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Setting up a business - new business case study questions.

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Introduction

Unit 1 - Setting up a Business Case study 1: Josef's business AO1: Knowledge AO2: Application and analysis: developing your explanation and using examples relevant to Josef's business. Explain two ways in which a bank can help a new business such as Josef's (4 marks) The first way in which a bank can help Josef is by giving him a loan of �10,000 to help him to set up his business, there are many start up costs ie: equipment and computers that he will need to cover and it is important that he has enough money. Another way they can help is by offering advice; the bank can appoint a small business advisor as Josef is a young, inexperienced small business owner, they can help him with financial issues, keeping records and taxes. Would completing a business plan make sure that Josef's business was successful? Give reason for your answer. (9 marks) AO1: Kn. ...read more.

Middle

More importantly he may not run the business very well and this will lead to many problems further down the line. I think a business plan is very important to guide an entrepreneur but it must also be flexible and reviewed over time. Explain two reasons why someone might choose to buy a franchise from 'The Greenhouse' (5 marks) AO1: Kn: state reasons AO2: Ap & An give the benefits and provide a detailed explanation using examples from the case study As stated in the case study the Greenhouse restaurants are known for their quality food and quality service, the business is already a success and an entrepreneur maybe interested because they know the business will do well because of its excellent reputation, it is seen as less of a risk. Another benefit of owning the Greenhouse franchise is that an entrepreneur will receive training from the franchiser, much of the hard work is done in terms of marketing and design of the restaurants and menus etc... ...read more.

Conclusion

All of these are important in building confidence of your workforce and therefore an effective workforce. Although money is a motivator for some it could increase the costs of Phil's and Sandra's business and they maybe better off choosing other non-monetary methods to ensure they make as much profit as they can. Explain why batch production might be a better way for Connie to make cakes (5 marks) AO1: Kn: state reasons AO2: Ap & An give the benefits and provide a detailed explanation using examples from the case study Connie makes different types of cakes, birthday, weddings and other occasions, if she bakes them in batches than it will be more efficient as it can save on costs ie: cooking fuel. It will also save a lot of time as baking one individual cake at a time would take much longer than if they were baked in batches. Being more efficient will save money and help connie make more profit. ...read more.

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