Business Discussion week
From the scenarios, Chris stated that there are many factors to consider related to starting a business. Discuss the key factors for consideration, and explain why you believe these considerations are important for Chris and Erica’s vision for their restaurant business. Identify two factors that contribute to changes in a business environment, and explain why it is important for business leaders to keep track of the changes that you have identified. There are many factors that Chris and Eric need to consider in starting a business.
These factors are determining how to get funding for their business, seeking advice from a business consultant, and careful planning. All these factors are important but I believe that some of the key factors for consideration would be identifying the business structure for the business, defining roles and responsibilities and having a clear vision and mission for your business. Chris and Eric need to decide on the type of business structure for their business. Will they form a corporation, a partnership or a sole proprietorship? This will be an important part of laying a good foundation.
They need to understand what type of foundation they are building upon. The next thing that Chris and Eric need to do is to define each of their roles and responsibilities. They should identify each other’s strengths and talents and allow those areas to help to define clear roles and responsibilities in their business. The last key factor that I believe will be important for Chris and Eric is to establish a mission and vision for their business. As they start their business, they will need a am of individuals (employees) to help them with their business.
A mission and a vision are important so that all members of their team will know what goals they are working towards. This mission and vision, clearly communicated, will keep the team working together to fulfill the same goal. There are also factors that contribute to changes in the business environment that Chris and Eric need to keep in mind for their business. One of these factors could be competition. It is important to know who the competition is and how to differentiate yourself from them.
Businesses have to focus on staying innovative and offering good customer service to keep their customers and to attract new customers. This will insure the longevity of their business and their continued profit. Another factor that could affect business is the economic environment. Chris and Eric will want to be aware of the economic environment so that they can capitalize in the good times and make the necessary adjustments in the tough times. This too will insure the longevity of their business. Business 100 Discussion week 1 By reinstatement’s