M3 Unit 37 Essay

M3 the skills I acquire to develp ar financail and accounting, Financial- The top reason why affaires go out of business is unsound financial planning. All the cash flows in the wrong direction. Having regulateed through the dotcom shoot and bust I hurl seen first hand what too self-aggrandizing a budget in the wrong hands can do. mortal needs a firm grip on the numbers and it had fail be you otherwise someone might just take a trip to a tropical island at your expense.I allow be devoloping this skill by finding some volantry jobs for one or both week to gain some skills so because I should be able to serve my own business. The other skill that I need to develop is the ability to implement systems (such as workplace information, risk management, invariable improvement and record keeping systems) that pass on help my business run when I am not there. I will be doing ameliorate this by getting a business coures for one or devil weeks to learn near the systems.Imagina tion- M each mess neglect their creative side of meat feeling that it is better to be all about the logic, but in fact some of the most successful business people ar also the most imaginative. So I need to learn this skills by talking to other people who already running a business. puzzle Solving- A big part of surviving in business is about solving problems fast and effectively. An employee who is good at keeping their head in a crisis while fighting fires is a worthwhile asset to any business. I will be practising this skills by getting some work experience at contrastive organisations to improve my skill.Rukia Sadiqi p4 unit 36 discribe the efficacious financail aspects that will contact the start-up of your business. Legal statusLegal status instrument the concept of companies having a particular place in the market, from this as it determines the laws which affect themThere are many types of businesses sole trader, partnership, private limited corporation or franchis eSole trader this directs one individual who is the boss and the owner of the company and has untrammeled liability and the examples are a builder, a window cleaner and mountain lion etc.Partnership This business contains tow or more people up to 20 the share mingled with the partners doesnt contract to be 50% it can be different share amounts partners also have a unlimited liability and some example are doctors, dentists and more. The partners mustiness have a deed of partnership which is a contract between partners which legally binds them. The strength is that the partners well get the same percentage of gelt as much as they have invested into the company.Private limited company is to make money quickly the cant sell there shares to the transport market as they have a great weakness. The owners have the primary(prenominal)(prenominal) control in the business normally as they control the business and the main stake holders of the business are board of directors. The big gest strength they have is that if the company goes bankrupt the owners can loose thier personal positions so they buckle under off depts.Franchise is when the company such as McDonalds sells the rights and the promotion to the person to user their brand and logo to sell its products, services and logos, usually in a defined area. The person that gets the rights gives royalty to the users as this will involve paying fixed fees and a percentage payment of the franchisees sales turnover. The main strength of this is that the business is a success and that the advertising is generally from the franchise company so this gives advertisement for all the franchisers that own the different branches.Our business is a parivet which is made up of my self Rukia and our business is called Rakz blur salon which is a hairdresser . I chose to run my business privitaly because I want to make money quickly and want to have the main control of my business. The biggest strength I have is that if th e company goes bankrupt then I can loose my personal positions so I will have pay off depts. M3- assess the implications of the legal and financial aspects that will affect the start-up of the business.