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My Business Idea
In my coursework I intend to start my own business. I will devise my
own business plan which outlines my business proposal and the key
aspects, during this I will need to seek good business advice on the
necessary steps I will have to make. As I go through the coursework I
will show evidence, examples and explain how businesses are set up,
what types of businesses there are and their similarities, the kind of
targets businesses set for themselves and also the different
objectives of different stakeholders. For my business I plan to sell
toys and other game products that educate young children under the age
of 11.
Starting up a business is difficult and risky. Anyone setting up needs
to consider:
· Whether they have the right experience and skills to make the
business a success.
· How they are going to produce and market their product or service.
· Where they are going to get finance for the business.
· How they can get help and advice that is available to them from
outside the business.
· What will happen if the business is not a success?
Identifying the opportunity
Identifying a business opportunity is the first thing a person wanting
to set up his or hers own business must do. The business opportunity
is most likely to come from what they are already doing in work and
the contacts they have. People with no experience are more likely to
find it difficult to set up a business and make it a success. This is
the r…
… middle of paper …
…o withdraw from the
business or if new partners are brought in?
If there is no deed of partnership, the law states that every partner
is equal. Each partner then gets an equal share of the profit and has
the same voting power as any other partner.
The basic objectives for my business are:
– To make the largest possible profit
– To grow and expand
– To survive (break even)
– To provide a service and quality products to ensure the satisfactory
of our customers
The targets for my business are:
– Growth in profits
– Growth in sales turnover
– Increase in market share
– Expansion of the product range
– Selling into more areas of the country or the world
– To become an even bigger business like a PLC