...Deciding on a Business Provided by My Own Business, Content Partner for the SME Toolkit OBJECTIVE: The most common serious mistake made in business is not picking the right business to begin with. This session will provide you with important evaluation techniques to decide which business is right for you. * Characteristics of a Successful Entrepreneur * Step-by-Step Approach * Decide if you really want to be in business * Decide what business and where * Decide whether to start full-time or moonlight * Selection Strategy * Things to Watch Out For * Required Activities * Comparative Evaluation * How to Evaluate a Specific Business you have in Mind * "For" and "Against" List * Get Completely Qualified * Decision Time * Top Ten Do's and Don'ts * Session Feedback and Quiz | [Back to top]Characteristics of a Successful Entrepreneur | Dr. Dan Nathanson Anderson Graduate School of Business UCLA | | | What are the biggest mistakes made when starting a business? | | Guts: Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to start your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start your own business only to discover that it doesn't give you satisfaction and joy. And, through good times and bad times, you...
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...How to start a Business More and more people are beginning to open their minds to new business ventures. It seems like it is becoming the popular move. By opening a business there could be huge profit to be made, depending on the market. On the other hand, there are risks and losses that may occur as well. It is said that there are two reasons why people start a business. The first reason is because they have inspiration for what they believe would be a great idea and the second is from desperation. People have a need to make money and there are no jobs out there, which they found, that suites them or their needs. First thing you'll need is the idea. It might be a product you've always wanted to make, or a service you feel people need. It might even be something people don't know they need yet, because it hasn't been invented. It can be helpful and fun to have people who are bright and creative to join you for a casual brainstorming session. Start with a simple question like: "what shall we build? The idea is not to create a business plan, just to generate some ideas. Many of the ideas will be new, and there will be quite a few ordinary ones, but a few will emerge that have real potential. Second, define your goals. Do you want financial independence, eventually selling your business to the highest bidder? Or do you want something small and sustainable, that you love doing and want to derive a steady income from? These are the things that are good to know very early. Define...
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...Are you one of those who dream of owning your own business? You'll be your own boss, and the captain of your destiny—–maybe even a captain of industry. Is it hard? Without a doubt. Is it challenging? Absolutely. Do you have to be wealthy and well-educated with a lengthy resumé? Not at all! Can you do it? As the magic 8-ball says, "All signs point to yes!" So how do you do it, and make it work? Plan, plan, plan! There are some tried and true ways head down the path of creating your own business, and there is no time like the present to get started! Have an idea. It might be a product you've always wanted to make, or a service you feel people need. It might even be something people don't know they need yet, because it hasn't been invented! * It can be helpful—–and fun—–to have people who are bright and creative join you for a casual brainstorming session. Start with a simple question like: "what shall we build?". The idea is not to create a business plan, just to generate some ideas. Many of the ideas will be duds, and there will be quite a few ordinary ones, but a few will emerge that have real potential. Define your goals. Do you want financial independence, eventually selling your business to the highest bidder? Do you want something small and sustainable, that you love doing and want to derive a steady income from? These are the things that are good to know very early...
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...How to start online business in Malaysia. * Effective 1st July 2013, all online businesses need to comply with the Malaysian Consumer Protection (Electronic Trade Transactions) Regulations 2012. * As reported in all major newspapers on 16th Sept 2014, Chief Executive Officer of the Companies Commission of Malaysia (SSM), Datuk Mohd Naim Daruwish had again reminded people that do business online to register with SSM. This includes business that sells their product through social networking sites such as Facebook and Instagram. * It is an offence punishable under the Registration of Business Act, if they failed to do so. The maximum fine is RM50,000 or jailed up to two years. This is not a small matter and for people that try to supplement their existing income, it is not worth the risk. * Datuk Mohd Naim mentioned that cost of registration is only RM30 and the registration is a simple process. They will also gain from other benefits such as access to microloans and insurance coverage. * To catch these errant online shop bosses, SSM is working together with Malaysian Communications & Multimedia Commission to identify these people. How to Do Online Business in Malaysia To recap, to start an online business in Malaysia, you need to: 1. Register with MMC, if your business activity relates to telecommunication sector. 2. Register with CCM as a business enterprise 3. Get a domain name, a hosting account and a properly designed website. If you want...
