...Task 1 In this task, I will develop a report which will guide the audience through the process of setting up a business. The first part of my report will include the following: 1.1 The range of decisions. In order to start my business, the first decision will be to choose between online or physical structure, in my case ,I will go with online business which I found very easy because of the development of new technology. You've made the decision to start a business. Now you're asking yourself, "What type of business should I start?" You already know that there's a world of possibilities out there for anyone who wants to start a business. How can you possibly win now them down to find the type of business that's right for you? The approach outlined in this report will help. Once you've worked your way through these five decisions, you will have a much better idea of exactly what type of business you want to start 1) Retail or wholesale type of business? Where do you want to be positioned on the supply chain? Retail businesses sell goods directly to consumers, usually in small quantities. Wholesalers buy goods (often in large quantities) from manufacturers or importers and then sell them to retailers and other distributors. 2) Franchise or independent type of business? Many established companies offer franchises, which are basically copies of their companies. If you buy a franchise, you are buying the right to sell the parent company's goods and/or services in a...
Words: 328 - Pages: 2
...mistakes people make while starting the business---- According to the Bureau of Labor Statistics, 50 percent of all small businesses fail within the first five years. About 30 percent survive only two years. If you want to be on the positive side of those numbers, there’s a lot of hard work ahead. While every business is different, there are a few major mistakes that are among the most common people make when starting a business. 1. Thinking that all you need is an idea. There’s a lot more. First and foremost is a good work ethic. The idea is just the beginning. You need to frame all the details of your idea from beginning to end, including game-planning and preparing for ‘what-ifs.’ You’ve got to create a solid foundation that you can build on. If you don’t dot your ‘i’s’ and cross your ‘t’s’ you’ll never get out of the gate. 2. Not having a good lawyer and a good accountant. Starting a business is complicated and rife with landmines. There are laws that must be followed and those include tax laws. The IRS. doesn’t play around. Make the wrong move or don’t file the right paperwork and you could find yourself in some real trouble. Retaining a lawyer and an accountant with an expertise in your specific type of business cab save you from a serious crisis. 3. Spending too much money too soon. You may have the capital, but that doesn’t mean you should spend it all right up front. You need a balance between investing enough to make sure your business gets off the ground and not overspending...
Words: 547 - Pages: 3
...Top tips on creative thinking as a powerful business tool Do you remember playing the word association game? What is the first thing that comes to mind in response to 'creativity?' For most people it is probably 'art' or something similar, it is probably never 'business.' Creativity is not simply the preserve of the artist. It is something built into everyone, even the businessperson! Thinking creatively is a powerful business tool that can help businesses exploit new opportunities and solve problems, all of which can result in improved profitability. Mike Waddell of Adsidia offers tips on creative thinking as a tool to help you generate new thinking in your business. Edward de Bono, of 'lateral thinking' and 'Six Thinking Hats' fame, observed that the human mind is a very efficient pattern making and matching system. The problem is that our minds are lazy. This means that we tend to force fit new scenarios to old patterns instead of making new ones. De Bono called this 'cliché thinking.' These clichés include our responses and so we inherently limit our ability to exploit new opportunities. The question is how can we break through the clichés to benefit our business? This in essence is what creative thinking is about - it is the process of finding new perspectives and developing new thinking. The question is how can we break through the clichés to benefit our business? This in essence is what creative thinking is about - it is the process of finding new perspectives and...
Words: 3927 - Pages: 16
...Key terms: •PRICE: The amount paid by a consumer to purchase one unit of a product. •TOTAL REVENUE: the income received from an organisation’s activities. Total revenue= price per unit x quantity of units sold. •PROFIT: the difference between the income of a business and its total costs. Profit= total revenue – total costs Total revenue Total revenue may also be described by the following terms: • Income • Revenue • Sales Revenue • Sales Turnover • Turnover The total revenue (TR) can be calculated by multiplying the average selling price (p) by the quantity sold (q): TR= pxq e.g. Selling price= £8; Items sold= 5; Total revenue= £40 Similarly, if the total revenue is £48 and the selling price (sp) is £4 the quantity sold (qs) is £48/£4= 12 units QS= tr/sp Also if TR is £60 and QS is 10 units, the selling price is £6 (£60/10) SP= tr/qs Profit Profit is the prime objective of most firms. There are two ways of improving profit: • Increase sales revenue • Decrease costs A combination of both would be the ideal way of achieving additional profit. Costs Some functional areas of a business (e.g. production or administration) can help to achieve rising profits by reducing costs. A business can increase profit by using different methods like: • cutting down on staff • reducing the amount of wastage on the production line However businesses have to be careful because these savings should not compromise the quality of their products or service. If this...
