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 reason why most people who set up their own business have already had experience of working in an industry. They then have to find out whether the idea will work.

Join now!

Researching the market

Businesses only survive if they can attract customers and at least make enough money to cover their costs. So it is important to find out whether there are likely to be enough customers. There are two ways of researching the market.

  • Desk Research – involves finding existing 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 ...

This is a preview of the whole essay