Business Management: The Nature Of Business Activity.

2868 words - 11 pages

Q1. Business organisations are of great importance for both society and the individual. A good way of showing their importance is the Business Cycle below.Organisations exist to provideGoods and services.Business organisations are there to satisfy consumers and in satisfying these consumers they are providing resources i.e. wages/salary. In order to carry on successfully they have to create new demand by developing new products and marketing. All the while these organisations are providing goods and services for the consumer market, they are also providing employment for the general public.As far as society is concerned, successful businesses contribute to the economic wealth of the country allowing steady growth. They can also increase the power of the country within the European and World Trade Market. Employment is reduced and living standards are increased. All in all there is a general increase in spending within the economy. Beneficial To the public sector, taxes are also ploughed back into society, which in turn improves standards of living.So as you can see, without Business Organisations to cater for all the demands of the billions of consumers across the globe, the Western World as we know it would be nothing like it is today, perhaps it would still be somewhat primitive.Q2. As quoted in the Oxford Dictionary 'an entrepreneur is somebody who makes money by starting new businesses'. I on the other hand will delve into it a little deeper giving an insight into their role within a business. Within the private sector, business organisations are owned and controlled by individuals or groups of individuals, who are often referred to as entrepreneurs. These entrepreneurs bring together all the necessities required to run a business. Their main objective is to make profit over the coarse of each year. Generally speaking, entrepreneurs are also risk takers and in order to grow larger and increase sales or market share are likely to risk factors of production i.e. land, labour, capital and enterprise.Q3(a). *Sole Trader. Key features: - Known sometimes as sole proprietors, they are an unincorporated enterprise within the private sector of the economy. There are a number of advantages for Sole Traders i.e. they are easy to set up with few legal formalities other than informing the inland revenue, the owner is their own boss therefore independent, they have the ability to make and implement decisions quickly and paperwork is often minimal however does increase if turnover increases.Its not all plain sailing however as there are some disadvantages for the Sole Trader i.e. It is quite common for them to work long hours with very few holidays, ill health is a constant concern and, should the business fail then the owner is held responsible for it's debts, which can often lead to creditors seizing not only the business assets but also the personal possessions in order to recoup their losses. Sole traders have unlimited liability.A sole trader does not...

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