Words: 1342 - Pages: 6
...Planning a Start-up Business Introduction Starting a business can be scary; especially if you do not know what you are doing, or if you are doing it by yourself. It can also be an exciting experience if you have done the research, established a business plan, and stay committed. There are facilities where start-up business can go for help, advice, and services to help them in getting started. These are called business incubators. Business incubators can be located in a rural or urban location, and provide skilled services, technology such as internet, or phone lines, and minor assembly of products (Schermerhorn, 2013). Discussion Content The importance of a feasibility study and a business plan. When thinking about a feasibility study and a business plan, one may think that they are the same thing. They are not. A feasibility study is a study that determines whether a potential business will be able to operate successfully. A business plan formulates how and where the business will go and how it will be financed. Usually, one would execute a feasibility study, and then prepare a business plan. A feasibility study can be very helpful initially. It assists the entrepreneur in addressing an important question, “should we proceed with the proposed project idea?” (Hofstrand & Holz-Clause, 2009). By researching and contemplating different ideas in the study, a person can determine which course of action will be the best to adapt. A feasibility study develops into the foundation...
Words: 1065 - Pages: 5
...Start-up Business Plan Prepared For Windmill Fish and Wine bar To Cardiff Metropolitan University August 27th 2013 Modules MSE (Management Skill and Entrepreneurship) Semester MBA 1 TABLE OF CONTENTS Section page 1. Executive Summary………………….........………………….…………………... 3 2.1 Name of Company…………………………….……………………. 3 2.2 Background of company………………………………………… 3 2.3 Product and service……………………………………………….. 3 2.4 Objectives……………………………………………………………… 3 2.5 Key to success…………………………………..…………………… 3 2.6 Market…………………………………………………..……………… 4 2.7 Strategy………………………………………………..……………….. 4 2.8 Management……………………………………….………………… 4 2.9 Financial…………………………………………………,……………. 4 2. Introduction of Company………………….........……………………………… 5 3.10 Mission statement………………………….……………………… 5 3.11 Vision statement……………………………….…………………… 5 3. Product and Service………………….........……………….…………………….. 6 4.12 Business Model……………………….…………………………….. 7 4.13 Competitive Landscape………………………………………… 7 4. Market Plan………………….........................…………………………………….. 8 5.14 Segmentation…………………………………..…………………… 8 5.15 Price………………………………………………………………..…… 8 5. Market Analysis…………………...................…………………………………… 9 6.16 Market segmentation…………………………………………….. 9 6.17 Target Market Segment...
Words: 3595 - Pages: 15
...Executive Summary This is a business plan written on introduction of e-cigarette in Malaysia. E-cigarette is a new form of cigarette being used to replace the existing since it produces less harm than the conventional one. To date, there is not only no known side effect caused by consuming e-cigarette, but significant acceptance of this new product to substitute conventional cigarette was found among western countries. The business was started by developing Vision and Mission of the company formed in order to provide clear direction for the company in future development. The business is carried out under TOP Cigarette Sdn Bhd with a Vision to become the first leading e-cigarette in Malaysia by ensuring high quality of our cigarette. It is also attached with an analysis concerning on the external environment that could affect our business through Political, Economical, Social and Technological (PEST) analysis. The analysis found significant environmental factors that are favour operation of e-cigarette in Malaysia. Political environment of Malaysia create a great opportunity for the business to expand since the conventional cigarette seems to be governed more strictly through various new implementations to discourage people from smoking. Viewing from economical factor, constant increase in cigarette’s prices had possibly forcing the smoking population to look for other alternative to satisfy their wants. Besides, we also found interesting facts on price spent to buy cigarette...
Words: 775 - Pages: 4
...Reflective Essay MGT3193 I have always wanted to start my own business. The knowledge and experience gained from completing various components of the business plan for this module has definitely equipped me with the some of the skills necessary for entrepreneurship. After taking this module, I would say that I am now looking at businesses differently and I am more appreciative of the processes behind managerial decision-making - specifically the seemingly innocuous details that make all the difference for an organisation. For example, hitherto I did not really appreciate the effect music has on consumers/ and or employees. I have since learnt that many studies point to background music being used in retail stores to: “improve store image, make employees happier, reduce employee turnover, and stimulate consumer purchasing” (Milliman, 1982, p.86). Dr Mike Lee describes the entrance of supermarkets as a landing strip reiterates the importance of making it appealing to attract customers (Hubbard, 2016). Another thing I have observed is that supermarkets usually put their most profitable goods at eye-level; this is where customers are most likely to see them. For example, in the stationary section of my local Tesco, you would see the higher priced materials at eye level and the cheaper goods are usually located on the higher or lower level shelves. Whilst writing up this business plan, I have used my knowledge and tools from other modules as well as the tools provided in this...
