Question

Questions

Imagine you are considering starting your own business or owning a franchise.

1. What kinds of products or services will you offer?

2. What talents or skills do you need to run the business?

3. Do you have all the skills and resources to start the business, or will you need to find one or more partners? If so, what skills would your partners need to have?

4. What form of business ownership would you choose - sole proprietorship, partnership, C corporation, S corporation or LLC? If you chose to own a franchise, which one would you chose? What are some ways that you can stay successful?  

Answer in your own words

Answer 1

1. I would start with the Business of Selling Cell Phones, its accessories and After Sale-Services.

2. The Important skill require is that the proper knowledge of Features provided by the cell phone companies, so that we can explain them to our customers. Also, Normal Business knowledge is required, like when is the time to maintain high inventory, when is the time to maintain minimum inventory but clear more old inventory, salesman skills, knowledge of Market i.e. which product have high demand, which technology's product demand is more etc.

3. I have almost required necessary skill except a skill of Cell Phone & its Accessories repairing, so, I won't be in the need of partner, maximum I would keep one or two employees for that.

4. I would choose Sole Proprietorship Business. Franchise undubtedly would be Product (or Distribution) Franchise. To become successful I must work hard as well as smart. Customer makes a business successful. I think the customer attracts mostly with Discounts (affordable by us) and Best after sale services which builds good customer relationship. Also, by being Proactive rather than being reactive, we can become successful.

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