MGTA01H3 Lecture Notes - Lecture 7: Sole Proprietorship, General Partnership, Risk-Seeking

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Mgta01 lecture 7 planning and organising the business. Entrepreneurs are risk tolerant but not risk seeking: they determine if it is worth doing. Others who can help business succeed: everyone needs help, advice and guidance, as business grows, it will need capital, plan is evidence of planning and research, plan is evidence that entrepreneur is serious. Purpose of the business plan: road map (to do list, record and verify assumptions, evidence of planning and research, evidence that the entrepreneur is serious, evidence that entrepreneur is willing to work. People, market and resources make a business successful. Sole proprietor: supplies all the capital (29079, makes all the decisions, keeps all profits, responsible for all debts. Sole proprietor can have employees (can have many employees) but: there"s just one owner, just one boss. Easy to set up: no regulatory requirements, no mandatory accounting needs.