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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!!

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Answer:

The Fugitive Slave Acts were a pair of federal laws that allowed for the capture and return of runaway slaves within the territory of the United States. Enacted by Congress in 1793, the first Fugitive Slave Act authorized local governments to seize and return escaped slaves to their owners and imposed penalties on anyone who aided in their flight. Widespread resistance to the 1793 law led to the passage of the Fugitive Slave Act of 1850, which added more provisions regarding runaways and levied even harsher punishments for interfering in their capture. The Fugitive Slave Acts were among the most controversial laws of the early 19th century. Statutes regarding refugee slaves existed in America as early as 1643 and the New England Confederation, and slave laws were later enacted in several of the 13 original colonies. Among others, New York passed a 1705 measure designed to prevent runaways from fleeing to Canada, and Virginia and Maryland drafted laws offering bounties for the capture and return of escaped slaves.

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Concerned that these new free states would become safe havens for runaway slaves, Southern politicians saw that the Constitution included a “Fugitive Slave Clause.” This stipulation (Article 4, Section 2, Clause 3) stated that, “no person held to service or labor” would be released from bondage in the event they escaped to a free state. Despite the inclusion of the Fugitive Slave Clause in the U.S. Constitution, anti-slavery sentiment remained high in the North throughout the late 1780s and early 1790s, and many petitioned Congress to abolish the practice outright.

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In the event they captured a suspected slave, these hunters had to bring them before a judge and provide evidence proving the person was their property. If court officials were satisfied by their proof—which often took the form of a signed affidavit—the owner would be permitted to take custody of the slave and return to their home state. The law also imposed a $500 penalty on any person who helped harbor or conceal escaped slaves.

The Fugitive Slave Act of 1793 was immediately met with a firestorm of criticism. Northerners bristled at the idea of turning their states into a stalking ground for bounty hunters, and many argued the law was tantamount to legalized kidnapping. Some abolitionists organized clandestine resistance groups and built complex networks of safe houses to aid slaves in their escape to the North.

Explanation:

basically: Following increased pressure from Southern politicians, Congress passed a revised Fugitive Slave Act in 1850. Part of Henry Clay's famed Compromise of 1850—a group of bills that helped quiet early calls for Southern secession—this new law forcibly compelled citizens to assist in the capture of runaway slaves.

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