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N210 Foundation Of Business

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Question

Foundation of business

Explore a Business Idea - The scenario

Being of an entrepreneurial bent, you have been looking for a way to jump onto the entrepreneur bandwagon and now have a fantastic business idea for a new business.  

You plan to have the product manufactured in Australia.  You will employ a small team to sell it within Australia.  You will also consider selling it internationally in your next report.

Your task

Conduct research and demonstrate your understanding of the lecture material in developing a report titled “Business Exploration – your business idea”.  

The report should:

1. Describe your business idea covering its operations, management processes, business ethics and the role of business in society

2. Describe the ownership structure you will choose.  Explain your reasoning for your choice (e.g. partnership or company), outlining the pros and cons.

3. Explain the process you will go through to raise money to start the business.  Do this on the assumption that you have your own house.

4. Explain the purpose of obtaining an ABN and the steps you need to go through to get one.

5. Predict the economic state of the Australian market you will sell into.  For example, if you will be selling to Australian factories, do you predict that you will be selling to a manufacturing industry that is expanding and full of opportunities, or selling to a tightening and shrinking market?  Use Australian government statistics on the Australian economy to help justify your reasoning.
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