{"id":20,"date":"2023-02-28T12:58:07","date_gmt":"2023-02-28T12:58:07","guid":{"rendered":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/?page_id=20"},"modified":"2023-03-02T12:30:04","modified_gmt":"2023-03-02T12:30:04","slug":"business-setup","status":"publish","type":"page","link":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/business-setup\/","title":{"rendered":"Business Setup"},"content":{"rendered":"<h2><span style=\"color: #ff0000\">Why People\u00a0 Sett up their Own Business<\/span><\/h2>\n<ul>\n<li data-leveltext=\"\uf0a7\" data-font=\"Wingdings\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Wingdings&quot;,&quot;469769242&quot;:[9642],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0a7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">They want to be their <strong>own boss<\/strong><\/span><\/li>\n<li data-leveltext=\"\uf0a7\" data-font=\"Wingdings\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Wingdings&quot;,&quot;469769242&quot;:[9642],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0a7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">An entrepreneur may spot a <\/span><b><span data-contrast=\"auto\">gap in the market.<\/span><\/b><\/li>\n<li data-leveltext=\"\uf0a7\" data-font=\"Wingdings\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Wingdings&quot;,&quot;469769242&quot;:[9642],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0a7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">They setup a Business to\u00a0 <b style=\"font-size: 1rem\"><span data-contrast=\"auto\">generate profit.<\/span><\/b><\/li>\n<li data-leveltext=\"\uf0a7\" data-font=\"Wingdings\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:360,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Wingdings&quot;,&quot;469769242&quot;:[9642],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0a7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Individuals may decide to start a business because they <\/span><b><span data-contrast=\"auto\">prefer to be their own boss<\/span><\/b><span data-contrast=\"auto\">.\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\"><b>Goods and Services\u00a0<\/b><\/span><\/h2>\n<p><span class=\"TextRun SCXW49679007 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW49679007 BCX8\">Businesses exist to look after or satisfy these <span style=\"color: #ff0000\"><strong>NEEDS <\/strong><\/span>and <span style=\"color: #ff0000\"><strong>WANTS<\/strong> <span style=\"color: #000000\">of consumers<\/span><\/span>.\u00a0 They make <\/span><\/span><span class=\"TextRun Underlined SCXW49679007 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW49679007 BCX8\">goods<\/span><\/span><span class=\"TextRun SCXW49679007 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW49679007 BCX8\"> such as food products, shoes, clothes and electrical goods.\u00a0 Some businesses exist to provide <\/span><\/span><span style=\"color: #ff0000\"><strong><span class=\"TextRun Underlined SCXW49679007 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW49679007 BCX8\">services<\/span><\/span><\/strong><\/span><span class=\"TextRun SCXW49679007 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW49679007 BCX8\"> like transport, hairdressing, banking, fast-food take-away and holidays.<\/span><\/span><\/p>\n<p><span data-contrast=\"auto\">Goods and services are the <\/span><b><span data-contrast=\"auto\">output<\/span><\/b><span data-contrast=\"auto\"> of business activity.<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\"> \u00a0<\/span><span data-contrast=\"auto\">Goods are <\/span><i><span data-contrast=\"auto\">tangible<\/span><\/i><span data-contrast=\"auto\"> products which you can <\/span><b><span data-contrast=\"auto\">see and touch<\/span><\/b><span data-contrast=\"auto\"> eg a computer, mobile phone, food items, clothes, DVDs.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28123652\/Screenshot-2023-02-28-123549.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-21 alignleft\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28123652\/Screenshot-2023-02-28-123549.png\" alt=\"\" width=\"157\" height=\"167\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b><span data-contrast=\"auto\">Durable goods<\/span><\/b><span data-contrast=\"auto\"> last for longer than a year eg cars, houses, electrical goods.\u00a0 <\/span><b><span data-contrast=\"auto\">Non-durable<\/span><\/b><span data-contrast=\"auto\"> goods last less than a year eg food, shoes.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Services<\/span><\/b><span data-contrast=\"auto\"> are products that an individual or organisation provides for you, <\/span><span data-contrast=\"auto\">eg catering, hotels, travel, banking, Internet services, haircut, utilities (phone, electricity, gas), car repairs, cleaning, retailing (shops).<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\"> <a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28123744\/Screenshot-2023-02-28-123630.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-22\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28123744\/Screenshot-2023-02-28-123630.png\" alt=\"\" width=\"176\" height=\"179\" \/><\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"color: #ff0000\">Wealth Creation\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Wealth is created by a business adding value to a product as it goes through the production process. When a red woollen jumper is being made, it goes through the following chain of production. As the jumper moves from one stage to the next, wealth is being created.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28125354\/wealth-creation.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-23\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28125354\/wealth-creation.png\" alt=\"\" width=\"606\" height=\"417\" srcset=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28125354\/wealth-creation.png 606w, https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n4businessmanagement\/uploads\/sites\/10340\/2023\/02\/28125354\/wealth-creation-300x206.png 300w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span class=\"TextRun SCXW168874357 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW168874357 BCX8\">This is because value is being added to the price that will be charged by the business for the product. The jumper is worth more as a finished product rather than as a bundle of raw materials <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW168874357 BCX8\">i.e.<\/span><span class=\"NormalTextRun SCXW168874357 BCX8\"> wool, thread etc.<\/span><\/span><span class=\"EOP SCXW168874357 BCX8\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why People\u00a0 Sett up their Own Business They want to be their own boss An entrepreneur may spot a gap in the market. They setup a Business to\u00a0 generate profit. Individuals may decide to start a business because they prefer to be their own boss.\u00a0\u00a0 Goods and Services\u00a0 Businesses exist to look after or satisfy [&hellip;]<\/p>\n","protected":false},"author":79984,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-20","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/20","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/users\/79984"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/comments?post=20"}],"version-history":[{"count":2,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/20\/revisions"}],"predecessor-version":[{"id":183,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/pages\/20\/revisions\/183"}],"wp:attachment":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n4businessmanagement\/wp-json\/wp\/v2\/media?parent=20"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}