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...Starting a Business in Canada Starting a new business in Canada can vary in degrees of difficulty depending on the industry you choose to pursue, and the province in which your business will reside. Fields such as telecommunications make it nearly impossible for new entrants to grab market share, as mega-corporations such as Bell, Telus, and Rogers, have essentially monopolized the entire industry. In contrast, industries with little to no barriers to entry, such as the restaurant industry, make it very easy for new businesses to enter. In order to start a business in Canada, you first need to come up with a business idea and then methodically turn it into a structured plan, while ensuring to consider the degree of competition in your respective industry. This is a critical first-step, as the smoothness of your day-to-day operations will rely a great deal on the organizational model you established in your business plan. In Canada, there are four legal forms of business to choose from: sole proprietorship, partnership, corporation, and cooperative. In sole proprietorship, the business owner is directly responsible for all debts and obligations related to their business. In turn, all profits generated by the business are for their keeping. Some of the advantages of choosing a sole proprietorship form of business are: simplicity and inexpensiveness, direct control of decision-making, and a limited regulatory burden. Disadvantages of sole proprietorship include...
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...Executive Summary This is a business plan written on introduction of e-cigarette in Malaysia. E-cigarette is a new form of cigarette being used to replace the existing since it produces less harm than the conventional one. To date, there is not only no known side effect caused by consuming e-cigarette, but significant acceptance of this new product to substitute conventional cigarette was found among western countries. The business was started by developing Vision and Mission of the company formed in order to provide clear direction for the company in future development. The business is carried out under TOP Cigarette Sdn Bhd with a Vision to become the first leading e-cigarette in Malaysia by ensuring high quality of our cigarette. It is also attached with an analysis concerning on the external environment that could affect our business through Political, Economical, Social and Technological (PEST) analysis. The analysis found significant environmental factors that are favour operation of e-cigarette in Malaysia. Political environment of Malaysia create a great opportunity for the business to expand since the conventional cigarette seems to be governed more strictly through various new implementations to discourage people from smoking. Viewing from economical factor, constant increase in cigarette’s prices had possibly forcing the smoking population to look for other alternative to satisfy their wants. Besides, we also found interesting facts on price spent to buy cigarette...
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...Vegetable oil refers to oil products derived from plants through a pressing process. Every year in the market there will be a lot of vegetable oil is remanded. Do you know how to start oil extraction business(http://www.oil-processing.com/PRODUCTS/Oil-Extraction-Machine/)? The follow five steps is a detail introduction. Step 1 Conduct research on the requirements of a vegetable oil extraction business in terms of capital, market size and trends, competition and further insights on the business. For example, visit websites like IBISWorld to acquire knowledge on the economical statistics on vegetable oil extraction businesses in America. Conduct an online search on established businesses or personally visit the premises to gain insight on the establishment and operation of the business. Examples of vegetable oil extraction companies in America include, C P Vegetable Oil located in Fort Lauderdale and American Vegetable Oil in California. Step 2 Make a business plan including the proposed location; finances, both start-up capital and operational costs; target market, for example, the food industry or manufacturing companies and the marketing strategy. Obtain the necessary funding for the business and its requirements; for example, as of the year 2011 an olive oil processing machine, which can process 350 to 600 lbs. of olive seeds, costs approximately $60,000. Consider transportation costs of the vegetables unless you own a vegetable farm, extraction costs and testing procedures...
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...about How to Start a Business: Starting a business is a complicated and serious decision which requires responsibility, knowledge, skills and ambitiousness. Business requires patience and soberness, because the novice businessman should be ready to take risks, make decisions and solve urgent problems which can save or ruin his firm. It is not so easy to start business, because one should decide what he would produce, how he would pay for the development and where he would take the money for the first investment. The primary task of every businessman is to write a quality business plan, which would reflect the whole idea of the new business from all sides. One is supposed to plan the financial support of the production, brainstorm the product which would be sold effectively and get the official permission to start business. The most complicated task is to decide what to produce, because if the goods and services are not successful, the business will bankrupt very soon and the businessman would simply lose his money. We can write a custom term paper on How to Start a Business for you! In addition, the business will get efficient investment only in case of the successful idea about the product and its possible success on the market. There are many other problems related with starting a business: where to locate the firm, where to take money from, how to name it catchy, how to select employees for the firm, etc. Only after having special courses on starting a business one is...
