Answer to Question #217894 in Electrical Engineering for Fredy

Question #217894

1.Describe the type of business records?

2.highlight the major entrepreneural competitive?

Expert's answer

Types of business records

1. Accounting records

Accounting records document business’s transactions. These records include information about income, expenses, and equity. It help compiles the figures from accounting records into financial statements and small business ratios.

The government requires business to keep financial documents that show income and expenses. The accounting records help to file income tax return.

2. Bank statements

Bank statements are records of all accounts with the bank. These accounts might include records of checking, savings, investments, and credit cards.

Comparing bank records to your financial records helps you see mistakes in your books.If bank statements do not match the accounting records, there might be an error.

Like accounting records, bank statements help keep track business’s progress. It is also use to file taxes.

3. Legal documents

Depending on the type of business structure, there are different legal documents. For example, if one own an incorporated company, one should keep track of articles of incorporation.

4. Permits and Licenses

Location of industry may require one to have a permit or license. For example, one may need a permit from city to assure that parking area meets specific codes. It keep up-to-date records of all permits and licenses. One needs documentation of permits and licenses to show compliance with regulations.

5. Insurance documents

As a small business owner, one may need insurance for different aspects of your company. General business liability Insurance protects business from losses. One may also need other policies, like auto or renters insurance.

To use one insurance, one needs proof that one is covered. insurance documents include information needed to report incidents, such as policy number.

  • Opportunity-seeking and initiative
  • Entrepreneurs seek opportunities and take the initiative to transform them into business situations.
  • Persistence
  • When most people tend to abandon an activity, successful entrepreneurs stick with it.
  • Commitment
  • Entrepreneurs keep their promises, no matter how great the personal sacrifice.
  • Demand for efficiency and quality
  • Entrepreneurs try to do something better, faster or cheaper.
  • Taking calculated risks
  • Taking calculated risks is one of the primary concepts in entrepreneurship.
  • Goal setting
  • This is the most important competency because none of the rest will function without it. Entrepreneurs set goals and objectives which are meaningful and challenging.
  • Information seeking
  • Entrepreneurs gather information about their clients, suppliers, technology and opportunities.
  • Systematic planning and monitoring
  • Systematic behaviour means acting in a logical way. Planning is deciding what to do. Monitoring means checking.
  • Persuasion and networking
  • Entrepreneurs influence other people to follow them or do something for them.
  • Independence and self-confidence
  • Entrepreneurs have a quiet self-assurance in their capability or potential to do something

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