Principles of Business

Topics: Management, Entrepreneurship, Ethics Pages: 5 (993 words) Published: August 7, 2012
Description of Business

Isha’s Boutique is a sole trading business which provides different styles and brands of shoes, clothing, and jewelry. The objectives of the business are to provide employment, to provide shoes, clothing and jewelry for the public and to make profits.

Justification of Labour
Isha’s Boutique is located on Independence Street, Roseau. This is because it is a very busy street in which many persons pass along. There is a bus stop located close by and it is near the raw materials.

Selection of Appropriate Labour
At Isha’s Boutique there are skilled labourers. There are two employees; one sales person and one cashier. The sales person is responsible for selling the products, giving good customer service and to ensure that items/ products are organized properly. The cashier is responsible for cashing the products for customers and to also give good customer service. This labour is necessary to ensure that the business is operational and is functioning properly. Without this labour it may be very difficult to manage the business. With the help of skilled labourers, the business will be much easier to manage.

Sources of Fixed and Working Capital
Fixed capital is what was brought into the business, for example clothing, shoes, jewelry, land and the building where my store is setup. Working capital came from the loan taken from the bank where a house and land was used as collateral. The money was used for renovation, the starting-up of the business and managing the business.

Role of the Entrepreneur
The role of the Entrepreneur can be defined as what the entrepreneur does to make sure that his/her business is properly and correctly managed. The entrepreneur has three functions which are to be carried out to plan the business (type of legal structure, location, finance etc.). Organize the business (number of employees, location, organizational structure etc.). To operate the business (monitor goods, maintain machinery, prepare work schedules etc.).

Type of production
The type of production is tertiary which are the packaging, transporting and distribution of goods.

Level of production
Domestic level of production is referred to as products which are produced locally using whatever resources that is available for production to take place.

Quality control measures
* Make sure that products are packaged properly i.e. Organizing products in an orderly way. * Make sure products are good i.e. making sure that there are no holes or stains on products.

Use of Technology
Two types of technology are a cash register and a computer. The cash register is used for cashing products and the computer is used for ordering products.

Backward linkage is when a firm that is established obtains its raw material from an already established firm.

Potential for growth
* Marketing the business more efficiently.
* Renovating the building.

Government Regulations
* Business must be licensed and registered.
* Owner must have a business license

Ethical Issues
The business would avoid dumping waste materials and checking products for any damage.

In conclusion, this School Based Assessment is about Isha’s Boutique, the business plan and what persons think of the business.

This School Based Assessment, is about the description of the business, justification of location, selection of appropriate labour, sources of fixed and working capital, role of the entrepreneur, type of production, level of production, quality control measures, uses of technology, linkages, potential for growth, government regulations, ethical issues and so on.

Firstly, I would like to thank the principal of business, teacher Ms. Carbon for her time and patience with assisting this School Based Assessment. Thanks to the respondents and everyone else who contributed, your help was appreciated.

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