Starting Your Own Business


Added on  2019-09-23

8 Pages1375 Words147 Views
Running head: INTERVIEWInterviewName of the Student:Name of the University:Author Note:
Starting Your Own Business_1

INTERVIEW1Analysis of the InterviewI wanted to get into my own business because I had the personal drive to manage it onmy own. There is the provision of a flexible option and it is easier for me to manage it. I alsohad the desire to achieve high performance in my business that will help me to earn a hugesum of money. In order to start my business, I have conducted a baseline survey so that it becomes easierfor me to determine its feasibility. This has helped me to gather knowledge about the marketconditions of this particular industry. The steps that were taken by me in order to start the business were to develop a businessplan where the location, scope and target of the business were mentioned specifically.Moreover, the management of human resources is another important concern that should betaken into consideration in this case. Thus, I have carried out the steps smoothly and also tookan idea from the other existing business. The obstacles that were faced by me were to enter the market in this particular industry.There was huge competition among the existing companies and it was difficult to judge thesuccess of my company. Moreover, there were certain strict rules and regulations that have tobe followed in order to sustain in this industry. The most difficult obstacle was the generation of cash for the sustainability of the business.It was difficult to judge the profitability of the business and make further investments in itaccordingly. The most rewarding thing about owning a particular business is to know the changing roleof the people so that it becomes easier to add value to the business. As the role of differentindividuals employed in the business changes, it is necessary to check that they carry out theirduties in a better way.
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INTERVIEW2I can contribute to the success of my business through a clear strategic business plan.This will add value to the business and it will help me to handle the business. On the otherhand, I should check that the personal expenses as well as the business expenses do not getmixed up or creates a problem. The advice that I can provide others is, to be honest with oneself in starting up thebusiness. An individual should have the urge and inner passion so that it becomes easier forthe person to develop the business plan accordingly. Moreover, the person who is planning tostart the business must be creative, hardworking and have the ability to take better steps andlearn from failures. Therefore, if these steps are followed it will be easier for the individual torun a successful business venture.
Starting Your Own Business_3

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