My Business Idea Essay -- Business and Management Studies

My Business IdeaIn my coursework I intend to start my own argument. I will devise myown barter plan which bug outlines my business proposal and the keyaspects, during this I will need to seek swell business advice on thenecessary steps I will induce to do work. As I go through the coursework Iwill coming into court evidence, examples and explain how businesses atomic number 18 post up,what types of businesses thither argon and their similarities, the kind oftargets businesses set for themselves and also the differentobjectives of different stakeholders. For my business I plan to selltoys and other game products that educate young children under the ageof 11. get-go up a business is difficult and risky. Anyone setting up inevitablyto consider Whether they have the right check and skills to make the business a achiever. How they be going to produce and market their product or service. Where they atomic number 18 going to get finance for the business. How they can get h elp and advice that is in stock(predicate) to them from outside the business. What will happen if the business is not a success?Identifying the opportunityIdentifying a business opportunity is the first thing a person indigenceingto set up his or hers own business must do. The business opportunityis most credibly to come from what they are already doing in work andthe contacts they have. People with no experience are more likely to breakthrough it difficult to set up a business and make it a success. This isthe reason why most bulk who set up their own business have alreadyhad experience of working in an industry. They then have to find outwhether the topic will work.Researching the market======================Businesses only survive if they can attract customers and at leastmake sufficiency money to cover their costs. So it is of the essence(predicate) to find outwhether there are likely to be enough customers. There are two ways ofresearching the market.* Desk Research inv olves finding vivacious information about the market. For example, a person wanting to set up a beauty salon would look in the Yellow Pages to find the locations of other salons in the area in order to assess the likely competition.* Field Research involves finding information that is not available in books etc. For instance, questionnaires and surveys are a good way of finding out whether there is a... ...ers in a business disagree, it can be actually badfor the business. This is the main reason why businesses in collaborationistships draw up a Deed of Partnership. This is a legal contractwhich sets out* Who are the partners* How much money or capital distributively partner has station into the partnership* How profits should be shared out* How many votes each partner has in any partnership meeting* What happens if any of the partners want to withdraw from the business or if new partners are brought in?If there is no deed of partnership, the law states that every partn eris equal. Each partner then gets an equal share of the profit and hasthe same voting superpower 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 customersThe targets for my business are- maturation in profits- Growth in sales turnover- annex in market share- Expansion of the product range- change into more areas of the country or the world- To become an even bigger business like a PLC