...1.0 EXECUTIVE SUMMARY These business plans outlines the strategy for sales of enterprise software planning solutions to optimum the usage of mobile phone and provide the convenient system to our user. Polaris Private Limited (PPL) will act as the software developer to enhance the usage of mobile phone. We expect a high degree of profitability based on our plan to key in on businesses that have already expressed the need for such services and products to the software manufacturer. Our management expertise in dealing with corporate decision makers and our reputation will be the cornerstone of our success and be a funded that we needed to develop our system. . M&M PHONE in Polaris Private Limited. It is a local company with 100% Bumiputera status. It begins with new introducing and promoting the well-known concept of smart and high tech system that provides services towards customer and makes their daily life more effective and easy regarding using their mobile phone. We got the idea from e-wallet and we tend to expend the idea and come up with M&M phone and create a new environment of life which is modern and easy life in one pocket. With M&M PHONE user can make use their mobile phone as maximum they can. Our system was first conceived as a method of storing various forms of electronic money (e-cash), but with little popularity of such e-cash services, the M&M PHONE has evolved into a service that provides internet users with a convenient way to store and use online...
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...Anyone can decide to start a business but there is much more to the process than just coming up with the initial capital. There are three main points to starting a business. The first one is to decide whether if it is in the best interest of the aspiring entrepreneur to start the business. The second is to choose every detail of how this business is going to run. The third is to find ways to maintain and improve the business efficiently. There is no shortcut to a successful business, but with this list of guidelines and lots of hard work anyone can be headed in the right direction. What is an entrepreneur and how does a person become one? According to Vincent Ryan in his article, “Anatomy of an Entrepreneur,” an entrepreneur is “one who organizes, manages and assumes the risks of a business or enterprise” (36-44). That is exactly what starting a business is, a risk. To avoid this risk, the first thing to think of when starting a business is whether it is in the best interest to run this business. Barbara Weltman said in her book, The Complete Idiot’s Guide to Starting a Home-Based Business, when choosing a business there is nothing better than to “turn a passion into a product or service.” From there she claimed one should play to their strengths and weaknesses to decide what kind of business to run (17-21). When a business is chosen it is best to know all the ins and outs of that business. According to Mark Warda, knowing the business at hand “might be the most valuable preparation...
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...- BTEC FIRST DIPLOMA BUSINESS - Unit 16: Business Enterprise Assignment [pic] [pic] • The due date for the whole assignment is Friday 25th May 2012 • You will have time allocated to complete the MERIT and DISTINCTION criteria only when the PASS criteria is completed • You will be able to gather evidence for Level 2 Key Skills in Communication, Application of Number and Information Technology from completing the assignment You will also be able to gather evidence for Key Skills Level 2 Improving Own Learning and Performance (LP2.1, Lp2.2 and LP2.3) as you plan, review and complete the assignment ASSIGNMENT TASKS The scenario You and some friends have always been interested in working for yourself rather than being an employee. You now feel it is the right time to start up a new business and so you begin to consider the idea and investigate the possibilities further with your friends. There are many ideas you have but before you can start the business you have decided to investigate what things you need to know about starting up a business. You and your friends are considering asking your bank manager to provide you with the finance for starting up the business and so it is important that you know exactly what is involved. You and your friends will have to present your business idea to the bank manager so it is important that you know what you have to do…! ______________________________________________________________ ...
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...Getting into Business: If a person wishes to go into business they have three options. These options are: 1 Starting from scratch 2 Buying an existing business 3 Buying a franchise 1 starting from scratch: How and why people may decide to begin a business from scratch? If you start a business from scratch, you will need to ensure that you have enough money to do all the initial work of setting up a business and buying the stock. When starting a new business it is hard to predict how much income will be earned and what the expenses will be. It is important to have enough initial investment to meet the expenses involved in starting up the business and enough income to cover ongoing expenses. It may however, be hard to borrow money for a business that has not shown ability to succeed. If you were thinking of going into a business you might decide to ask someone to join you as a partner. In this way you and your partner can share the risk of starting up in a business and share the profits. You can also share the time spent in the business. This can sometimes ease the burden of working long hours. Advantages: • The owner has complete freedom to set up the business the way they want it. • The owner can determine the pace of the growth and change. • There is no goodwill to pay for. Disadvantages: • Setting up a new business involves high risk and uncertainty. • It takes time to train and hire staff, find a customer base and start making money! Existing Businesses: ...
