Question

Did you ever think you might like to go into business for yourself? What kind of business would you like to start? What resources (both personal skills and capital) would you need to make your business a success? Sometimes it helps to have a partner to share the burdens of starting a business. What skills would you need to look for in your partner?

Did you ever think you might like to go into business for yourself? What kind of business would you like to start? What resources (both personal skills and capital) would you need to make your business a success? Sometimes it helps to have a partner to share the burdens of starting a business. What skills would you need to look for in your partner?

Use the space below to list the personal skills and capital needed for your proposed business. Put your initials next to the skills and capital you would bring to the business. Think of a friend who might be interested in joining you as a partner. Put your friend’s initials next to the skills and capital he or she can offer. What capital or skills are missing?

Type of Business

Proposed Partner

Personal Skills Needed

Capital Needed

What skills are missing

What capital is missing

What can you do to get what is needed

Once determined what is missing or needed what will you and your partner do to get up to speed to run you proposed business

Answer 1

Type of Business:      

Tutoring business providing learning solutions to students

Proposed Partner:

A college batch mate who is good in sales.

Personal Skills Needed:

Domain knowledge to prepare learning resources, Solution structuring and Sales.

Skills offered:

Me: Solution structuring

Partner (AB): Sales

Capital Needed:

US$ 16000

Capital contributions:

Me: US$ 5000

AB: US$ 5000

What skills are missing

Skills which are missing are accounting, financial analysis and capital raising skills for the business.

What capital is missing

Capital amount of US$ 6000 is missing.

What can you do to get what is needed

We can approach the bank to raise the balance US$ 6000 of fund based on the strength of the business plan and financial projections. We can take the help of private equity investors or angel investors to pitch our idea and raise funds from them or take their help to develop a business plan to raise funds from the bank.

We will develop a detailed business plan for the business with the financial projections and statements. After that we will achieve financial closure by raising the required capital and then develop and implement a marketing plan to gain traction for the business and start acquiring customers.