Part (A) The current age is the age of technology, innovation and resilience the application of which is observed in all walks of life. As far as the professional lives are concerned, the advancements have made people adopt their own businesses as careers. Those were the old days when people used to consider jobs as their careers, now, in the modernized world, where the ease of starting a business has increased; people strive to run their own businesses for the aim of earning profits. Business is the terminology which refers to the provision of services and goods to the consumers.
It pertains to all those activities which are involved in the process from the starting to the ending of a business setup. This report elaborates upon the process of starting up a business and would include all its steps described briefly. Starting up a Business In order to start a business, it is necessary for the individuals to possess the qualities of an entrepreneur which would require the performance of various responsibilities manifold. Initially, it is essentially for an individual to be a risk taker, a determined person and capable for taking up challenges.
He should have the quest for independence and flexibility as the major driving force behind him. Having respect for peers, and possessing the capability of using power and authority in a proper way is what a sophisticated entrepreneur needs to have in him. Choice of the Right Business The first step to starting up a business is to select the right nature of business. This is done through matching the selected business with the particular set of knowledge, skills and attitude of the entrepreneur.
Only the venture which is known by the individuals intimately should be considered for the start up. All the factors such as profit, investment and short and long term objectives intended to be achieved by the business need to be considered (Bangs, Pp. 27-30). Types The type of the business pertains to the nature with which it shall be operating. This includes the classification of business into wholesale, retail, manufacturing, services, project development, etc. My business would be of the manufacturing nature, where I shall produce the new brands of soft drinks and sell them to the retailers. Riskiness and Financial Potential Factors such as the riskiness and money-making capability of the business will have to be considered before taking an initiative for it.
This will be judged by examining all the risk factors which might be involved in the taking up of the venture. For instance, what would be the return of the business and how long will it take to cover up the cost of the business? It should also take into account the aspects such as the long and short term profit making ability of the business.
Since, I shall involve in a production business, I will have to incur more costs and anticipate the riskiness of the business in a proper way (Walsh, Pp. 45-61). Deciding the 4 Ps The next most important aspect of starting up one’s own business is to decide upon the product or service to be provided. Initially, I would begin with choosing a product from the FMCG industry, due to the fact that such products are likely to generate more revenues and in a shorter period of time.
For the purpose of this study, I would initiate my business by offering soft drinks as the basic product of my new business. Once, the product to be offered for sale is decided, and then other elements of the marketing mix (price, place, promotion) will have to be briefly looked at. Keeping these 4 Ps in mind will help me further in deciding upon the starting up of my own venture. Place For any business to be effective and flourishing, it is necessary to pay absolute attention to the hunting for place where the business is to be set up.
There has to be a proper alignment of the nature of product with the place where it will be offered. Since, I offer the manufacturing of a consumer good, so, for that purpose, I will have to set up a production plant. Moreover, consideration for the price of the product will also help me ads to which area would be able to offer me more profits in order to generate maximum revenues. Local Rules Every region and every place or country has its own rules and regulations.
Besides this, there are some formalities and procedures which need to be followed and looked into before opening up a business. These rules might include forming up the memorandum, getting the business incorporated, deciding upon the sales tax, and looking for penalties (Baumbac & Kenneth, 178-180). Writing up a Business Plan Next step in the forming up of a new business is to design a sophisticated business plan. A business plan incorporates the mission, goals, tactics and the far reaching strategies of the business in the form of a formal report.
It can also include the background of the company and the details regarding its financial feasibility. Keeping the rules in mind, the business plan for my newly formed business would include the mission, objectives, vision and background regarding the operations and blueprint of the goals and objectives of my business (McGregor & Ronald, Pp. 168-170). This plan will let me forecast whether my business would be kept afloat financially or not. Knowledge Skills Attitude One of the major factors for starting up and conducting a business is to be well acquainted with the Knowledge, Skills and Attitude (KSA) required for the business.
For the purpose of achieving the objectives, it is essential to determine the right amount of information about the relevant business (Davis, Pp. 198-200). For the production business, I will need to have the knowledge of production methods and procedures to make quality product. My skills would by analyzed by the operations and activities of the company. Moreover, I shall be an effective entrepreneur if I will possess a winning and committed attitude towards my business.
Self Employment A self employed individual is the one who owns and manages his own business rather than working for someone else. There are several advantages and disadvantages of such employment. There are as follows: Advantages The employer has more influence over the business he has opened up. It is the sole decision of the owner as to what direction the business should go into and how much it has to grow. The entire income remains with the owner as he has no other employee to pay to.
Disadvantages All the losses are to be bore by the owner solely. In case of seasonable product, the owner may have to stay unpaid sometimes. Management of cash flows, decision making and all other responsibilities rest on the individual’s shoulder. Part (B) The Belbin’s Self Perception Inventory, also sometimes known as the Belbin Team Role Inventory, refers to the appraisal which is utilized to assess the behavior of an individual in a team. As a behavioral tool, it assess the individuals by obtaining comparative feedback of the individuals from each other and getting feedback from the observers regarding the behavior recently exhibited as a team member (Foster & Dennis, Pp.
122-124). I was an entrepreneur worked very well on the project which was assigned to me. Being an entrepreneur, I showed commitment, responsibility and leading role in the team. According to the Belbin’s inventory, the role played by me and my teammates was an essential source of determination, performance, and capable attitude for the project (Kishel & Gregory, Pp. 76-77). Regarding the Knowledge, Skills and Attitude factors, I and my team had confirmed our positions through the depiction of our behaviors in the project work.
Besides that, the charisma and the leading roles carried by us worked well in the undertaking, initiating and carrying out of the project. REFERENCES Jinnett, Jerry and Linda Pinson. 1993. Keeping the Books. Upstart Pub. Co. pp. 190. Foster, Dennis L. 1988. The Complete Franchise Book. Prima Publishing and Communications. Pp. 122-124. Baumbach, Clifford M. and Kenneth Lawyer. 1989. How to Organize and Operate a Small Business. Prentice Hall, Inc. 178-180. Davis, Dale A. 1991. How to Develop and Market Creative Business Ideas.
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Jr. 1990. Methods to Understand and Evaluate. Upstart Publishing Co. Pp. 27-30. Bangs, David H. Jr. 1992. Managing by the Numbers--Financial Essentials for the Growing Business. Upstart Publishing Co. Pp. 135-145.