Introduction to Management
Management is the art and science of getting others to do the work for you. According to Richard Daft, Management is the achievement of organization goals in effective and efficient manner through planning, organizing, leading and controlling organizational resources.
2.0 Sole Trader
Sole trader is probably the simplest form of business. Anyone can become a Sole Trader, once approved-business can immediately commence. Examples of Sole Trader businesses are Ice-cream sellers, sundry shop owners, florists and hair salons, cobblers and boutique owners. Sole Traders can be found in various types of businesses. Many large companies started off as a Sole Trader business.
2.1 Strengths of Sole Trader
Being a sole trader has its pros and cons. The pros are setting up a sole trader business is easy because of the little amount of investments to start the business running. The strengths of being a sole trader is that all profits made by the business belongs to the owner. Decision making is easy as the owner can make the decisions without consulting anyone, because the individual is the owner. The speed of decisions also become faster as the owner can decide for him, which makes the business more flexible. The sole trader business is a plus point for the owner can directly meet his customers and keep them satisfied. This may lead to increase in sales which will draw profits for the owner.
2.2 Weakness of Sole Trader
Being a Sole Trader also has its weaknesses. As a sole trader, the individual is only capable to provide their services at ...