Applied Business Essay

1501 Words Sep 4th, 2013 7 Pages
Business name

My name is Megan Quigley, and I am a sole trader of a new pizza business. My pizza business will trade under the name of “Mama’s Delight Pizza ”. My business will be located in Northside Shantallow, Derry, Northern Ireland

Mission Statement

A mission statement is a formal short written statement of the purpose of a company or organisation. The mission statement should guide the actions of the organisation, show its overall goal, and provide a sense of direction. The mission statement also defines the essence of a company what it stands for, what products or services it intends to offer customers. The mission statement also gives the readers a window on the raison deters of the company.

Our mission
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Starting a partnership business will have advantages and disadvantages they are:

Advantages

• Partnerships are relatively easy to establish.

• With more than one owner, the ability to raise funds may be increased, both because two or more partners may be able to contribute more funds and because their borrowing capacity may be greater.

• Prospective employees may be attracted to the business if given the incentive to become a partner.

• A partnership may benefit from the combination of complimentary skills of two or more people. There is a wider pool of knowledge, skills and contacts.

• Partnerships can be cost-effective as each partner specializes in certain aspects of their business.

• Partnerships provide moral support and will allow for more creative brainstorming.

Disadvantages • Business partners are jointly and individually liable for the actions of the other partners. • Profits must be shared with others. • Since decisions are shared, disagreements can occur. A partnership is for the long term, and expectations and situations can change, which can lead to dramatic and traumatic split ups. • The partnership may have a limited life; it may end upon the withdrawal or death of a partner. • A partnership usually has limitations that keep it from becoming a large business. • You have to consult your partner and negotiate more as you cannot

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