Sole Trader: Pros, Cons & Cultural Impact
Advantages and Disadvantages of Sole Trader Businesses
A sole trader business is owned and operated by one person. They often succeed because they can offer specialized services and are more responsive to customer needs. However, there are both advantages and disadvantages to this structure.
Advantages of Sole Trader Businesses:
- Total control of the business by the owner.
- Easy and inexpensive to start up.
- The owner keeps all profits.
Disadvantages of Sole Trader Businesses:
- Unlimited liability regarding debts.
- Difficulty in raising financing from banks.
- May be difficult to specialize or enjoy economies of scale.
- Continuity problems if the sole trader retires or dies.
Cross-Cultural Understanding in Business
Culture is a key component in business and impacts strategic direction. Good communication is essential for successful daily operations. Understanding cultural differences and overcoming language barriers are crucial when dealing with people from diverse cultures. Business is often lost because parties fail to learn about each other’s cultures before interacting.
Research shows that cross-cultural deal-making often leads to worse outcomes compared to negotiations within the same culture. This is primarily due to differing behaviors, communication styles, and norms. These differences can lead to misunderstandings and a lower likelihood of finding mutually beneficial solutions.
Main Causes of Cross-Cultural Negotiation Failure:
- Assuming cultural stereotypes.
- Not investigating the customs and behaviors of different cultures, and the reasons behind them.
Cultural differences can be barriers to reaching an agreement, but they can also be opportunities to create valuable agreements.
Curriculum Vitae (CV)
Personal Information:
First Name(s) / Surname(s): [Insert Name Here]
Address(es): [Insert Address Here]
Telephone(s): Home: [Insert Home Phone] Mobile: [Insert Mobile Phone]
E-mail: [Insert Email Address]
Nationality: Spanish
Date of Birth: 12-04-1998
Gender: Female
Desired Employment / Occupational Field:
Extracurricular internship at Ibercaja Bank.
Work Experience:
Bank Teller – Ibercaja (Banking)
Dates: Summer 2019 (Eventual work)
Main Activities and Responsibilities:
- Recording movements of deposits and withdrawals.
- Solving customer problems with the cashier.
- Advising clients.
Assistant to Recruitment Officer – CIS Security
Dates: April and September, 2016 – Present
Main Activities and Responsibilities:
- Shortlisting applicants for each required position.
- Informing each new employee of the instructions for their position.
- Dealing with the documents involved in hiring personnel.
Education and Training:
Dates: 2016 – Present
Qualification: Currently completing a Bachelor’s degree in Business Administration and Management. Expected graduation: June 2020.
Personal Skills and Competences:
Mother Tongue: Spanish
Other Languages:
| Language | Understanding (Listening, Reading) | Speaking | Writing |
|---|---|---|---|
| English | [Insert Level] | [Insert Level] | [Insert Level] |
| French | [Insert Level] | [Insert Level] | [Insert Level] |
Social Skills and Competences: Teamwork, efficient at organizing and managing projects, outstanding ability to communicate effectively, fast learner, and adaptable. Member of the student representation of the faculty.
Computer Skills: Competent with most Microsoft Office programs.
Driving License: Holder of category B license (no personal vehicle).
Additional Information: Participated in an innovative company course promoted by BSH and attended lectures by the Bantierra association. Enjoys traveling, experiencing different cultures, and socializing.