MGTA01H3 Lecture Notes - Lecture 7: Sole Proprietorship, Business Plan, Risk-Seeking
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MGTA01H3 Full Course Notes
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No fees, no paperwork, no permission necessary. To start a new business: just start. But, if you don"t do some planning: that"s just dumb! Plan lays out all facts, assumptions, tasks, resources needed, timelines, etc. Entrepreneurs are not risk seeking they are risk tolerant. Risk tolerant: willing to take a chance after figuring out what"s the worst that can happen. "better to fail on paper, than fail in real life" As business grows, it will need capital. Plan is evidence of planning and research. Plan is evidence that entrepreneur is serious. Small business employing less than 5 people. All models or templates suggest plan address 3 key issues: The answer to these two questions determine the most appropriate way to organise the business. Easiest way to form a business- you just begin. A "sole proprietor" doesn"t consciously set up a "sole proprietorship" A " sole proprietor " just is. Its just the name we give it e. g. turtles.
