BẢNG ĐÁNH GIÁ THÀNH VIÊN TRONG QUÁ TRÌNH THẢO LUẬN NHÓM

Nhóm: 4

Môn: Tiếng Anh 3

Lớp học phần: 1401ENTH1611

STT Họ và tên Nhận xét

1 Giang Thị Bích Ngọc A

2 Trần Thảo Nguyệt A

3 Trần Thị Ngọc A

4 Đỗ Thị Ngân A

5 Đỗ Thị Kim Ngân A

6 Nguyễn Thị Ninh A

7 Nguyễn Thị Nguyên A

Outline

Introduction

1. Market and market demand

2. Finance/capital

3. Knowledge/expertise

4. Competition

5. Location

6. Law and rules

7. Staff/man power

Conclusion

Many people see starting a business as something that they will never

be able to do because of finances, interest or knowledge …However more

and more people are beginning to open their minds to new business

ventures. It seems like it is popular move. By opening a business there

could be huge profit to be made. On the other hand, there are some risks

and losses that may occur so you should consider carefully before setting

up a new business. It requires hard work from the business founders and

presidents. This paper will talk about the general things which need

considering before starting a new business.

1. Market and market demand.

Many companies become more and more popular and competition is

fierce. This means the idea of companies working to get money and

customers before other companies get them.

First, you need assess market demand. Assessing market demand is one

of the most important ways that businesses decide what to sell and how to

go about selling the products they produce. It will help you to develop

effective strategies to promote and sell your product to as many potential

customers as possible. A business should estimate what its share of the

market could be in order to assess its business potential. Once you have

analysed the entire potential market for your product, study the

competitors and their customers. Then gauge what amount of this market

you can realistically see your business capturing. Properly assessing the

market demand for a given product is very important. Failure to

accurately project the desirability of a good or service can lead to

production levels that are in excess of the number of units that will

actually be sold. As a result, the company is left with a huge inventory of

finished goods that generate no profit at all. In some cases, failing to

project market demand properly is enough to force a company to go out

of business.

Second - market research. The original concept is the basic ideas for

something. In designing products and services, market research -finding

out what people want - is of course very important. This may involve

questionnaires or surveys with question about what people buy and why,

perhaps with interviews in the street or by telephone. There may be

consumer panel and focus groups, where ordinary people meet to discuss

product ideas informally.

Because market demand can change over time, own companies invest

resources in constantly checking the current status of consumer wants and

needs. Keeping the interest of current customers by making

improvements to existing products and possibly introducing new products

that are also of interest to those same customers and perhaps the

researchers will make sales forecasts estimates of how many products

will be sold.

2. Finance/ capital

To start a business, if you only have good ideas and accordance of

market demand is not enough to implement your business plan, you need

to have good preparation of financial capital. What is the capital?

- Financial capital is money used by entrepreneurs and businesses to buy

what they need to make their products or provide their services to areas of

the economy where their activity is based on, such as retail, corporate,

investment banking, etc… It includes:

1. Financial assets or the financial value of assets, such as cash.

2. The factories, machinery and equipment owned by a business and used

in production.

Capital for a small business is simply money. It is the financing for the

small business or the money used to operate and buy assets. Should very

small businesses even worry about their cost of capital? The answer to

that is absolutely yes! Even very small businesses need money to operate

and that money is going to cost something. Companies want that cost to

be as low as possible.

Why is Capital Important?

In order to build new plants, buy new equipment, develop new

products, and upgrade information technology, businesses have to have

money or capital. For every decision like this, a business owner or Chief

Financial Officer (CFO) has to decide if the return on the investment is

greater than the cost of capital or the cost of the money it takes to invest

in the project. Business owners do not usually invest in new projects

unless the return on the capital they invest in these projects is greater than

or at least equal to the cost of the capital they have to use to finance these

projects. Cost of capital is the key to all business decisions.

How do you prepare the capital?

