Business AS CIE
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enterprise as6 主题
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business-structure as6 主题
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business-structure the-different-business-and-economic-sectors
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business-structure business-ownership-sole-traders-and-partnerships
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business-structure business-ownership-companies
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business-structure business-ownership-co-ops-and-social-enterprises
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business-structure business-ownership-franchises-and-joint-ventures
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business-structure choosing-the-right-business-ownership
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business-structure the-different-business-and-economic-sectors
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size-of-business as3 主题
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business-objectives as3 主题
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stakeholders-in-a-business as2 主题
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human-resource-management as8 主题
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human-resource-management the-role-of-hrm
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human-resource-management workforce-planning
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human-resource-management recruitment
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human-resource-management selection-and-employment-contracts
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human-resource-management redundancy-and-dismissal
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human-resource-management employee-morale-and-welfare
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human-resource-management training-and-development
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human-resource-management management-and-workforce-relations
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human-resource-management the-role-of-hrm
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motivation as4 主题
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management as2 主题
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the-nature-of-marketing as7 主题
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the-nature-of-marketing the-role-of-marketing
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the-nature-of-marketing demand-and-supply
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the-nature-of-marketing markets
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the-nature-of-marketing consumer-and-industrial-marketing
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the-nature-of-marketing mass-marketing-and-niche-marketing
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the-nature-of-marketing market-segmentation
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the-nature-of-marketing customer-relationship-marketing
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the-nature-of-marketing the-role-of-marketing
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market-research as3 主题
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the-marketing-mix as6 主题
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the-nature-of-operations as3 主题
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inventory-management as2 主题
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capacity-utilisation-and-outsourcing as1 主题
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business-finance as2 主题
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sources-of-finance as3 主题
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forecasting-and-managing-cash-flows as1 主题
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costs as4 主题
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budgets as1 主题
business-structure business-ownership-sole-traders-and-partnerships
Exam code:9609
Sole traders
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When an entrepreneur starts a business, they will often start operating as a sole trader
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This is a business with a single owner (although they may still hire employees)
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Examples of sole trader businesses
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Example |
Description |
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Nico’s Auto-Cleaning |
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Jan’s Bike Repairs |
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Taste of Kerala |
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PixelPup Design |
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Sole traders often run their business alone and so need to have a varied skillset, including:
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Money skills: set sensible prices, keep basic records and monitor cash coming in and going out so the business doesn’t run out of money
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Great customer service: be friendly, reliable and helpful so people come back and tell their friends
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Simple marketing and selling: spread the word on social media or in the local area and feel confident asking for the sale
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Problem-solving and resilience: stay calm when things go wrong (like late payments or lost stock) and find quick fixes
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Evaluating a sole trader setup
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Advantages |
Disadvantages |
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Over time, sole traders may change the form of business
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By forming a partnership or becoming a private limited company with limited liability they can access more funding or provide more security for the owners
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Partnerships
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A partnership involves two or more people joining together to own a business
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They are relatively easy to set up with relatively few legal formalities
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Partners may choose to draw up a deed of partnership which states the formal rights of each partner including
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The amount of capital contributed by each partner
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How profits or losses are shared amongst partners
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The procedures for dissolving the partnership and taking on new partners
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The level of control each partner has
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Examples of business that commonly operate as partnerships include lawyers, accountants and doctors
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Evaluating a partnership setup
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Advantages |
Disadvantages |
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Responses