Case Study

Answer to Questions 1

George is clearly a very talented person with immense technical skills equipped within his working capabilities. However, when starting up a business there are various concerns that arise and formation of the business can totally a different scenario. Having skills is not just the case in starting up a business. However, there are other things also which should get into consideration. It would not be wrong if I highlight that the people starting business that needs to have technological advancements and requires skilful detailing than the person has to face various problems.

While discussing the technological factors involved with the business central operations than the George have to consider various aspects that the business will require. Technological inventions and innovations may provide new and captivating products for the entrepreneurs and inventors. However, to make the business successful all the elements of marketing, finance, research, legal relations are interlinked. These different factors support each other in such a way that they provide the path and ways for the business to be successful and to proceed further in a smooth and efficient way. While starting the business a businessman should take into consideration a number of factors.

These factors are discussed in the later part of the paper in great detail. When an entrepreneur or an inventor or business partners start a business (is our case George) they spend a mammoth amount in its launch and operation. If they do not take into consideration all the factors that are important to consider then there are more chances for the business to fail. The inability to take into account all the factors that are necessary to discuss and to analyze before the starting of a business does not allow foresightedness and future planning of the business. Therefore, it is significant to take into consideration all the factors before starting a business. This same thing happens to the George in the case study. When George invented the tabletop he wanted to device this on his own rather than licensing the technology to other manufacturing firms. For this purpose he also established his own company. He blindly indulged into the business without taking into consideration factors that he must considered before starting the business. Following factors are important to take into consideration before starting the business:

Factors to Consider before Starting a Business

Nature of the Business

There are various problems which will arise when George will start the business. Hence, the first and foremost thing to be considered is what would be the nature of the business, but in George's case that is not the problem. However, the first factor needs to consider is that there are different forms of business including entrepreneurship or sole proprietorship, partnership and joint ventures. According to the situation, conditions and requirements a form of business can be adopted. For example: people who want to start a business but lack finances prefer to go for partnership so that they can get financial and other support from others. Similarly, those who ...