Setting up a business - new business case study questions Essay Example for Free

Setting up a cable new business case study questions EssayAO1 KnowledgeAO2 Application and analysis growing your accounting and using examples relevant to Josefs business.Explain two ways in which a argot butt joint do a new business such as Josefs (4 tag)The first way in which a believe can help Josef is by giving him a loan of 10,000 to help him to set up his business, on that point be many start up costs ie equipment and computers that he pass on need to proceed and it is important that he has enough money. A nonher way they can help is by offering advice the bank can appoint a smooth business advisor as Josef is a young, inexperienced small business owner, they can help him with financial issues, keeping records and taxes.Would completing a business computer program spend a penny sure that Josefs business was successful? Give reason for your answer. (9 marks)AO1 Kn. 1 markAO2 App 2 marks (explain and developing your point, with examples relevant to Josefs busi nessAO3 / AO4 Evaluation Justify (give reasons) your ideas.Drawing up a business plan would sure help Josefs business but it does not guarantee its success. It is important for Josef to put together a plan as it helps him realise everything that needs to be done, for example, all the different market research and promotions. He leave behind also put together forecasts for cash flow and budgets and this will help him foresee any problems so therefore he can organise an overdraft for that time. The business plan will certainly help him obligate a loan which will allow him to invest the money into developing his service and keeping before of the competition this will help him be successful.On the other hand the business plan may not be accurate and could lead to bad decision making. The banks may not have belief in his business idea and may not lend him money, therefore not having cash in his business to cover all his start up costs. More importantly he may not run the business v ery well and this will lead to many problems further down the line. I think a business plan is very important to guide an entrepreneur but it must also be flexible and reviewed over time.Explain two reasons why someone might remove to buy a franchise from The Greenhouse (5 marks)AO1 Kn state reasonsAO2 Ap An give the benefits and provide a detailed report using examples from the case studyAs stated in the case study the Greenhouse restaurants be known for their quality food and quality service, the business is already a success and an entrepreneur possibly interested because they know the business will do well because of its excellent reputation, it is seen as less of a risk. Another benefit of owning the Greenhouse franchise is that an entrepreneur will receive training from the franchiser, much of the severe melt is done in terms of marketing and design of the restaurants and menus etc this will restrain an entrepreneur a lot of cost and therefore allowing them to enjoy high profit margins.Phil and Sandra are thinking of offering higher rents than those paid in other restaurants. Do you think that this is the best way to motivate ply? Give reasons for your answer. (9 marks)AO1 Kn. 1 markAO2 App 2 marks (explain and developing your point, with examples relevant to the business)AO3 / AO4 Evaluation 6 marks Justify (give reasons) your ideas.There are many ways in which Phil and Sandra can try to motivate their work force to work harder. Offering higher hire is just one way and in many cases can be appropriate. Money is the main motivate for many people, especially those employed in the low wage catering industry and if wages increase your workers are less potential to leave and more likely to feel happier in the work place and work more productively.Some people view wages as an indication of their worth however many other people and theorists believe that other things are just as important, such as free health insurance, being recognised for hard w ork through rewards such as employee of the month and also given trust and extra responsibility. All of these are important in building confidence of your workforce and therefore an effective workforce. Although money is a bonus for some it could increase the costs of Phils and Sandras business and they maybe better off choosing other non-monetary methods to ensure they sop up as much profit as they can.Explain why batch production might be a better way for Connie to make cakes (5 marks)AO1 Kn state reasonsAO2 Ap An give the benefits and provide a detailed business relationship using examples from the case studyConnie makes different types of cakes, birthday, weddings and other occasions, if she bakes them in batches than it will be more good as it can save on costs ie cooking fuel. It will also save a lot of time as baking one individual cake at a time would take much longer than if they were baked in batches. Being more efficient will save money and help connie make more profi t.