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...AQA AS Business Studies Unit1 (BUSS1) Course Companion AQA AS Business Studies Unit 1 (BUSS1) Course Companion Publishers Information AQA AS Business Studies Unit 1 Course Companion 1st Edition August 2008 Author: Jim Riley © Tutor2u Limited All Rights Reserved No part of this material may be reproduced in whole or in part without the express written permission of Tutor2u Limited. This publication is not endorsed or approved by AQA. Tutor2u Limited Boston House 214 High Street Boston Spa LS23 6AD Please contact jimriley@tutor2u.net with details of any errors, omissions or suggestions for future editions. © Tutor2u Limited All Rights Reserved www.tutor2u.net AQA AS Business Studies Unit 1 (BUSS1) Course Companion Contents Introduction to AQA AS Business Unit 1 .....................................................................6 Section 1: Starting a Business ......................................................................................7 Enterprise and Entrepreneurs .......................................................................................8 Introduction ......................................................................................................................................... 8 Entrepreneurs ..................................................................................................................................... 9 Motives for starting a business ................................................................
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...Small Business Administration, there were 27.2 million small businesses in the United States in 2007. Small business can be defined in different ways. The U.S. Government agency that helps people start businesses is the Small Business Administration or SBA. It categorizes a business in the United States as small if it has fewer than 500 employees. The international community uses the term small and medium enterprise or SME, instead of small business. Among SMEs, small enterprises have 1 to 50 people, while medium enterprises have 51 to 500 people. Whereas on owner-managed small businesses of 1–50 people and places greater emphasis on the lower end of the range. Independent and owner-managed small business means that the business is owned by an individual or small group rather than existing as part of a larger enterprise or a business whose stock can be bought on an exchange. Owner-management refers to constant or at least daily management of a business by its owner. It is possible to become an absentee owner, who profits from a business but is not involved in its day-to-day operations. This, however, is a different type of business with different problems from those of firms run by an owner manager. Small businesses are imitative in nature, with most small firms doing what other firms do, with only slight variations. But when we think about the people who start firms for the first time, the situations they face are situations of novelty. The purpose of a small business is to create...
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...Business Plan Template Five Important Tips Before You Start! 1. The business plan should tell a compelling story about your business, explaining who, what, when, where, how and why. 2. Your plan should be focused and clear. It’s not about the number of pages or style of the cover. 3. The plan should define specific business objectives and goals with general parameters to guide the organization. 4. Writing a business plan should force logic and discipline into a business. 5. A good business plan is a living document. It should be updated regularly. U.S. Small Business Administration Small Business Training Network www.sba.gov/training Title Page Your Company Name Business Plan Date Street Address City, State & Zip Code Phone Number E-Mail Address Web Address 2 Table of Contents 1. Table of Contents………………………………… 2. Executive Summary……………………………… 3. Business Description & Vision…………………. 4. Definition of the Market…………………………. 5. Description of Products and Services……………. 6. Organization & Management……………………. 7. Marketing and Sales Strategy……………………. 8. Financial Management…………………………… 9. Appendices………………………………………. 3 Executive Summary This section should: • • • After reviewing this section the reader should: • • Be written last Provide an enthusiastic snapshot of your company, explaining who you are, what you do and why Be less than 2 pages Want to learn more about your business Have a basic understanding about your company Start here… ...
