Chapter 1 Setting Up a Business
1. In which field will you set up your business?
With the development of the science and technology, many traditional goods have been displaced by electrical apparatus. Almostly we do anything by using electricity, such as electric cookers, cellphones, computers and air conditioners. We strongly realize it when there’s something wrong with electricity. So I want to set up my business ,building a supermarket, in the field of electrical appliance and electronic goods.
2. Will your business be a sole proprietorship, a partnership, or a corporation ?
My business will be a sole proprietorship. The advantages of sole proprietorships are many fold. The following are their major appeals.
First of all, it’s simple to establish. Just pay a small fee, get the necessary state and local licenses or permits.
Secondly, it’s more freer in decision-making. As a sole proprietor ,I can make my own decisions on business policies and operations, such as the type of goods or services I want to offer at the price I feel appropriate.
Thirdly, it’s easy to keep operational and financial secrecy. I don’t have to report to shareholders or board directors.
Fourthly, it’s less tax burden. The tax rates for sole proprietors are often only half of those for corporations.
Last but not least, it’s exclusive use of profits.if I work hard and make a small fortune, I can take all the profits and don’t have to share them with anyone else.
Chapter 2 Marketing: An Overview
1. How would your business offer advantages over competitive firms?
The advantages of my business are many fold. The following are the major appeals.
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