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Advantages And Disadvantages Of A Small Business

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HND in Business
Unit 33: Small Business Enterprise
Abdul Rahuman - IDM Registration Number – CC22802629

Task 1

a. Identify different methods a small business could be started?

Before identifying different methods a small business could be started. What is a Small business? According to the Institute of small business administration of United States of America has defined small business as “A Small business is one that is independently owned & operated & does not dominate in its field of operation”. Flora Richards-Gustafson defines a small business as “Sometimes called a small business, a small-scale enterprise is a business that employs a small number of workers and does not have a high volume of sales. Such …show more content…

If the owner’s capital is insufficient, he/she could opt for a business partner who would invest capital into the business and thereafter operate as a partnership business. A small business could also make use of micro financing schemes that provides small amounts of capital for entrepreneurs who are poor and do not have access to obtaining finance via traditional means such as conventional banks. The two main methods of starting up a small business have been elaborated below:

Sole Trader

Sole Trader is a type of business entity which is owned & managed by one individual. Sole Trader is suitable for retail shops, saloons, beauty parlors, textiles, shops, laundries, lawyers, Professional services:- Lawyers, Doctors.

Edexcel Registration Number- 2 |Page

HND in Business
Unit 33: Small Business Enterprise
Abdul Rahuman- IDM Registration Number – …show more content…

 The decision making process causes more delay due to different ideas of partners.
 Due to unlimited liability partners have to lose their personal property.
 The impossibility of carrying out ones initiative without others approval.

Edexcel Registration Number - 5 |Page

HND in Business
Unit 33: Small Business Enterprise
Azeena Jumar - IDM Registration Number - CC12802017

b. Consider yourself as a business consultant and prepare a business plan for an existing business or new business of your choice. Please include following appendices.

i. SWOT Analysis

ii. Porters Five Force Analysis

iii. Industry Analysis

Longenecker, J., Moore, C., Petty, J. and Palich, L. define a business plan as “A document that presents the basic idea for the venture and includes descriptions of where you are now, where you want to go, and how you intend to get there” (2013, p.151)

The following pages brings together the Business Plan for AaZee Creations, which a small business that offers Designer Ladies Clothing for all occasions ranging from casual wear, office wear, party and festive

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