Answered: list down what qualities do you want…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

1. Ask yourself and list down what qualities do you want from a business partners, and then identify people who have these qualities to be a partner for a small business project.

2. Answer the following:

What market - product can be converted into business opportunity?

What role will each of the partners play (who to do buying, who to do marketing, who to do selling, who to do delivery, etc.)?

Who among you shall be the head of the partnership? Why?

How will profit be split?

What are sales goals weekly for the next four weeks?

3. Who among the successful entrepreneurs you know can be your mentor? Why?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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