In order to overcome this, he should take Eric who has a qualification in Business as his partner in the business. If Luke plans to start up his business as mentioned in the case study, he would have to set aims and objectives of the business. Starting a small business isn’t easy, but it isn’t impossible. Although the business he wanted to set up very much related to the Information Technology field, he still requires some knowledge in the business field to run his business efficiently. This will also help him to come out with different business strategies to attract more customers. An Analysis of Gross Domestic Product (GDP) Essay, Essay about Birth order and School Achievement, Interpreting Concepts of The World Is Flat Essay, Aids To The Growth of Christianity in The Roman Empire Essay. I will help you understand what you can to do to become a successful business owner. This challenge will help him strives to achieve his aim. 1477 Words6 Pages. A specific part of the health care industry provides rehabilitation and taking preventive, How to start your business? Phyllis M. Croswell If many people are paying for his services, this means his business is in good condition and marketable. Based on the case study, I would recommend Luke to take up partnership if he is going to form a business with Eric. b) Insufficient Fund As a fresh graduate, Luke will certainly have very little capital to start his business. Among the reasons, include: Luke who has a qualification in Information Technology might lack of business knowledge to run certain areas in his business. To start his business, Luke has to determine the exact or approximate equipment and materials he has to use to run his business. Source: Essay UK - http://www.essay.uk.com/free-essays/business/how-to-start-up-a-business.php. There are various reasons to support my suggestion on why Luke should form a partnership business with Eric. This aim ensures Luke will provide satisfying services to his customers and the image of the business will not be tarnished because of unsatisfying service. Essay: How to Become a Successful Businessman Find a Niche Market to Focus On. This means that the failure rate of business start-ups is a high 75%. Thus, Luke's business will face a challenging technological environment and it is an uncontrollable environment. Some of them include: As a new entrepreneur, Luke will face a challenge in gathering financial resources or capital to start his business. Judgment Specialist Do you sell your product at a lower price then anyone else, The industry that my business falls into is healthcare and for profit.
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