So what are firms?
Firms are individuals traded goods.
In effect to this, most people became sole traders - self employed individuals.
In many cases, this is still a form of trading today.
This can be in physical product, or services.
Its easy to start and very common with designers, more of freelance people.
However there is a warning, if you start up a firm, but ENSURE you keep a very clear record of your trading. To do this you should keep track of orders, purchases and other types of business to keep as a recored. This is because the tax man will want to know, so keep a good clear financial background wherever you end up. Individuals traded goods in the 1750’s have grown over time and individuals needed more money to develop trade that has resulted in Partnership.
What is a Partnership?
A partnership is where 2 or more people get together with the intent of supplying good or service for financial return.
It is easy to start, as you can agree with something and be away. Although it is a little more difficult to stop, as a formal dissolution is needed. However, if there is no partnership agreement made the finances are split equally between the partners. When your in a partnership you are joined and liable for each others debt. This implies TRUST in your fellow partners that you are in business with. Sometimes partnership have one partner that has the responsibility of the money and the other is more of the trade and ability. But modern partnerships are more complex and Limited Partnerships provides a limit on debt. However, whilst partnerships are still used, it became evident that more funding was need for the growth of the trade throughout the Victorian time.
For the second part of the lecture we focus on Entrepreneurship and Business Engagement. You have to follow a certain process which is:
So what is the aim?
- is it the money
- kudos?
- society/aid?
and how do you succeed?
1. we have to strike whilst the iron is hot.
- Go for it, just do it, make it work. This implies the DESIRE to make it happen, we were told that we shouldn't sit back and wait for it to come to us, we need to go out there.
2. Tenacity.
- There will be problems, but we shouldn't give up. Work through the issues and solve the problems that we have to overcome. This implies the DRIVE to make this happen.
3. Don’t be precious.
- Its your idea, but it will change. Its your Work, but it will be modified. We have to have the courage and the grace to accept alteration and change the design or the work that we have produced. This implies the ability to LISTEN to others.
4. Ability to Do
- Practical/Pragmatic and the ability to Act. This implies the ability to ACT or initiate ACTION.
5. Its not WHAT you know, it’s WHO you know.
- Not Ideal. Get over it. No one said Life is Fair. Understand it, use it. Who do you know, who should you know? consider Linkedin, Trade Associations, Up coming Individuals, Business Leader and Key supporters that support the business.
6. What is the cost and what is the return
- If someone is going to help you. There will be a cost. Know what this is. So how can you achieve this?
Need to create a linkedin.
I found that this lecture was very interesting helpful to me when I am in the design business and world. I am going to keep this in mind in the future.
