Report Set Up Company

Name: Student number: Unit Number: 16 Unite Title: Managing Communication, Knowledge and Information
Table of Contents Introduction ______________________________________________________ 2 1. Identify Business Opportunity _____________________________________ 2 2. Bricks and mortar or Online Sellin! ________________________________ 2
". #arket $esearc% _______________________________________________ 2 ".1 Impro&in! t%e 'nalysis of Information !at%ered ________________ " ".2 (ompetition ____________________________________________ " ). Outsourcin! ___________________________________________________ " *. Increase +ersonal Net,orkin! Skills ________________________________ " (onclusion ______________________________________________________ ) Biblio!rap%y
Introduction
Planning and organisation are crucial in the early stages of setting up a new business. You have a far higher chance of success if you take the time to prepare. This section will guide you through:

The first steps of business planning Who you need to inform about your new venture How to make your mark
1. Identify Business Opportunity
. Bric!s"and"mortar or Online #elling -ecidin! ,%et%er establis%in! a bricks and mortar s%op or sellin! online depends mostly on business nature and financial resources a&ailability. In t%e first case. it is important placin! t%e s%op in t%e ri!%t location to ac%ie&e a %i!% le&el of footfall t%at ,ill directly influence t%e profitability of t%e business. /o,e&er. financially. a bricks and mortar s%op brin! a lot of burdens 0Baker. 211"2. In fact. it is necessary to co&er numerous e3penses suc% as rent. business rates. ener!y bills. plus many ot%er costs. #oreo&er. since it is improbable bein! able to !enerate enou!% re&enue to start to co&er all t%ese e3penses. it is important to ensure t%at t%e start up initial financial resources ,ill co&er first mont%s costs. 'lt%ou!% sellin! online is less capital intensi&e. a set of factors needs to be considered as ,ell. If t%e ,ebsite ,ill %a&e a s%op front function. it is essential it presents a professionally desi!ned and de&eloped outlook. as it needs to functionin! smoot%ly and deli&er to customers a certain de!ree of security ,%en t%ey ,ill be %andin! o&er t%eir credit card details.
$. Mar!et %esearc& Successful businesses rely on kno,led!e of t%e market. 4it%in your c%osen field. consider ,%at t%e market needs. t%en look at ,%at you can do to meet t%at demand. 5ou can !et a !ood o&erall picture of your market usin! sur&eys. researc%in! ,%at your competitors offer. and c%eckin! current researc% pro&ided in specialist publications suc% as trade ma!a6ines or directories. 5ou can also use t%e Internet to c%eck current researc% on specialist ,ebsites and publications. $.1 Impro'ing t&e (nalysis of Information gat&ered ' S4OT analysis is a &alid tool used in marketin! and business in !eneral as a met%od of reco!nisin! constraints for a ne, &enture or strate!y. Identifyin! t%e Stren!t%s. 4eaknesses. Opportunities and T%reats. ,ill allo, professionals to detect all of t%e positi&e and ne!ati&e components t%at may affect any ne, proposed actions 0$eid and Smit%. 21112. T%is analysis conducts to business a,areness and is t%e keystone of any successful strate!ic plan. In fact. it is impossible to truly map out a small business7s prospect ,it%out primary assessin! it from all perspecti&es. ,%ic% embraces a compre%ensi&e e3amination to all internal and e3ternal assets and t%reats. $. Competition 'n important e3ternal factor to consider ,%en startin! a business is competitors. Studyin! competition allo,s t%e entrepreneur to come up ,it% a set of uni8ue sellin! points and decide %o, %e ,ill differentiate %is business from its competition 0#c9ra, /ill. 21122 In t%e same ,ay. lookin! at ,%ere competitors7 ,eaknesses are placed ,ill %elp t%e entrepreneur to define ,%ic% are %is business7 stren!t%s and competiti&e ad&anta!e. #oreo&er. e3aminin! competitors ,ill allo, t%e entrepreneur to understand ,%ere t%ey ,ill pose t%reats. :or e3ample. t%ey mi!