Question

You were running a business of electrical equipment in your city. Since the outbreak of COVID
19, you have to shut down your business due to lockdown and government instructions. These
days many businesses are under stress, but still some opportunities are available. Traders selling
necessary goods are running their business successfully. Government is supporting these
businesses so people can get all the necessary items.
Ramadhan has already started, and there is lot of demand for essential goods. You are considering
to start another business to support your family. You need to take an immediate decision for
starting the new business. Your friends suggest you to buy the containers of fruits and vegetable
imported from foreign countries and sell directly to the retailers. But you don’t know the quality
of goods imported from outside. Still you are reluctant to take a decision regarding this business.
a. Explain how timely decision is important for your business.
b. Considering the current business scenario, what other basic fundamentals will you consider?
What basic fundamental problem may exist in this business?

Answer 1

a.The essence of timely decision making is the tolerance of increased errors and mistakes and absorbing the possible heat and criticism that follow. Acting on an ill-defined problem with no precedents to follow in a hurry means shooting in the dark with as informed a decision as you can make at the time.

A major importance of decision-making in business is your ability to separate important information from fluff. In the end, a brain can only process so much in any given amount of time. As a good decision-maker, you'll need to learn how to pinpoint what information is key to the choice you're about to make.

b. Basic fundamentals

People

Human resources are your company’s greatest asset and how you lead, motivate and inspire your employees can have a huge impact on the success of your company. In People Management, learn the key leadership and communication skills that you need to be a successful leader and build a strong organization.

2. Operations

Managing a supply chain and making sure production meets demand under tight deadlines can be incredibly complex and is critical to business success. In Operations Management, you will explore key aspects of business operations including capacity planning, productivity analysis and improvement, quality assurance and the concept of lean management. Learn about tools and techniques for managing quality, computing cycle times for operations and organizing and configuring the various components of a supply chain.

3. Accounting

Proper management of the day to day accounting and finances of a business is critical to operations. In Accounting for Decision-Making, learn about different business organizations and the role of accounting in each. You will also learn how to read, analyze and prepare financial statements, an essential skill if you plan to start or run a business.

4. Strategy

How does your business compete in the industry? How can you create a competitive advantage? Are you able to adapt to a changing business environment? The ability to take a high-level, strategic view of a business is necessary to identify opportunities and to stay ahead of external forces such as new competition and changing consumer demand. In Strategic Management, you will learn how to develop a business strategy including analyzing the competition and identifying ways that your business can gain a competitive edge.

Strategic Management

5. Finance

The growth and maintenance of your business may require making major purchases, investments, mergers and acquisitions and more. Smart financial planning and decision-making create value for your organization and ensure its growth into the future. In Corporate Finance, learn the tools and techniques managers use to manage capital and maximize the value of a business.

Basic fundamental problem may exist in this business-

1. Little or Less knowledge of business of  fruits and vegetable imported from foreign countries

2.

Registrations and permits

You’ll also need to formally register your business and obtain any necessary permits to begin operations. For some businesses, this is as simple as registering the name of your business with your state and federal government; for others, this is a complicated, back-and-forth process of application, review, and adjustment. It all depends on what industry you’re in and the demands of your local district.

3Legal understanding

There are lots of legal requirements and stipulations involved in creating and running a business. You’ll need to decide on a legal structure for your business, withhold taxes from employees’ paychecks etc.

4.

Not enough money

Money is a tremendous concern when beginning a business. One that most people can relate to. Businesses cost money, and in most cases, a LOT of money. But remember, the time we live in is rich with opportunities people before us were not fortunate enough to have.