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Why people decide to setup in Business?

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Intro: In this unit I will be looking at setting up my own business. In this task I will be looking at reasons why people want to have their own business, the problems they may face and how they can solve theses problems. Reasons why people decide to set up in Business * To have more control of their working life. * Don't like their job * Think they might earn more working for themselves * They think they have a great idea * See a gap in the market * Need to work * Government incentives * Following family and friends * To be successful The reason why I personally would like to set up in business is to be successful. I want to know that if one day in life I decide I want my own business that I want that company to be very successful. It doesn't have to be as big as Tesco but as long as it's successful. Plus I want to be successful. I want to be able to say I have accomplished something worthwhile in my life. I think this is a very good reason why someone should decide to set up in business. Another reason which may cause me to set up in business that I want to be my owe boss. I want to be my own boss because I have my way of doing certain things and I don't really like people telling me differently. ...read more.


To overcome this you could possible change suppliers. It's more likely that the place you get the product from they aren't making it properly. You could also complaint to the people who makes the product so that they can improve it but if the problem persists then the best thing to do is change suppliers. May be if you are in a partnership you don't get along with the person This could be that before you got along with the person but as soon as you set up in business with them then everything changed. This could happen because you both have a different idea on how the business should run. To solve this you could possible offer to sell your share and set up as a sole trader instead or maybe invest in another business. You could open as a franchisee. Maybe your partner could offer to sell his share to do something else. Not enough finance Maybe you don't have enough money to set up your business or you already have and you're running into debt. Before you set up you can possible ask the government for a grant and in return they may ask to set up in an area with low unemployment. You can ask the bank for a loan. You can ask family and friends for money. You can also ask your suppliers for credit so that you don't have to pay them straight away. ...read more.


* A neat and tidy person so that your work office isn't always a mess and you will find things easier if the place is organised. * Previous experience in working in that field so that when it comes to opening your business you know what you are doing because you have done it before. It would make it much easier. * Good team leader so that you can lead your team in the right direction. If you're not shy you will be able to explain what you want to get done and you will be able to speak clearly. * Someone who knows what they want and isn't afraid to take risks because when you know exactly what you want you only need to work out how to get it. You will need to take risk to get what you want because you can't always play it safe. I think I have some of these qualities but I am lacking in some. For example, I get nervous when I have to speak to a room full of people. I think I should try to work on this because in the future I may have to give presentations. I have experience working in a retail shop but not enough where I will be able to open my own business. I am a much organised person so I will be able to know how where documents are. ?? ?? ?? ?? Marian Roberts HSA Unit 11- Task 1 ...read more.

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