Essay
Unit 36: Starting a Small Business | Assignment 2 (P3, P4, M2)
- Institution
- Pearson (PEARSON)
This document provides all 3 criteria that are submitted for Assignment 2
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By: daynatye • 3 year ago
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By: youapparelsltd • 3 year ago
Overall everything thing is good but the assignment is completely messed up like it took me an hour to know what is where. There should be markings that which task starts from where like In P3 P4 M2 I can't understand which task material is where as everything is mixed and confusing.
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By: amaan187 • 7 year ago
By: dosti • 7 year ago
By: jegiraziz978 • 7 year ago
By: daynatye • 5 year ago
Please message me about this.
By: Medeea • 8 year ago
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THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY OTHERWAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
UNIT 36, ASSIGNMENT 2
STARTING UP A SMALL
BUSINESS:
REQUIRED SKILLS
BY DAYNA TYE
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
REQUIRED SKILLS
,THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY OTHER
WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
Content
Introduction...................................................................................................................................... 4
Skills................................................................................................................................................. 4
MY CONTRIBUTION........................................................................................................................ 4
TECHNICAL AND OPERATION SKILLS.............................................................................................. 4
MANAGEMENT............................................................................................................................... 4
RECORDS AND CHECKING PERFORMANCE OF BUSINESS...............................................................5
PERSONAL SELLING....................................................................................................................... 5
ADMINISTRATION.......................................................................................................................... 5
PREVIOUS EXPERIENCE................................................................................................................. 6
STRENGTHS AND WEAKNESSES.................................................................................................... 6
Development.................................................................................................................................... 7
IDENTIFICATION OF SKILLS GAP/SHORTAGES................................................................................. 7
PROFESSIONAL HELP..................................................................................................................... 7
TRAINING...................................................................................................................................... 7
PLANNING..................................................................................................................................... 8
Legal Aspects.................................................................................................................................... 8
LEGAL STATUS............................................................................................................................... 8
Sole Trader................................................................................................................................ 8
Partnership................................................................................................................................ 9
Limited company....................................................................................................................... 9
Co-operative............................................................................................................................. 9
LEGAL LIABILITIES....................................................................................................................... 10
TRADING TERMS AND CONDITIONS............................................................................................. 10
TRADING STANDARDS................................................................................................................. 10
LICENCES.................................................................................................................................... 10
RECORD KEEPING....................................................................................................................... 10
Sales and purchase ledgers..................................................................................................... 11
Wages and petty cash books................................................................................................... 11
Accident records..................................................................................................................... 11
RESOLVING PROBLEMS................................................................................................................ 11
NATIONAL/LOCAL LAWS............................................................................................................... 12
Paying employees................................................................................................................... 12
Hours of work, rest breaks and working week......................................................................... 12
Discrimination......................................................................................................................... 12
VAT (value added tax)............................................................................................................. 13
Other laws............................................................................................................................... 13
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
REQUIRED SKILLS
,THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY OTHER
WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
REGULATIONS AND BYLAWS........................................................................................................ 13
Data Protection Act 1998........................................................................................................ 13
Smoking.................................................................................................................................. 13
The Consumer Protection (Distance Selling) Regulations 2000................................................14
The E-commerce regulations 2002.......................................................................................... 14
The Privacy and Electronic Communications Regulations 2003...............................................14
The Human Rights 1998.......................................................................................................... 14
The Regulation of Investigatory Powers Act 2000....................................................................14
HEALTH AND SAFETY................................................................................................................... 14
FIRE REGULATIONS..................................................................................................................... 14
LICENSING................................................................................................................................... 15
LIABILITIES.................................................................................................................................. 15
PLANNING PERMISSION............................................................................................................... 15
CONTRACTS................................................................................................................................ 15
DUTIES AND RESPONSIBILITIES................................................................................................... 16
REGULATORY BODIES.................................................................................................................. 16
SOURCES OF ADVICE................................................................................................................... 16
Department for Business Innovation and Skills (BIS)...............................................................16
Local Enterprise Agencies....................................................................................................... 16
Shell live WIRE........................................................................................................................ 16
Other websites........................................................................................................................ 16
Financial Aspects............................................................................................................................ 17
PERSONAL SURVIVAL BUDGETS................................................................................................... 17
COST OF PREMISES..................................................................................................................... 17
COST OF EQUIPMENT AND SUPPLIES........................................................................................... 18
RUNNING COST........................................................................................................................... 18
EMPLOYING STAFF....................................................................................................................... 18
PRICING POLICY........................................................................................................................... 19
CASH FLOW FORECASTING.......................................................................................................... 19
PROFIT AND LOSS BUDGETS/ACCOUNTS..................................................................................... 20
SOURCES OF FINANCE................................................................................................................. 20
Sources not requiring creditors............................................................................................... 21
Sources from creditors............................................................................................................ 21
RECORD KEEPING....................................................................................................................... 22
Personal Skills Audit........................................................................................................................ 23
Personal Development.................................................................................................................... 24
BOOKS........................................................................................................................................ 24
WEBSITES................................................................................................................................... 24
OTHER........................................................................................................................................ 24
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
REQUIRED SKILLS
,THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY OTHER
WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
Introduction
In this assignment I will be talking about the skills and personal development
needed to run a business successfully and the legal and financial aspects that
will affect the business start-up. The business idea that I am going to go with is a
starting a new social media site only for students. Just like Facebook but only for
students who attend University and their tutors. I think this will be a good
business idea as people from different Universities can create groups online and
chat to one another about the course they are study and obtain help for others if
it is needed. It will only be open to students who can prove they attend
University; for example, sending off a copy of their student ID in order to prove
they are who they are and do actually attend a University. They will then be
given a login to use for themselves only and they can change all of their settings
to meet their own needs.
