Entrepreneurship: Starting a Business in Australia

Running head: ENTREPRENEURSHIP
Entrepreneurship
Name of the Student
Name of the University
Authors Note
Course ID

1ENTREPRENEURSHIP
Table of Contents
Task 1:........................................................................................................................................3
Procedure to get business name and Cost:.............................................................................3
Process to get company incorporated and cost involved:......................................................3
Approximate cost of renting small office space:....................................................................3
Process for opening bank account in company’s name:........................................................3
Necessary furnishing required and costs:...............................................................................3
Task 2:........................................................................................................................................4
Justification of business venture:...........................................................................................4
Target market:........................................................................................................................4
Competition and Risks:..........................................................................................................5
Estimated Capital and Cost:...................................................................................................5
Estimation of number of Employees Needed:.......................................................................7
Justification for the success of business:................................................................................7
Preferred business location in Sydney:..................................................................................7
Task 3:........................................................................................................................................7
Pearl Capital of Australia:......................................................................................................7
Name and addresses of Pearl Wholesalers:............................................................................7
Best Source of Information on Pearls in Australia:...............................................................8
Types of Pearls:......................................................................................................................8
Determining the price of each Pearl:......................................................................................8

2ENTREPRENEURSHIP
Difference between Australian and Other Pearls:..................................................................9
End products Pearls can be used for:.....................................................................................9
References:...............................................................................................................................10

3ENTREPRENEURSHIP
Task 1:
Procedure to get business name and Cost:
The procedure to get the business name includes the registering the owners name state
wide by filling up the form and paying the fee would range from $50-$150. The business
should be registered with name of the country and city as well (Drucker 2014). While the cost
to registering the business name with ASIC is $36 for 1st year and $84 for three years.
Process to get company incorporated and cost involved:
The process for getting company imported is given below;
a. Choosing the company name
b. Registering the company with Australian Government Business Registration Services
c. Lodging form with ASIC
Incorporating a company will involve a cost of $488 for a proprietary Ltd company.
Approximate cost of renting small office space:
The approximate cost of renting a small office within 300 meters of GPO radius is
approximately $750.
Process for opening bank account in company’s name:
a. Certificate of registration of company
b. Australian Business Number
c. Proof of Identify Documentations
d. Additional Company Documents
Necessary furnishing required and costs:
The necessary furnishing required and costs are
a. Equipment: $8,000 to $120,000