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Unit 16 P1

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Submitted By navshar20
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P1 – Explain how knowledge or personal strengths and weaknesses can be applied to prepared for and contributing to a business

What is an entrepreneur?
An entrepreneur is a person who sets up a business or businesses, taking on financial risks to make profit.
Qualities
The qualities that are useful to a successful entrepreneur are you need to be confident and willing to take risks.
Skills – Ability to carry out certain tasks after training
Knowledge- Information that has been learned
Ability- Natural talent, for example some people it easy to relate with people and sell products.
Aptitude- The potential a person has to develop skills and acquire information.
Benefits and drawbacks of starting up your business-
The strengths of starting up your own business are that you are in control of your business and yourself, and can make your own decisions. Strength is the profit you make is all yours, unless you are working with a partner then it has to be split. Strength is that you can do what you want, cause it your business, and know one else can tell you what to do.
The weaknesses of starting up your business are you have to put a lot of time into the business (long hours). Another weakness is there is a lot of paper work therefore again which is time consuming. This leaves you with not enough time to spend with your family or friends. Lastly another weakness is there are lots of rules and laws to follow to make sure you are doing things legally, which sometimes can make things stressful.

Describe your business idea
My business idea is to sell beauty products such as brand name perfumes and make-up. My Business will start off small by selling to family and friends and slowly increasing customers by advertising to friends of family etc. I will also have a website to make it easier for customers to see the type of product we are sell, as

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