M3 Unit 37

M3 the skills I need to develp are financail and accounting, Financial- The top reason why chorees go by of strain is bad financial planning. All the cash flows in the untimely direction. Having worked through the dotcom boom and bust I confuse seen first throw what too big a budget in the wrong hold hindquarters do. Someone needs a firm grip on the numbers and it had better be you otherwise nearlyone might dear take a trip to a tropical island at your expense.I get out be devoloping this skill by finding some volantry jobs for one or two week to gain some skills so then I should be able to precede my own trading. The other skill that I need to develop is the ability to implement systems ( such as workplace information, peril management, continuous improvement and record keeping systems) that will help my melody run when I am not there. I will be doing improving this by getting a business coures for one or two weeks to expose about the systems.Imagination- Many plent y neglect their productive side feeling that it is better to be every last(predicate) about the logic, nevertheless in fact some of the most supremacyful business people are also the most imaginative. So I need to learn this skills by talking to other people who already running a business. Problem Solving- A big part of surviving in business is about solving problems fast and effectively. An employee who is good at keeping their spike in a crisis while fighting fires is a worthwhile asset to any business. I will be practising this skills by getting some work experience at different organisations to improve my skill.Rukia Sadiqi p4 unit 36 discribe the heavy financail aspects that will affect the start-up of your business. Legal situationLegal status means the concept of companies having a particular place in the market, from this as it determines the laws which affect themThere are many types of businesses sole trader, partnership, private limited keep ships social club or franchiseSole trader this involves one person who is the boss and the owner of the company and has limitless liability and the examples are a builder, a window pristine and painter etc.Partnership This business contains tow or more people up to 20 the share between the partners doesnt have to be 50% it quarter be different share amounts partners also have a unlimited liability and some example are doctors, dentists and more. The partners must have a deed of partnership which is a contract between partners which legally binds them. The violence is that the partners well get the same fortune of profit as lots as they have invested into the company.Private limited company is to make money quickly the cant cuckold there shares to the stock market as they have a great weakness. The owners have the main control in the business normally as they control the business and the main stake holders of the business are board of directors. The biggest strength they have is that if the co mpany goes bankrupt the owners can loose thier personal positions so they pay off depts.Franchise is when the company such as McDonalds sells the rights and the promotion to the person to user their brand and logo to sell its products, services and logos, usually in a defined area. The person that gets the rights gives royal family to the users as this will involve paying fixed fees and a percentage payment of the franchisees sales turnover. The main strength of this is that the business is a success and that the advertising is mainly from the franchise company so this gives advertisement for all the franchisers that own the different branches.Our business is a parivet which is made up of my egotism Rukia and our business is called Rakz Hair salon which is a hairdresser . I chose to run my business privitaly because I emergency to make money quickly and want to have the main control of my business. The biggest strength I have is that if the company goes bankrupt then I can loose my personal positions so I will have pay off depts. M3- assess the implications of the legal and financial aspects that will affect the start-up of the business.