First of all I want to thank the Almighty Allah for giving me life and strength to finish this assignment on time. I want to thank my family for supporting me through this major task and providing me with all the resources needed. I love you guys. I want to especially thank my friends who have one way or the other helped me in completing this assignment. Thanks to my fellow colleague Seedy Mohamed Ceesay for your constant help and encouragement. Finally I owe a big thank you to my lecturer Mr Amara. Keep up the good job of trying to make us understand.
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of "small" varies by country and by industry, ranging from fewer than 15 employees under the Australian Fair Work Act 2009, 50 employees in the European Union, and fewer than 500 employees to qualify for many U.S. Small Business Administration programs. Small businesses can also be classified according to other methods such as sales, assets, or net profits. Small businesses are common in many countries, depending on the economic system in operation. Typical examples include: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online business, such as web design and programming, etc.
Why do people start a small business? Some want to spend more time with family, and starting a business allows them to do that. Some find it exhausting to be outside the house all day, dealing with traffic, co-workers, meetings and interruptions. Some people hate answering to a boss all the time- needing permission to schedule a dentist appointment or take the day off when they're sick. Some people are unmotivated by the security of a regular pay check and prefer the challenge of the direct rewards or losses that entrepreneurs see from their efforts.
Maybe you want to build an empire and become famous, or create a wealth-generation machine that you can pass on to your children. Or perhaps you can't convince anyone to recognize your unique vision and you've decided that it will never come to fruition unless you strike out on your own. Or maybe you're thinking of self-employment because you've been unemployed for so long that you feel that you've exhausted all the other options.
Becoming a small business owner has unique challenges and rewards that aren't right for everyone. You must be driven, disciplined and able to identify a product or service that people need - one that they will pay enough for to allow you to live comfortably. You have to develop marketing skills and be able to find your own work, because it won't fall into your lap until after you're well established. Business owners need to understand how to budget, keep records and handle small business taxes. They must familiarize themselves with employment laws if they want to hire staff. They also need a plan for protecting their business and everything that's tied to it if something goes wrong. TASK ONE
Using an organisation of your choice, explain the following: Describe the profile of a selected small business
Haaba’s beauty saloon
Haaba’s beauty Salon has been serving the Gambian for over 3 years. The owner, Haaba, has 3 years experience as a haircutter and as a professional stylist for weddings, proms, and special occasions. The salon has a full-service staff with very little experience in hair and nail care. Haaba’s Salon goals are to create a friendly, relaxed, warm, and comfortable place for men and women, children, and families. She also enjoys providing salon services for people to enjoy having their hair and nails done. The salon’s interior provides a natural environment filled with...