Put in figures for growth off case study
Critically examine the start up arrangements for phones made easy? The start up arrangements for phones made easy was that the bank advised the brothers to set up a partnership in order to qualify for a start up loan for their business. The Lenihan brothers located there business in a reasonably busy area of Limerick in that kilmallock one of the biggest towns in limerick has a lot of passing trade has a secondary school, mart and other immunities that attract a lot of people to the town thus giving phones made easy a better chance of being a successful business in that more people means more potential for sales. They also located phones made easy in a good place that there are no competitors in the nearby area there for making it a monopoly. The lenihan brothers started a business in an industry that they had a background in and did not need that much start up finance they got a loan of 10000 from bank of Ireland, the brothers later regretted not taking out more money and then had to resort to taking money off family and friends although this might lead to some bad feeling amongst family from a business point of view it was great because they wouldn’t have banks chasing them for large amounts of money and if they went bankrupt then they would only owe 10000. How entrepreneurial do you think the brothers are.
The brothers were very entrepreneurial in that they spotted a gap in the market for mobile phones and broadband in the kilmallock area and then studied that market to see if they were able to take advantage of it and run a successful business in that gap. The brothers are risk takers in that they set up a business while the country was entering a recession and did not look for investors as they wanted to be fully self-employed and managed only to make a loss of 3000 in their first year of trading The brothers are also highly motivated as in their first 18 months of trading they became one of 3’s top performing...
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