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...Intro to Business 7/25/13 Starting and Operating a New Business In chapter 3 we learned all about starting up a business. We learned that there are a lot of key factors that go into starting a business. We also know that it may not always turn out successful. I found an article on bizjournals.com that talks all about the economy and entrepreneurship. It talks about how it’s been in the past and how it’s been since 2012. An entrepreneur is a businessperson who accepts both the risks and the opportunities involved in creating and operating a new business venture. The article states that entrepreneurship is on the rise again, but there is still one thing holding a lot of Americans back and that is the risk that the business may fail. If their business fails, it’s a big deal because the entrepreneur then just lost all the time and money they had put into the business. The article says that one in three Americans feel that fear that it will fail but that’s has moved from one in every four from 2008. We learned that a Business plan (which is a document in which the entrepreneur summarizes his or her business strategy for the proposed new venture and how the strategy will be implemented) is key when starting up your own business. Without a clear written out plan chances are slim that your business will succeed. In the article it talks about how 69% of small businesses rely on friends and family members to help start up the business and get it running. So starting up and running...
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...Introduction The following paper will identify the different types of business structures. The paper will demonstrate of how each type of business structure would benefit the business owner and some possible disadvantages to certain business structures. Each type of business structure can help the business partners by protecting them both legally and financially. Business founders want to get their business, up and running as soon as possible by starting a business without exploring the different types of business structures, a business owner loses the opportunity to protect themselves from certain tax issues and legal concerns, which can be avoided by structuring their business in certain ways. Starting your business The beginning of starting businesses is financial. You have to know what the steps are in order to develop your own business. The official business link to the US government, https://www.sba.gov/starting-business, provides free training and counseling services such as preparing a business plan and getting financing. By researching some and skill building, using the resources available on the government business link, the new proprietor will be prepared to meet the challenges associated starting a new business venture. Financial skills and management skills must be determined in a very realistic manner. A financial management section of the business plan should explain plans for funding the company and the initial amount of equity capital. Potential investors...
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...Setting Up a Business By Osmond Vitez, eHow Contributor * * * * Print this article Entrepreneurs are the individuals who start new businesses in the economic marketplace. These individuals may start businesses for a variety of reasons, including working for their own self-interest, making more money, improving their local community or enhancing their quality of life. While entrepreneurs may face a number of issues when starting a business, they usually have the psychological resolve and positive outlook to overcome these issues. Other People Are Reading * Help With Setting up a New Business * How to Start an Entrepreneur Cosmetic Business 1. Facts * Entrepreneurs usually offer the vision, goals and objectives for their start-up companies. Goals and objectives oftentimes are simple during the early stages of the company; goals typically include building a strong customer base and making enough money to break even. As entrepreneurs continue to establish their businesses, the importance of goals and objectives typically increases. Once employees are hired to work in the business, an entrepreneur must be able to translate the company’s vision and objectives to new employees. Function * Start-up companies usually require a business plan to begin its operations. Entrepreneurs are usually the individuals responsible for writing the business plan and developing specific information related to the start-up company. The business plan is...