Words: 889 - Pages: 4
...Startups A Small Business Start-Up Checklist 1. Conduct Research and Development *First, answer the following questions: · Is there a current or potential demand for your product or service? · Who makes up your target market? · Does the demand have potential staying power? · What does the current competition look like? · What are the anticipated production/operation costs? (This includes the average cost of any necessary supplies, equipment, and facilities as well as the cost to hire employees.) 2. Make a List of Available Resources *Determine all the assets, knowledge, and expertise that will be needed to start the business *Get an adviser. For free counsel: · Service Corps of Retired Executives (SCORE) · The Small Business Association (SBA) · Micro Mentor · Additional online business resources 3. Create a Start-up Budget *Calculate your start-up costs and complete a start-up budget worksheet 4. Develop a Business Plan *Define your company's mission, the product/service you intend to offer, the industry and market segments you want to enter, the setup and structure of your business, and a financial analysis *Some free online business resources: · Myownbusiness.org - free online business course · Small Business Association - a collection of basic articles on writing a business start-up plan. · Allbusiness.com - specific articles on business plan creation as well as some downloadable templates. · SCORE - an online business workshop · Bplans.com -...
Words: 1034 - Pages: 5
...Count: 480 Discuss whether readiness and restraint factors are likely to be more relevant in influencing the start-up decision of a potential small business owner more than the other characteristics Peacock (2004) is discussing. Peacock suggests that entrepreneurial characteristics formulate a high need for achievement and the inner locus of control to try something uncertain (Peacock 2004, p. 43). Liles theorizes that entrepreneurs start out like many other ambitious individuals, however become people apart due to the external factors of readiness and restraint. (Peacock 2004, p. 46). Burns concludes that few people start up their own business due to the lack of capital and self-doubt, therefore a trigger such as unemployment or the desire to make money is needed (Burns 2002, p. 93). Therefore, readiness and restraint factors must be complimented with the cognitive characteristics identified by Peacock to define entrepreneurship. A person’s readiness requires a specific self-confidence, representing a feeling of mastery, gained through experience, exposure, specific skills, and industry knowledge (Peacock 2009, p. 44). Entrepreneurs must believe that their skillset can meet the perceived demands of the tasks expected in entrepreneurial activity (Gatewood, Shaver & Gartner 1995, p. 385). This suggests that individuals who are successful at getting into business might have skills and abilities that better match the opportunities they face (Gatewood, Shaver & Gartner...
Words: 605 - Pages: 3
...Strategic management - the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives .Strategic management is used synonymously with the term strategic planning. Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation, with strategic planning referring only to strategy formulation. Defining Strategic Management- A strategic plan is a company’s game plan. A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations. Stages of Strategic Management = (strategy formulation, strategy implementation, Strategy Evaluations) Strategy formulation - Includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. Strategy Formulation Deciding what new businesses to enter what businesses to abandon How to allocate resources whether to expand operations or diversify Whether to enter international markets whether to merge or form a joint venture How to avoid a hostile takeover Strategy implementation -- requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies...
Words: 5336 - Pages: 22
...Table of Contents 1.0 Introduction……………………………………………………………….3 2.0 Bangladesh Economy………………………………………….................3 2.1 Relatively investor friendly open policy regime………………………3 2.2 GDP Growth……………………………………………………………4 2.3 Foreign Exchange Reserve……………………………………………..4 2. 4 Remittance…………………………………………………………….4 2.5 Money Supply………………………………………………................5 2. 6 Savings………………………………………………………………..5 2.7 Investment……………………………………………………………..6 3.0 Overview of Capital Market in Bangladesh……………………………6 3.1 Stock Exchange as an Organization……………………………………...7 3.2 Instruments………………………………………………………………..7 3.3 Share Categorization: A, B, G, Z & N……………………………………..8 3.4 Key Market Segments…………………………………………………9 3. 5 Players………………………………………………………..............9 3. 6 Principal market Instruments………………………………...............9 4. 0 Recent Trend in the Capital Market……………………………………10 4.1 Market Analysis……………………………………………………...11 4.1.1 Insurance Sector…………………………………………………..11 4.1.2 Banks and NBFI sector…………………………………..............12 4.1.3. Mutual funds…………………………………………………….12 4.2 Performance comparison with International Market………………..13 4.3 Highlights of the year 2010…………………………………............14 4.3.1 Increase of BO accounts and brokerage branches……………….14 4.3.2 Recent Crash……………………………………………………..15 4.4 Bangladesh Capital Markets – The Future…………………………..15 4.5 Recent Regulations and Opportunity Space…………………………16 ...
