P3 Unit 36 Business Studies Essay

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Unit 37 Starting a Small Business - Helpsheet P3 – describe the skills needed to run your business successfully and what areas will need further development M2 – Analyse the development needed to run your business successfully You will need to look at what skills you already have that you could use in running your own business, for this I suggest you start by completing the skills audit form located in moodle, make sure you complete this thoroughly and honestly. Do you think that you will realistically be able to run the business on your own or do you think at this early stage you might need a partner with specialist expertise or employ skilled employees? YOUR CONTRIBUTION It all depends on what your product or service is that you are offering but you might need to think about any of the following:- Technical/operational skills – this will be if you are intending to manufacture a product or involved with IT. Nowadays a lot of businesses outsource production abroad as it is cheaper. Selling – your businesses success or failure will rely on its ability to sell its goods/services. Even though you might have a brilliant idea the 4 p’s will need to be adopted offering the right product, at the right price, in the right place and promoted in such a way that the customer is persuaded to buy, which leads to the question do you have the ability to sell your idea or a partner who does? Management – these will be much more important once you get to a stage when you start to take on employees and an organisation structure starts to develop. There will be a need to communicate your ideas as well as co-ordinate the different functions, listen to feedback from colleagues, set targets and monitor progress. How will you do this? Recording and checking your businesses performance – this is how you will track how well your business is doing financially, are

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