also is necessary for better progress of the organization.
The franchisee business structure totally requires technical knowledge for better operation of the organization. The main organization provides permission to the franchisees to share the business model of the organization. As commented by (), the betterment of the project focuses towards the excellent usage of the services that helps in professional growth. Other than this, the occupational skills that the organization requires for franchising are totally related to the market. The professional areas also include the areas such as financial, legislation as well as legal professions for better business. The managerial areas such as planning along with focusing towards the planning as well as decision making that helps in making excellent decisions. From the outlook and opinion of (), the attitude towards the
Learning Outcome (Element Two)
2.1) Distinguishing the several features in the owner participation
2.2) Commitments and responsibilities of the managers and owners
2.3) Personal characteristics identified of successful small business managers
2.4) Essential features of small business
2.5) Definition of small business in New Zealand
Comparing it to small business in Australia, USA and UK
2.6) Small businesses following factors
Capital management:
Credit Management:
Technical Ability:
Market Access and size:
Marketing and selling skills:
Management capability:
Business growth:
Personal life conflict:
2.7) Evaluation of the criteria for making success in the small business operations
Learning Outcome (Element Four)
4.1) Identification and evaluation of types of government funded programmer that are available to small businesses
4.2) Two conditions and befits of employment assistance program
4.3) Services provided through trade, professional as well as business associations
4.4) Services provided
4.5) Access of the business information
4.6) Acquiring information from commercial sources of business information
4.7) Identification of education as well as training program relevant to small business operations
