MANAGING COMMUNICATION, KNOWLEDGE AND INFORMATION

Managing communication, knowledge and information



Managing communication, knowledge and information

Part A

Introduction

Starting a new business is rewarding and demanding, and more specifically if it is retail business comes with different challenges. There are lot of information that is required for setting up new business and decision making process. This paper aims on various aspects that are required for setting up new business.

At present, the act of creating a business and, in particular, a Small and Medium Enterprises (SMEs), it is accompanied by a high degree of uncertainty in terms of the features found in the world. In current economic, and more specifically the high competition in each of the sectors it is not enough to simply create a company, but rather to ensure its viability and future, to ensure that resources are not wasted unnecessarily dedicated every business plan is built around an idea that arises from the detection of business opportunities in the production of goods and services demanded by society.

Discussion

In current era of competition, starting a new business most specifically starting a small and medium enterprise is highly risk taking if proper instructions are not followed. The current economic situation and increased competition in each industry does not allow any simple idea of the business to stand in future successfully. It is also to mention that every business starts with an idea to ensure that resources are not unnecessarily wasted and that idea is surrounded by the examination and identification of opportunities that are available in the society and there is significant demand of that product or service. The idea could be based on variety of sources such as: invention of new thing, interest and hobby of the entrepreneur, monitoring trends and new needs in the society, developing new usage of ordinary things, business based on job experience of entrepreneur, improvement in the process of service or production, or new information about product and services and invention of new services and products. However, starting new business requires to answer that what are the needs that business meets and identification that those needs are already met or not with other services or product (Watson et al., 2010, pp. 23-38). Otherwise, check whether this takes place in an appropriate way.

Before starting to shape the design of our idea on paper, you need to think about yourself, because not all people have the skills and knowledge to create a company and then direct it (can be purchased). Therefore, first we consider the following aspects:

Our personal qualities, assessing such as ability to take risks and tackle them, organisational capacity, and creative and innovative capacity.

Our professional knowledge: work experience, ideally in the sector in which to compete; knowledge of similar foreign experiences; evolution of the environment and, in particular, new opportunities and product limitations; commercial and technical knowledge; and experience as an entrepreneur or manager.

It is quite possible we do not have the required expertise, so we get a snap, either through training and preparation in matters ...