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All assets of the business belong to a sole proprietor, including, for example, a computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor. [7] A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited ...
For example, a business plan for a non-profit might discuss the fit between the business plan and the organization's mission. Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization's ability to repay the loan.
Business management – management of a business – includes all aspects of overseeing and supervising business operations. Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization (a ...
Small business proprietors tend to be in closer personal contact with their customers and clients than large corporations, as small business owners see their customers in person each week. One study showed that small, local businesses are better for a local economy than the introduction of new chain stores.
Business model innovation is an iterative and potentially circular process. [1]A business model describes how a business organization creates, delivers, and captures value, [2] in economic, social, cultural or other contexts.
A business process, business method, or business function is a collection of related, structured activities or tasks performed by people or equipment in which a specific sequence produces a service or product (that serves a particular business goal) for a particular customer or customers. Business processes occur at all organizational levels ...
flexibility, measuring how quickly the business can adapt to a variety of market changes; and; cost, measuring the resources (and by extension, financed) required to plan, deliver, and improve the finished good or service. Based on an earlier model called the sand cone model, these objectives support each other, with quality at the base.
Most modern business theorists see a continuum with pure service on one terminal point and pure commodity good on the other terminal point. [2] Most products fall between these two extremes. For example, a restaurant provides a physical good (the food), but also provides services in the form of ambience, the setting and clearing of the table ...