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...Damilola, founder of UrbanMakes, is Nigerian by birth and comes from a family of four (4). 2. HOW DID SHE START? WHAT PROMPTED HER TO START? She found herself always hunting for hair products when she came to Accra from Nigeria which was hardly ever successful. When she finally found the products after a long search, they were often above her budget. She said, “…the desire to make quality, “hard to find” products easily accessible at super affordable prices inspired me to start UrbanMakes.” 3. AT WHAT AGE DID SHE START? Adeniji Damilola started this business at the age of 21. 4. DID SHE EXPERIENCE ANY FAILURES? Adeniji Damilola, like most or all entrepreneurs, also experienced failures. 5. IN WHAT WAY DID SHE FAIL? (b) HOW MANY TIMES? Damilola Adeniji mainly experienced failures from selling at events. This usually happens if enough sales are not made to cancel out the cost of purchasing a stand at the event. She has participated in many events hence there is no definite number of how many failures she experienced. 6. DID SHE RECEIVE ASSSISTANCE FROM SOMEONE? Damilola did not receive assistance from anyone. She financed and motivated herself along the way. 7. DID SHE HAVE ENOUGH RESOURCES OR CAPITAL TO START? One would not say she had enough resources or capital to start. Damilola used her own money to start UrbanMakes on a small scale. 8. HOW INNOVATIVE WERE HER IDEAS AT THAT TIME? Damilola’s idea was innovative at that time because...
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...Home Get Started Promotion Sales & Service Operations Finance Franchising Technology March 23, 2015 Resources for Entrepreneurs > Good Business Ideas > I Want to Start a Small Business Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness. Ask me a question Visit us on View our news feed Follow Ken Stop by for a bit Get our newsletter Resources for Entrepreneurs Good Business Ideas Opening a Vietnamese Restaurant Starting a Vietnamese restaurant is a rewarding experience if you have the creativity and tenacity necessary to be a successful entrepreneur. We offer nuts-and-bolts information on successfully operating a small business. Wondering how to start a Vietnamese restaurant? We take you step-by-step from start to success. How to Start a Vietnamese Restaurant Are you friend or pho? Sorry for the bad Vietnamese food pun! But, seriously, we are here to help you learn about opening a Vietnamese restaurant. What questions do you have? Consumer Expectations for Vietnamese Cuisine Vietnamese is one of a handful of ethnic cuisines that have gained traction in the U.S. restaurant industry. But like any other restaurant cuisine, consumers have certain expectations about the Vietnamese restaurants they patronize -- and those expectations may not always line up with typical cuisine in Vietnam. For startup...
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...P4 Describe financial aspects that affect the start-up of your business. Start-up costs Start-up costs are the expenses incurred during the process of creating a new business. All businesses are different, and can require different types of start-up costs. In order for a business to survive, start-up costs need to be kept as low as possible. Business owner has to make list of start-up costs. Using a list of start-up costs a business owner would then create a personal survival budget. For my business idea that is in school café I should still keep start-up costs low, but as far as it is in school I don’t have to worry about the equipment for my business, because they already have kitchen to work in and café to sell my products. However I still have to pay the rent and I need resources to start with – stock. Personal survival budget In order for your business to survive, you need to have enough money to cover all your start-up costs, the costs of running the business and also for you to live on. This section looks at how to determine your personal survival budget. I think my business would not affect my personal survival budget too much, because I don’t have to buy all the equipment like ovens, fridges, etc. As far as I have to worry mostly about the stock for my business. Cost of premises Choosing appropriate premises is crucial to the success of a business. Business owners then have to decide whether they want to rent or buy premises. For place they have to pay rates...
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...Understanding Enterprise and Entrepreneurship|Unit 3: The Business EnvironmentFirst of two assignments for this unit| || Assignment title|| In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found.| Criteria reference|To achieve the criteria the evidence must show that the student is able to:||Task no.||Page numbers| P1|Identify sources of information about the current business environment||1||| P2|Describe how a new micro start-up business relates to the business environment||1||| P3|Describe current trends and how these will impact on a micro start-up business||2||| P4|Describe potential ethical concerns of customers about a micro start-up business||3||| M1|Explain how the changes in the current business environment are likely to impact upon a selected micro start-up business||1||| M2|Explain how current trends are likely to impact on a micro start-up business||2||| D1|Assess the risks and opportunities changes in the current business environment pose for a selected micro start-up business||||| Learner declaration| I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.Learner signature: Date: | Assignment brief| Unit number and title|Unit 3: The Business Environment | Qualification|Level 2 BTEC Diploma/Certificate in Understanding Enterprise and Entrepreneurship| Start date|| Deadline || Assessor|| | Assignment title|Watching...
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