3. Be creative, but realistic: Describe an example (of your own creation) of a b

Question

3. Be creative, but realistic: Describe an example (of your own creation) of a business. Be brief, but clear. If you have a part-time job or a family business you could describe that business. If you don't have any direct experience of a business from the inside, that's ok -- you're interacting with businesses all the time, so you can choose a business that you are a customer of and describe it. Now develop a sample risk control spreadsheet for assets and threats that you can identify or imagine in your described business. The spreadsheet doesn't have to be complete, but it should be representative or a wide range of concerns.

Explanation / Answer

Example of a business is a restaurant.

The business can be in any form i.e., sole proprietor or partnership firm or body corporate.

Restaurant offers the following services:

1) Take away food (Food parcels)

2) Catering Service and

3) Service of Supplying food

As it gets engaged in both sale of goods and providing services, it is required to comply with the statutory obligations such as registration under appropriate acts, payment of statutory dues and filing returns under the respective acts.

It is required to file the income tax return if its turnover crosses the minimum income chargeable to tax.

Assets of restaurant business:

1) Demand of customers

2) abatement available for service tax

3) Since it has demand in every season, it gives profitability throughout the year

Threats of restaurant business:

1) As it has greater demand, there is a very high competition in the market

2) Bad fame that would spread in the market because of a smaller mistake

3) Since different varieties of food items are evolving in the market, the entity needs to update itself, otherwise it loses its reputation

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