Tertiary sector is the sector that is focuses on services, these services can be financial,
leisure, healthcare, education, transport, security, insurance entertainment, retail. and
many others. Developed countries are mostly into this section, B2B, B2C.
Quaternary sector a sub sector of the tertiary sector some economies consider it part of the
tertiary and some do not, is a sector that focuses on services that are especially focused on
the creation and sharing of knowledge for example lawyers, university professor, companies
that develop software, research firms,
Business entity’s
Sole trader
A small business that owns and runs it, usually financed by their own saving, and they can
hire other people, and they do not have to disclose their income, very flexible, and private
they do not have to disclose their income. Being a sole trader allows you to make personal
bonds with your client. When writing about sole traders write about the sole traders
disadvantages and advantages,
first limitation what is a sole trader compared to a big organization or corporation,
and the sole trader must do all the marketing and managing causing potential
ineffectiveness because the trader will be making all the decisions,
also, there is limited capital and unlimited liability if the trader makes any mistake, debt
faults the owner is the one liable.
The sole trader usually stays small because they want to keep small business low risk,
Mass market vs niche market
Water, milk, meat, sparkling water, lactose free milk, horse meat
Mass market are the businesses that cater the general needs of the population
Niche market are the businesses that cater the specific needs of the population
Sole traders are usually in the niche market.
The second kind of ownership are partnership which is a business owned by 2-20 or more
people, who have similar or same skills.
Features of a partnership, any major decision needs to go through a vote,
private sector, sole trader, partnerships, public limited, private limited.
Public sector, government owned businesses, public hospitals
Not for profit sector, charity,
Sleeping partner someone who provides finance but doesn’t do any decisions but their vote
matters.
A private company sells their shares within the company, family, friends of friends and
more.
The ipo is when a private business company goes public, they buy back all their shares from
the private shareholders.
Pop quiz 10 marks essay compare contrast
Book pages 5 (v) study 4 key concepts with explanations, 1.1 – half of 1.2 for profit social
enterprises.
Advantages and disadvantages of a company:
Advantages:
1. Availability of finance
2. Limited liability
3. There is a continuity.
4. There are poss ibilities for expansions.
Disadvantages:
1. Delusion of ownership: shares of the market and someone can buy you out.
2. Loss of privacy in publicly held companies.
3. Cannot control the stocks in the market.
4. A company has limited power over who buys its shares
Social enterprises are an example of social purpose
organizations (SPOs). They aim to primarily provide a
solution to important social or environmental issues. They
exist to to create a better world due to the role they play to
improve society overall. As they are not always revenue-
generating, SPOs often need financial funding and suitable
human resources. Other SPOs include charities,
cooperatives, and non-governmental organizations
(NGOs).Although there is no universally accepted definition
of a social enterprise (and the legal definition differs
between countries), it is essentially an organization that
focuses on meeting social objectives
Social enterprises can be two types – for profit social enterprise’s, non profit social
enterprises
1) For profit social enterprises can come in 3 for my :
Public sector companies, private sector companies, cooperative- financial
groups/housing coop.
2) Not profit social enterprise’s:
NGOs non-governmental organizations, charities,
Surplus
