All of the computers will be built with high specification budget parts. This will give the computer a high specification but keep costs low.
I have chosen to do this project because of the demand nowadays for high specification computer, Computers are being used more and more for everyday activities from looking up a phone number to creating a birthday card.
I will have special deals for businesses, which will include 5 – 10 computer workstations a server and a complete network kit.
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Skills and Talents of an Entrepreneur
Intelligence - someone who is completely stupid is not going to get a business running very well.
Patience – businesses don’t just become famous and make a lot of profit in days it takes years to get a good reputation.
Perseverance – a business wont al be success so someone who doesn’t give up is essential.
Hard Working – a lot of work is needed to get a business off of the ground and to run it, a lot of time is need for this.
Business Sense – for choosing the price of goods and knowing how to make lots of profit and keeping costs low.
Organisation – organisation is essential in a business a lot of time can be wasted if things are not organised properly.
Logicality – in day-to-day running of a business, a small problems need to be tackled and this requires common sense.
Risk Taker – if you want to become a large business and take in a lot of profit a lot of risks will have to be taken.
Negotiator – when making business deals getting the best price is essential
Team Player – getting on with your staff is essential, as you cannot have a large business without staff that respects you.
Decision Maker – decisions will needed to be made from choosing products to sell to the prices to sell them at.
Ideas – to start a business you need an idea.
Creative Mind – an idea is nothing if you don’t have the creativity to develop it.
The resources needed to start up a business
If my business is going to be successful I will need a good plot on the high street. I will need to do out the shop and I will need to purchase tools and initial stock, I will have to consider security of the shop, insurance, and determine whether I will need any staff to help me. I think that advertising in the local paper will be a good way to promote my products and attract business.
As I am a sole proprietor I will need to finance myself. I have 4 options available to me:
- Own funds
- Family loan
- Bank loan
- Re-mortgage
Using my own funds is a good idea as I don’t have to pay any interest and it doesn’t have to be paid back because its already mine.
A family is an interest free option but family loans can cause disputes within the family, which isn’t a good thing.
A bank load is the most expensive option as it has high interest rates attached to it, but it doesn’t cause any disputes and can be for as much or a little as required. There are problems with this type of finance; if the repayments cannot be kept the bank will take assets of the business or even your house.
A re-mortgage is similar to a bank load in that if repayment are not kept your will lose your house but this finance option has a lower interest rate than a bank loan.
My business will be VAT registered which will give me an advantage over other small businesses that aren’t. This means I don’t pay VAT on products I purchase from other VAT registered businesses. So being VAT registered other businesses are more likely to buy from me rather that the businesses who aren’t VAT registered because they can claim the VAT back which would make my products 17.5% cheaper if the standard price was the same.
