WEEK 4: FAST LEARNING REVIEW

1. As a business owner, explain the importance of knowing the forms of business

organizations.
Starting a business necessitates a number of critical decisions, particularly in terms of
determining the appropriate business structure. Taking the time to research your options
and understand how different organizations operate may assist you in making the best
decision for your specific situation. As a business owner, I believe it is important to
understand and learn the various types of business organizations, including having a
successful business organization in the future. For example, if your family wishes to
establish a successful foundation for their own business organization in the near future,
you will be able to assist them by knowing and learning about this type of profession.
Successful organizations regard change and development as the most important
determinants of their success. I can also gain an advantage by simply understanding the
various types of business organization in order to improve my own business. For
example, my business is not well-known to everyone, and by simply learning the
different types of business organization, I will be able to make more informed decisions
about how to improve my own business.

2. What type of form of business organization is best for your web business and why?
For my web business, I believe the Partnership is the best form of business organization.
Because forming a partnership is a simple business organization type. The owners
manage and control the company, and all revenue flows directly through the company to
the partners, who are then taxed based on their respective income shares. But I will be
very careful in selecting my partners because making the wrong choice could lead to a
failed business. For example, I will choose my bestfriend from when I was a child
because I know her well and have complete faith in her. It is not a mistake that I am a
cautious person in all of my decisions. There are also some advantages to using a
partnership as a form of business organization, such as the fact that it is simple to set up.
Partnerships, for example, require less paperwork and legal documents to establish than
other business structures. The next step is for partners to work together and share their
expertise. For example, my best friend and I have different business strategies, but there
are more opportunities to improve our collaborative skillset. Finally, it is a distributed
workload. For example, my best friend and I will share responsibilities so that no one
person has to do all of the work.
3. Look around your community and observe what typical type of business dominated
your area. Identify and discuss the reason of it.
According to my observations in my community, the most common type of business is
the sole proprietorship. A sole proprietorship is a business that is owned and operated by
a single individual. It is the simplest to set up and the least expensive form of ownership.
Observing my community, I discovered that the majority of the business is conducted by
street vendors. For example, there are many vendors selling street foods such as kwek-
kwek, balut, isaw, or what we called "tusok-tusok" by their own stall that they purchased
and placed in a specific location on the street. Small business organizations typically use
the sole proprietorship form. Maybe because most people in my area are having difficulty
finding work, which is why they decide to start their own business as a sole
proprietorship, and I believe they also want to have a nice life someday, which is why
they are doing everything they can for their own family and to be able to survive every
day.

BATARAO, CAMILLE JOY R.

ABM 11-9A
ORGANIZATION AND MANAGEMENT