1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Arisa [49]
3 years ago
13

What are some skills an individual would need to run a business as a sole proprietor?

History
1 answer:
Andrews [41]3 years ago
8 0

Answer:

Self-Motivation Skills, Industry Knowledge, Financial Skills, Management Skills, and Pricing Strategy.

Explanation:

Self-Motivation Skills

Since a sole proprietor must assume all responsibility for a company, he must devise an effective approach for completing work tasks. You can develop the skills of setting your own goals and creating an implementation plan. This must be done using time management techniques. Customers will depend on your ability to follow through on the deadline you set for delivering each service. Successful entrepreneurs will meet deadlines consistently and provide services at a level of quality that ensures customer satisfaction.

Industry Knowledge

The transition to owning a sole proprietorship is easier if you have industry experience. Insider knowledge is useful for understanding the target market, the work practices of other companies and the preferences of customers. For example, you might work in a competitor's firm and gain experience before going out on your own. If you lack experience, you can hire a consultant to suggest ways to improve your product or service and streamline your operational strategy. You can also get some insights from a mentor in the same industry, even a fellow business owner.

Financial Skills

The sole proprietor typically handles the financial management of the small business even if there are other employees. You need skills in obtaining funding for your business, making financial arrangements, such as a business bank account and a building lease, keeping bookkeeping or accounting records, creating a budget and paying all appropriate wages, taxes and fees throughout the business cycle.

Management Skills

Successful sole proprietors must excel in overall business management, including overseeing sales and operations. You should have knowledge of how to write a business plan, set a strategy for selling a product or service, deploy your business strategy and use additional marketing efforts to grow your sales base. You might also need skills in maintaining facilities, developing a supply chain, managing inventory, hiring and training staff and organizing them to efficiently serve customers.

Pricing Strategy

As a sole proprietor, you need an effective pricing strategy that will position your products or services in the target market. Each product price must account for your production costs so that you can maximize the profit margin. If you don't have a good strategy, you can hire a market research firm or an experienced manager to help you better understand your market and improve your pricing strategy.

HOPE THIS HELPS YOU LOVE!!

You might be interested in
What caused the mexican-american war and how did it change the united states?
Monica [59]
A cause was that Texas declared its independence from Mexico. It changed the U.S. by the U.S. gaining California, New Mexico, Utah, Arizona, Colorado and parts of Wyoming.
5 0
3 years ago
Why did most English colonies become royal colonies?
Luba_88 [7]
King James II ascended the throne in 1685 and believed that the English colonies, were far too independent.
4 0
3 years ago
History of bhutan when was the education is start in Bhutan<br>​
dedylja [7]

Answer:

Bhutan's modern period began in 1907 when Ugyen Wangchuck (reign: 1907-1926) became the first hereditary King and uniting the country. Then, 1914 saw the inception of modern education when 46 boys travelled oversees to study at mission school in Kalimpong, India (Tandin Wangmo & Kinga Choden,1 2011, p. 445).

5 0
2 years ago
Hinduism
diamong [38]

1. caste system

The Hindu society is traditionally organized by a strict caste system. This system has been in place in India for several thousands of years, and it is something that has been the trademark of the Hindus throughout history. This system divides the people into four different castes, or classes, each caste being specialized in something. The caste system also is not allowing for people to move from one caste to another, so in which caste someone is born in that caste will remain until the end of that person’s life.

2. ethnic group

The Hinduism and the Judaism are religions that fall into the category of national religions. The reason for this is that these religions have traditionally been practiced by a particular ethnic group, and they were not gaining following out of that particular ethnic group. The Hinduism is a religion that can be found in India, and among the Indian Diaspora, while the Judaism can be found in Israel and among the Jewish Diaspora. Not just that these religions are only practiced by a particular ethnic group, but they are also two of the oldest religions in the world that have a significant following.

3. Universalizing religion is a religion that has been accepted by numerous ethnic or racial groups, as well as in multiple countries and regions.  These types of religions have started at certain place, among certain group of people, but they have spread around among many other groups of people. Such religions are the Christianity, Islam, and Buddhism. The Christianity started in Israel, but it has spread out in parts of Africa, Europe, the Americas, and Australia, the Islam started on the Arabian Peninsula but it has spread in Africa, southwest Asia, central Asia, south Asia, and southeast Asia, while the Buddhism started in India, but it has moved on and has its following in China, Mongolia, Korea, Japan southeast Asia.

4. lower classes… emperor Ashoka

The Buddhism appeared in India. This new religion was seen very fondly among the majority of the people, or rather by the lower classes, especially because it was eliminating the discrimination. But the Buddhism didn’t really kick on until it got the support from emperor Ashoka. Ashoka thought that the Buddhism is much better and more practical than the Hinduism, and he was also not fond of the caste system. He was sending monks throughout his empire to spread the religion and gain more following, and the majority of the people of the lower classes accepted the Buddhism as it was very appealing to them with all of its positive characteristics, but also because they were sick of the treatment they received from the upper classes.

5. The main reason as to why the Christianity separated the state and the Church was because the people saw that when the Church has lot of political power it leads to stagnation, or even regression in pretty much every aspect. The Church was setting lot of limits because of its interests and teachings, and with the new age bringing in lot of new technology and ideas, there was a lot of tension. In order for the societies to progress the Church was pushed out of the politics, and it was given only religious authority, while having no political power whatsoever.

6. political/social… submission to Allah

The Islam started off with the preaching of the Prophet Muhammad. Muhammad managed to gradually gather a following in Arabia, and little by little more and more people saw the new religion as appealing and were joining in. Soon Muhammad had more followers than opponents, and on order to spread the religion even more, apart from religious he became a social and political leader, so he organized an army and attacked the ones that didn’t wanted to accept the new faith. The people of Arabia found it very appealing that there is only one God, Allah, and that everyone has to submit the life to him, and that was very highly valued in Islam.  

4 0
3 years ago
Why was it important to transport natural resources to the east in 1850
kvv77 [185]

Answer:

becz

Explanation:

there was lack of resources in east that time

3 0
3 years ago
Other questions:
  • 11. What helped Lincoln decide to address the issue of slavery in the South?
    9·1 answer
  • In what part of Italy did the renaissance begin ? Why did it start there
    14·1 answer
  • What are some of the ways the writers in this unit present the relationship between england and the rest of the world?
    5·2 answers
  • What Role did the journalist Jean-Paul Marat have in the
    14·1 answer
  • What impact did washing machines have
    15·2 answers
  • What was not part of Clinton’s domestic agenda?
    10·1 answer
  • Describe human conditions before the common era?
    7·1 answer
  • Native American spiritual expression is intricately tied to _____.
    12·1 answer
  • Which historical event led to job opportunities for many African Americans?
    9·1 answer
  • How would describe the statement below? Zhou depended entirely on military force to conquer the Shang. HURRY NOW !!!!!! BRAINLIE
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!