Skills
These are some of the skills needed in order to start up a business:
MY CONTRIBUTION
The owner of the business has to know what skills they are going to bring to the
business. In my business, I will bring as many skills as possible although I will not
be able to bring them all; a skills audit is the best way to find out the skills I and
all my employees have; if they do not have the right skills in order to complete
the job to the best of their ability, I would need to consider employing someone
or taking on a partner who has those skills in order to make sure my business
can become as successful as possible and fill the skills gap.
TECHNICAL AND OPERATION SKILLS
All businesses have their own unique thing about them so they will all require
different technical and operational skills. A new business owner will have to
determine which skills are important to their venture.
Most products and services require specialist skills to produce. A new business
would need to have understanding of the trade they are in as well as specific
skills to enable them to produce the goods/services. The type of product and/or
service knowledge that is required will depend on the business as well as the
product/service itself. For my business, I will have to make sure either me or
another person have the specialist skills to produce the basics of the website and
the network, etc.
MANAGEMENT
A manager that wants to become successful needs 3 key skills:
- Human skills: managers are required to be able to lead, communicate and
influence effectively everyone involved in the business including
colleagues, employees, customers, shareholders and suppliers.
- Technical skills: managers are required to have the technical skills and
knowledge to enable the product to be developed and produced.
- Conceptual skills: managers should have the ability to perceive and
develop new concepts as well as be able to solve problems and make
decisions.
Recently there has been a discussion as to a fourth skill that managers need:
political skills. This means the manager having the ability to build the right
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
REQUIRED SKILLS
, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY OTHER
WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
relationships with the right people: networking. This will in turn develop
connections that may result in additional resources. I believe as the manager of
my business, I have all of these skills although I may need to work on political
skills. I am able lead, communicate and influence, also I have technical and
conceptual skills.
RECORDS AND CHECKING PERFORMANCE OF BUSINESS
Businesses need to monitor how they are doing on a regular basis in order to
take the correct measures if there are any problems. The process for recording
and checking performance is usually set in steps:
Step 1: Define the aims, objectives and performance standards of the business.
The objectives should always be SMART (Specific, Measureable, Attainable,
Results-orientated and Time-framed).
Step 2: Measure performance. This is typically done by gathering information on
production and sales, as well as the quantity of products that have been
returned. The business owner should also be aware of the amount of money on
the bank and how much the business owes to suppliers.
Step 3: Compare the standards against the performance, i.e. compare steps 1
and 2.
For my business, I must do this in order to make sure I become successful.
Keeping records is a must because otherwise I would not be able to analyse how
my business is doing. See Assignment 1 for my aims and objectives.
PERSONAL SELLING
There are some key skills needed for personal selling, these include:
- To meet and greet customers
- To identify the customer’s product needs
- To put across the attributes of the product or service
- Excellent product knowledge and to be able to communicate this
effectively
- Good listening skills
- To counter objections to the sale from the customer
- To effectively close the sale
My business is online therefore I do not have to deal have a building for
customers to visit (unless they need too). When personal selling, I must make
sure I am able to do all of the above in order to become successful and make
sure my business is doing well.
ADMINISTRATION
Admin skills are very important within any business. Administration involves
anything from stock control, distribution and customer payment. People who
want to be good administrators need to be well organised, logical and have good
communication skills. Administration involves a variety of different jobs such as:
- Using the telephone and email effectively
- Preparing and printing documents
- Meeting and assisting customers, visitors or employees
- Accurately organising customer files
- Preparing and dispatching invoices and other financial documents
- Ensuring accurate and detailed research
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
REQUIRED SKILLS
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