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...past few years, our economy has gotten worse and worse, but I would still take the risk of opening up my own business. To me, now would be the perfect time to open up. I think this because no matter how bad the economy is, that won’t stop anyone from going out and purchasing anything from stores. Although there are pros and cons to starting your own business right now, I would still go for it. I believe before anyone opens up their own business, you have to know what you are getting into. You have to have a lot of knowledge and have to be very committed to what you are about. I think before starting your own, you need to at least work in a business for maybe two or three years. That way you know what goes on inside the business. Try to talk to someone that owns a business so that you can get some key pointers what will help along the way. Another important thing to consider before you get started is money. You have to have money to make money. I know it takes a lot of money to get started, so you have to think are you really prepared to start your own business. Most people try to get loans from banks. But to do this, you need a credit score of “700”. You need to be able to manage your money, if you don’t know how the business won’t last long because you’ll soon go bankrupt because you aren’t keeping up. The statement “A student whose main activity on campus is running a business is missing the basic reason for being here, which is to get an education can be true and false. This...
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...Environment of Business Michelle Casey Introduction to Business Unit 1 Legal, Social, and Economic Environments of Business When a person decides to start up a business of any kind, they have to decide what type of business it is going to be. There are three major types of businesses; sold proprietorship, partnership and corporation (Griffin 2005). Before deciding which the best one for the business is, the owner needs to know what each one is and how it operates. A sole proprietorship is a business that is owned and operated by only one person. Anyone can open up a business as a sole proprietor as long as they have the means and know how to do so. A lot of the “mom and pop” stores throughout the United States are classified as a sole proprietorship. They tend to be family owned and are very personable with their clients or customers which appeals to consumers. A partnership is when two or more people get together and decide to start a business. They decided how it will operate and how the profits will be shared. Most partnership businesses have people who are skilled in different areas which help the business become more successful. A corporation is when a group of stockholders have ownership of the business. A corporation can be expanded very easily throughout the United Stated. They have more funding available to them then any other kind of business form. The banks are more willing to lend money to corporations mainly because of the type of business it is classified...
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...BTEC NATIONAL IN BUSINESS (MANAGEMENT) Unit 37 – Starting a Small Business Assignment 1 – Present your business idea This task assesses P1 Present the initial business idea using relevant criteria Signed (IV) _________________________________ Print Name__________________________________ This unit is all about starting your own small business. The assignments will take you through the planning process in order to complete your own small business plan. This may be a business you are thinking of starting in the future. To complete this assignment you should think of a business idea that you will be able to research and plan for. It should be realistic. You will present your idea to an assessor and some of your class mates. |P1 |Task 1 | | | | | |You should consider whether your business will be new, a franchise or whether you are going to buy an existing | | |business. Your bank manager has asked for your thoughts on this before he/she makes an appointment to discuss your | | |plan. | | | ...
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...Starting An Advertising Agency BusinessIf you are like the average worker, you have probably entertained the idea of starting your own business at one time or another. Starting your own business should not be taken lightly, but if you have the dedication it can be the best move for you.If you are familiar with the world of advertising agency or are just find you have a way with words and a good rapport with people, starting an advertising agency business may be the perfect move for you. But you will need to plan it with a business plan before you get started.Creating A Detailed Business PlanIt is vital to start planning your advertising agency business by creating a detailed business plan. Take some time, sit down and write up a business plan.Having such a plan is essential to tax planning, business startup and obtaining financial backing for your new business.How Will You Start Your Advertising Agency Business?How you go about starting your new advertising agency business will depend on your current situation. If you already work in the advertising industry, you may be able to start by using the contacts you have already made.Start floating the idea of starting your own advertising agency business with your network of contacts. If you are still working as an employee, you will have to be cautious about this approach.Be sure to use discretion when contacting potential customers for your new advertising agency business. You will also have to be cognizant of any non-disclosure or...