To estimate the amount of capital needed to start a business, business

owners must check the market and plan as detailed as possible. Then

calculate an appropriate number. In addition to raising capital from

relatives, friends, you can seek financing from collaborators, partners and

customers in many different ways. You also have to consider alternatives

to bank loans. The terms and conditions for borrowing funds will need to

be studied such as the cost of borrowing, security required, rate of interest

and the repayment terms. The owner will need to approach a number of

banks to get information about their terms of lending and draw a

comparative analysis to identify which funding is the most beneficial for

him.

3. Knowledge/expertise

If you want a company, you need to have extensive knowledge of all

areas such as markets, finance, funding, legal issues ... understanding of

the social movements so that you can timely resolution of issues that may

impact your company. Also you need to have good communication skills

which will help you a lot in finding business partners, investor…

Experience life as a condition to help you grow. Once you solve the job

is when you integrate yourself more experience accumulated over the

course of your study, work. Working style is also important to help your

company create. Whose nimble style, vivacious, open, sociable will be

more successful than people with poor behavior.

4. Competition

When starting a new business, we have many things to do and think.

One of them, the completion is always happened. We can’t avoid it. The

question which needs to be answered is “What is unique about the

product / service which will be offered to survive the market

competition”? Information such as who are the competitors, what is their

market strategy and what factors are required to compete with them are

important. You need to reduce the completion, here are some suggestion:

First, You must find the companies which have the same products with

your company and you should focus on the large companies or the top

companies of strength.

Second, find the quality of products which those companies provide. You

should find the price of goods then you compare between your company

and the others to raise a good price.

Third, don’t forget the communication. It is very important to give our

products to customer’s hand. You should focus on marketing. It will

bring you the good opinions of customer.

5. Location

A good location goes a long way in making the business successful.

The location needs to be carefully chosen. Some places have advantages

over the others. You can save out on taxes, water and electricity costs if

you are located in some areas. The raw materials can be easily sourced,

the manpower would be easily available and you can save out on

transportation costs in case of certain locations. Setting up a business in

certain location could lead to subsidy and rebates from the Government.

In the case of a retail business one needs to be located in a well-populated

area and one which is easily accessible. Certain niche products / services

of different competitors are available at a single location.

6. Law, rules on setting up a new business.

We know that to participate in the relations the enterprises need the

compulsory rules which help the government supervise them better:

First, they must be established lawfully. It means they need the legal

business license and business registration.

Second, they have a well-organized structure and possessing property

independent from that of individuals, organizations. They must bear own

liability with such property.

In the end, they independently enter into legal relations in own name.

7. Staff- human power

Human resource is one of the most important problems that the founder

needs to concern about when starting their own business. Therefore,

preparing human resources is essential. First, we make a list of necessary

departments and estimate the suitable numbers of employees. Second, we

give technical requirements to each position. Final, we employ

disciplined people, train professional employees and give them

advantages working environment to develop their abilities so that the

effect of work will improve.

In conclusion, there are many things which need considering before

setting up a new business, but in our opinion, there are seven important

factors that mentioned. We hope this paper will help you in the future

when you have ideals to open a new business.

TÀI LIỆU THAM KHẢO

http://bizfinance.about.com/od/startyourownbusiness/a/How_to_Start_a_New_Business.htm

https://www.gov.uk/set-up-business-uk/overview

http://www.moneysupermarket.com/c/news/top-tips-for-setting-up-your-own-business/0012363/

http://www.thisismoney.co.uk/money/smallbusiness/article-1583963/A-guide-setting-business-starting-company.html

http://www.yourzenlife.com/post/10-key-factors-in-starting-your-own-business

http://www.smallbusinessbc.ca/starting-a-business/understanding-your-competition

http://www.careerbuilder.com/Jobs/Company/C8C3316B6PXVWV26WSN/Staff-Management/

http://www.slideshare.net/RonRomero_LSG/10-important-factors-to-consider-before-starting-your

http://www.bls.gov/ooh/management/financial-managers.htm

English 3