Applying Business Theories and Techniques to Create a New Business or Improve an Existing Business

Topics: Management, Business, Strategic management Pages: 4 (1384 words) Published: October 30, 2013
Apply business theories and techniques creating a new business start up or enhance current employer

The best way to start a business is by writing a business plan. Business plans are plans that are designed and show how businesses will be run, managed or funded. Most of these plans are determined or driven by market needs and aims. In non-commercial organizations, business planning could be called operational planning or organizational planning. Business plans always revisits or start with the main aim to provide products or services to customers. They therefore tend to look at the market first before they look inwards at production or finance. Business planning provides basis for businesses to develop direction, growth, development through market, customers or product development. I would engage in formation of a partnership form of business ownership that deals with the supply of computer accessories. A partnership is an agreement between two or more people to finance and operate a business. It differs from sole proprietorship because a partnership is a legal entity separate from the partners. However, though profits and losses flow through to the partner’s tax payment of returns. I would engage in formation of a partnership because they are relatively easy to establish, because they are several owners ability to raise funds maybe increased because both partners can contribute more funds and their borrowing capacity goes higher. Partnerships also allow for creative brainstorming and moral support. Partnerships also could benefit from combination of complimentary skills because they are a wider pool of skills, knowledge and contacts. They are also cost effective because each partner specialises in part of the management or production process. ( Svendsen,1998). Among the principles I will consider in the formation is the fact that what I sell is as important as who I am and what I stand for. It is good to live to deliver a great good or service by living by...
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