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Making Life In The Markets
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Having acquired sufficient knowledge and skills on entrepreneurship and small
business management, you must demonstrate practical competencies in managing
business’s assets and risks. Think of any business you would like to start and answer
the following questions:
QUESTION 1
By using practical examples, critically discuss how you would manage the
assets of your business. (10)
Assets of a business can be defined as the resources that are, used and controlled by
the business as a result of past events (Allen, 2015). Assets are generally classified
into two broad categories namely current and noncurrent assets, in which categories
physical and non-physical assts can be further grouped (Longenecker, Petty, Palich &
Hoy, 2013). According to Kuratko (2006) assets of a business are reported in the
businesses balance sheet at any given date. The common type of assets are vehicles,
premises, equipment, inventories, financial investments, debtors and cash held at
bank or hand as petty cash (Burns, 2016). The business must strategically manage
these assets for sound performance and success.
Taking an example of B2FX a business that is into online financial trading, the following
are the businesses assets as reported in its balance sheet
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