There are many decisions to be made with a start up, everyday just like a real business;
1. What we are going to sell? Or service? Or produce? Determining what we are going to sell/produce/service will determine what kind of business we intend to operation in. For an example a Limousine Business; how will we provide the service? Who will we market our service to? And what services will we be offering. Decisions such as what services & products to provide, how are they provided, what methods can be used? What are alternative ways? Can we reduce cost? And also determining what our target market is allows us to research a viable medium to sell our service. A key starting point is to look at our competitors, seeing what they offer, at what rates, and brain storm how we can offer the service better or focus on a niche. By continuously analyzing and research our competition we can stay on top of the game and allows us to be competitive.
2. Deciding to get Funding or Capital as we need to carry out our ideas, to research & develop them, to bring them through testing & production, to market them, to hire employees to sell/service them. Such decisions we face are: How are we going to fund our venture? Personal funds, family & friends, external sources such as venture capital, government grants, innovation grants, angel investors and bank loans. Each method requires certain methodology such as writing a business plan to Venture capitalists, angel investors and banks. Or giving away equity within your business to an Angel investor or on a serious note put up a Property as security to banks.
We decided to fund it personal as much as we can to get it off the ground, Company registration, Accounting fees, Design, Website are just some of the things we could afford ourselves without the need to take the extra risk before the product/service was selling (risk such as equity within our company). This allowed us leverage and gave our future financiers/ Investors/...
Please join StudyMode to read the full document