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This 3 page paper discusses some of the factors that should be explored before starting or enlarging a business. Bibliography lists 2 sources.
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3 pages (~225 words per page)
File: D0_HVStarBu.rtf
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Unformatted sample text from the term paper:
a real, demonstrable need for a new product or service; or unless the company has to expand to meet increased demand. This paper discusses some of the factors that should
be explored before starting or enlarging a business. Discussion The first step in opening a business is writing a business plan. Its not enough to have a good idea; entrepreneurs
have to make sure theres a market for the product, that they can get financing, that they know who their competitors are, that they understand the costs of their business,
etc. A business plan is extremely time-consuming, but it is a valuable tool and there is really no short-cut to developing one (Starting a business, 2002). Once the business
is open, the plan will be an extremely valuable tool; it can be used to determine what kind of revisions and adjustments have to be made as the business grows.
Production management refers, as the name implies, to managing production. Since the business apparently manufactures a product (as opposed to providing a service), the equipment needed to make the
product will represent a substantial capital outlay; setting up the production line will be extremely important. The company will want to increase productivity, produce higher quality products and do it
at a minimal cost (Business development bank of Canada, 2004). Here again the business plan is invaluable, for it will help a new business owner determine what sort of demand
hes likely to have for his product. This in turn will tell him if he needs to prepare to produce ten items a day or 10,000 items a day. He
will want to build in an ability to expand as demand grows, but first he has to make certain that the demand is really there. "Stores management" is defined as
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