The text discusses the distinctions between entrepreneurs and businessmen. While all entrepreneurs are businessmen, not all businessmen are entrepreneurs. A businessman focuses primarily on buying and selling products, while an entrepreneur devotes unlimited time to understanding and fulfilling client's needs and wants. In terms of their job nature, a businessman may struggle to adapt to competitive changes, whereas an entrepreneur is always flexible and open to improving their products.
Regarding decision making, a businessman follows decisions made by others and sells existing products in the market, while an entrepreneur makes their own decisions and creates new products. A businessman is typically uninterested in changes or technological advancements, but an entrepreneur stays informed about current and future technological developments to enhance creativity and productivity.
When it comes to risk-taking, a businessman takes lower risks compar
...ed to an entrepreneur. The main objective of a businessman is profit gain, while an entrepreneur assumes necessary risks to establish and operate a new business. Furthermore, a businessman aims for higher profits whereas an entrepreneur prioritizes success and personal growth over mere profits.
The text discusses various types of technology and facilities that are transforming businesses. The internet is highlighted as a key mechanism for changing the way companies operate. Through the internet, businesses can store, retrieve, create, and display information at any time and location. This allows for improved business operations and feedback collection. E-mail plays a significant role in facilitating communication by providing a free and efficient way to send and receive information instantly. It helps with marketing, selling products easily, reducing communication costs like telephone expenses, and benefiting international markets.
Computer software is crucial for managing different business
operations such as account systems, human resources systems, CAD, and CAM systems. Intranet serves as a useful channel connecting employees within and outside the company including suppliers and consumers. It provides access to more product information.
Furthermore, there are different ownership structures for businesses including sole proprietorship (owned by one individual with minimal legal requirements) or partnership (owned by two to twenty individuals). Only Malaysian citizens are eligible for registration. Profits and losses are distributed among each partner who are referred to as partners.
Taxation for partnerships is paid individually. Private Limited Companies are owned by at least two but not more than 50 individuals, who are also called shareholders. The sale of shares to the general public is not allowed, and both taxation and initial setup costs are high. These businesses have a continuous lifespan and can be easily expanded. Public Limited Companies are owned by seven or more individuals, with no maximum limit for public ownership. The name of such companies must end with "Bertha" and "Limited". Ownership can be transferred easily, and various taxes need to be paid. Section B highlights the characteristics of successful entrepreneurs, which include being information seekers, having self-confidence, and maintaining high work quality.
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