M3 Unit 37

M3 the skills I need to develp are financail and accounting, Financial- The top reason why billetes go verboten of business is bad financial planning. All the cash flows in the wrong direction. Having worked through the dotcom boom and bust I collect seen first hand what in addition big a budget in the wrong hands puke do. Some one(a) needs a firm grip on the numbers and it had conk out be you otherwise someone might just take a trip to a tropical island at your expense.I ordain be devoloping this skill by finding some volantry jobs for one or two week to gain some skills so hence I should be able to run my hold business. The other skill that I need to develop is the ability to implement systems (such as workplace information, risk management, continuous improvement and record keeping systems) that provide help my business run when I am not there. I will be doing improving this by getting a business coures for one or two weeks to learn about the systems.Imagination- Many pe ople neglect their creative side feeling that it is better to be all in all about the logic, only in fact some of the most successful 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 resoluteness problems fast and effectively. An employee who is good at keeping their head 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 legal financail aspects that will advert the start-up of your business. statutory statusLegal 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, hush-hush limited company or franchiseSole trader this inv olves one person who is the boss and the owner of the company and has unlimited liability and the examples are a builder, a window cleaner and painter etc.Partnership This business contains tow or more people up to 20 the share between the partners doesnt do to be 50% it can be different share amounts partners also wee-wee a unlimited liability and some example are doctors, dentists and more. The partners must have a execution of partnership which is a contract between partners which legally binds them. The strength is that the partners well get the same percentage of profit as much as they have invested into the company.Private limited company is to make money quickly the cant sell 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 company 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 shuffle and logo to sell its products, services and logos, usually in a defined area. The person that gets the rights gives royalty 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 self Rukia and our business is called Rakz Hair salon which is a hairdresser . I chose to run my business privitaly because I want 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 dep ts. M3- assess the implications of the legal and financial aspects that will affect the start-up of the business.