%t be pro&ided ,it% a lar!er financial resources or mi!%t %a&e pri&ile!ed relations%ip ,it% certain suppliers or distributors. or fa&oured access to certain resources and c%annels. ). Outsourcing 'not%er important factor to consider ,%en &enturin! in settin! up personal o,n businesses is ,%et%er outsourcin! or not. On t%e one %and. if t%ere are financial constrains outsourcin! mi!%t be a &alid met%od to keep entrepreneur;s bud!et under control. #oreo&er. outsourcin! can be a !reat ,ay to score a competiti&e ad&anta!e and optimi6e efficiency. On t%e ot%er %and outsourcin! in&ol&es some risks. :or e3ample. t%e loss of kno, %o, and skills t%at may demonstrate critical to lon! term competiti&eness. #oreo&er it encompasses a literal dependence on t%e supplier. In fact. if in t%e future t%e company ,ill decide to carry out t%e outsourced acti&ity by itself. it can take years to reac% t%e le&el of performance it used to en<oy. 's ,ell as if t%e supplier;s ser&ice declines. or if t%eir prices increase. t%e business ,ill be ine&itability influenced. *. Increase +ersonal ,etwor!ing #!ills
' successful business career re8uires e3cellent social net,orkin! skills. Bein! open and %onest about o,n personal career or business de&elopment sta!e represents t%e startin! point to establis% solid and !enuine relations%ips ,it% ot%ers and enable t%em to %elp any entrepreneur in t%eir business de&elopment process. =eepin! an eye on local communities as ,ell as online for !roups related to interested industry. ,ill %elp t%e entrepreneur to be acti&e part of t%e business arena and come across numerous opportunities. >earnin! from t%e e3perience of t%ose ,%o are already ,ell establis%ed ,it%in t%e industry is crucial to mo&e for,ard t%e start up. It is important. becomin! an acti&e member of sites like >inkedIn and reac% out to ot%er business o,ners in entrepreneur;s area. T%e more people an entrepreneur establis%es relations%ips ,it%. t%e more likely %e is to find ,%at %e needs to e3pand and !ro,. Conclusion Startin! up a ne, business is a !radual process ,%ic% entails detailed. ,ell structured researc% and strate!ic plannin!. (ompetition is t%e ma<or factor ,%ic% influences and determines entrepreneur c%oices. as ,ell as it c%allen!es and spur t%e business to its ne3t de&elopment c%an!e 0impro&in! efficiency2. Ne&ert%eless. raisin! t%e ri!%t net,ork of professional is considered a crucial element. It %elps to impro&e t%e or!anic business de&elopment and act as complementary force aimed at fulfillin! skills !aps.
Bibliograp&y Baker. >.. 211". Online retailers move into bricks and mortar stores . BB(. ? No&ember 211" :errell, O. (.. :raedric%, @., :errell, >.. 211A. Business Ethics. Ethical Decision Making and Cases. /ou!%ton #ifflin (ompany. Ne, 5ork 9reenbank. +. 0211?2. Startin! Up in Business: 'n B3amination of t%e -ecision #akin!. +rocess. The International Journal of Entrepreneurship and Innovation . C0"2. 1)D E 1?D #c9ra, /ill (%arles 4. >. 021122 International Business Marketplace 0Dt% Bdition2. Boston. #ass Competing in the !lobal
#ariotti. S.. and 9lackin. (. 021122 Entrepreneurship" #tarting and Operating a #mall Business. "rdBd. >ondon: +rentice /all $ae
- #oor%ead. 9. F 9riffin. $. 0211)2. Organisational Behaviour" Managing $eople and
Organisations. 0Ct% ed2 Boston. /ou!%ton #ifflin (ompany $eid. 9.(.. and @.'.. Smit% 021112. 4%at makes a ne, business start up successfulG#mall Business Economics 1)0"2. 1?*EA2. *

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Name: Student number: Unit Number: 16 Unite Title: Managing Communication, Knowledge and Information

1. Identify Business Opportunity

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