Words: 3807 - Pages: 16
...Touro College Jacob D. Fuchsberg Law Center Digital Commons @ Touro Law Center Scholarly Works Faculty Scholarship 1-1-2002 Legal and Business Perspectives on Small Business Start-Ups: A Selective, Annotated Bibliography April L. Schwartz Touro Law Center, ASchwartz@tourolaw.edu Recommended Citation 6 J. Small & Emerging Bus. L. 479 (2002). This Article is brought to you for free and open access by the Faculty Scholarship at Digital Commons @ Touro Law Center. It has been accepted for inclusion in Scholarly Works by an authorized administrator of Digital Commons @ Touro Law Center. For more information, please contact ASchwartz@tourolaw.edu. HeinOnline -- 6 J. Small & Emerging Bus. L. 479 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 480 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 481 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 482 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 483 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 484 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 485 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 486 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 487 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 488 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 489 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 490 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 491 2002 HeinOnline -- 6 J. Small & Emerging Bus. L. 492 2002 HeinOnline -- 6 J. Small & Emerging...
Words: 478 - Pages: 2
...ASSIGNMENT 1 START UP A SMALL BUSINESS To purchase this visit here: http://www.activitymode.com/product/bus-463-wk-4-assignment-1-start-up-a-small-business/ Contact us at: SUPPORT@ACTIVITYMODE.COM BUS 463 WK 4 ASSIGNMENT 1 START UP A SMALL BUSINESS BUS 463 WK 4 Assignment 1 - Start Up a Small Business Select a business idea which you would like to implement and complete this assignment. Note: You may use the same idea that you have used in discussion topics during Week 2 through Week 4. Write a seven to eight (6-8) page paper in which you: 1. Propose the value proposition of the product or service the business will offer and explain the rationale. 2. Outline the competitive market and the industry in which the business will operate. 3. Determine at least two (2) strategies of each for protecting the following: a. the branding b. the logo c. the product technology 4. Suggest methods to test the product idea for feasibility. More Details hidden... Activity mode aims to provide quality study notes and tutorials to the students of BUS 463 WK 4 Assignment 1 Start Up a Small Business in order to ace their studies. BUS 463 WK 4 ASSIGNMENT 1 START UP A SMALL BUSINESS To purchase this visit here: http://www.activitymode.com/product/bus-463-wk-4-assignment-1-start-up-a-small-business/ Contact us at: SUPPORT@ACTIVITYMODE.COM BUS 463 WK 4 ASSIGNMENT 1 START UP A SMALL BUSINESS BUS 463 WK 4 Assignment 1 - Start Up a Small Business Select a business idea which...
Words: 821 - Pages: 4
...Edexcel GCSE Business Unit 2: Controlled Assessment Task 1 What would be the most suitable location for a small business to start up in your local area? Chicken cottage is one of the leading halal fast food services in Keighley which I am going to talk about. The original one was founded in 1994. In Keighley it is on the Cavendish high street. Their mainly are a fast food takeaway but can also eat inside so it is sort of a restaurant as well. It sells different types of chicken such as burgers, stake, etc. it is mainly a take away and you can also eat indoors. The four factors to do with location that I have decided to investigate are: Transport links, location of competitors, market (customers and population) and access to Labour. My primary research which I did was I went to Chicken Cottage to have an interview with the owner to find out why he chose the location for his business e.g. was it access to customers or staff, etc. I also carried out a primary research questionnaire of customers to see how they travelled to the restaurant and how far they were prepared to travel, etc. The location of the building is on Cavendish Street, Keighley. This is a busy high street. I also asked him if I could leave questionnaires for the customers he agreed For my secondary research I went online to see the competitors for his business, plus I researched if his business was easily accessible and it turned out that it was. I also got a number of the population of Keighley...
Words: 1339 - Pages: 6