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...Start a Business – Report – Assignment Number 1 It is often the case that people who have a fantastic idea or a dream they wish to fulfil are so scared of failure that they do not even try to make it become a reality. Starting a business is one of those dreams which for many people never comes true thanks to these fears. "Starting a new business is both exciting and rewarding, but it is also full of challenges. The level of commitment that you will need should not be underestimated," says Business Link. "The success of your business will partly depend on your attitude and skills. This means being honest about a range of issues - your knowledge, your financial status and the personal qualities that you can bring to your new business." Step 1: Making sure it's the right thing to do Before giving up the day job and the company perks and blowing your life’s savings, it’s worth having a long hard think about whether or not starting up on your own is really the right thing to do. Financial insecurity on this basis can lead to increased pressure on personal relationships. So before starting on the road to self-employment, it is worth checking that the most important people in your life are prepared to travel down that road with you. Step 2: Having what it takes The second stage of the process is to ensure you have the right skills and qualities needed to make a success of the business. Business Link highlights research showing that the most successful individuals in the world...
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...Many people dream of starting their own business and being their own boss calling all the shots. Before starting a business, entrepreneurs must think about what kind of business they want to start and under what Forms. The different kind of forms to consider is sole proprietorship, partnership, corporation, and franchise. Each form is tailored to certain kind of business and knowing the details of each will enhance the business strategy. Sole proprietorship: This form of business structure is mostly used by someone who owns a business by themselves. An example of this type of business in someone starting a home based business such as direct sales. Selling merchandise out of a home office is ideal for new start-ups because the direct sales company usually has an easy to follow plan to where the business owner only has to implement that plan. The advantage to owning this type of business is the owner is in complete control and can work as much or as little as needed. Other advantage is the owner can keep control of inventory, does not have to worry about rental space cost and business owner is able to take advantage of the tax breaks for operating out of the house. The disadvantage is that the owner is in complete control and is responsible for marketing, budgeting and any labiality claim towards the business. Partnership A partnership business is similar to a sole proprietorship but instead of just one owner, there are usually two or more owners. For instance...
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...Introduction During this essay the concept of how enterprise ‘push and pull’ are useful in explaining why people start up a business will be explained. Furthermore this information will be backed real entrepreneurship examples from case studies. Finally there will be an overall conclusion on the findings of how these concepts make ordinary individuals go into business. Main body Business start-ups can be explained straightforwardly by push or pull factors (Gibb & Ritchie, 1982).Moreover according to (Storey, 1994) the determinants of entrepreneurship a dissimilarity is often made between push and pull. Difference between these two is that an individual can either be pushed into self-employment because he or she didn’t really have any choice or they can be pulled into starting a business whereby they can pursue business opportunities. The push factors consist of redundancy or other employment misfortunes ((Cooper, 1973) However (Andreas Freytag et all 2010) states that the push factor takes into account the persons current state and one’s preferred state. On the other hand pull factors are normally associated with the entrepreneur’s insight and also business acumen. These entrepreneurs are lured into starting a business when opportunities are presented. Pull motivated entrepreneurs are lured by their business idea and how successful it could be in the future (G,G,Cunningham et all 1995). Pull factors Independence concept is useful on the basis that both males and...
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...three challenges when setting up a business. Explain why they are challenges: Lack of Capital is probably the biggest challenge when starting a new business. Most small businesses are dependent on personal savings as they do not generally get funds from investors when starting up. And since most entrepreneurs are young and they do not have much funding to invest, their business will kick off much slower than an entrepreneur with age and savings. This lack of funds also limits business plans. Entrepreneurs will not be able to put together a substantial marketing plan or hire employees with a lack of capital, and without a marketing plan it will be extremely difficult and frustrating for the business to grow at the rate the entrepreneur might be expecting. Time management is another key challenge in starting a business. With everything and everyone depending on the entrepreneur, it is hard for most to distinguish between low-priority tasks and high-priority tasks. They can get caught up in advertising the business and forget about following up with customers or vice versa. Both ultimately being a high-priority task, but not having good time management skills, it’s hard to get customers without advertising and it is also hard to keep customers if you are not following up with them. Lack of experience in running a business is another challenge in starting a business. Most entrepreneurs have little to no experience in marketing, running a business, customer service, and financial...
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