After having spent 11 years working for a large Canadian bank as an account offi

Question

After having spent 11 years working for a large Canadian bank as an account officer in central Vancouver, you have decided to pursue your lifelong dream of opening your own business with your brother (also tired of the corporate rat race). As avid outdoorsmen, you and your brother seek to establish an adventure tour company in Squamish BC, that specifically focuses on kayaking and backwoods skiing. You have an opportunity to apply for seed funding through a local government initiative but you must first complete a 1-2 page elevator speech that addresses the following questions: Why would your business be successful? What ethical concerns should you consider in the establishment of your business? What form of business ownership do you propose and why? Why do you feel you have what it takes to be successful entrepreneurs?

Explanation / Answer

Why would one's business be successful:

A business (also known as an enterprise, a company or a firm) is an organizational entity and legal entity made up of an association of people, be they natural, legal or a mixture of both who share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific declared goals and are involved in the provision of goods and services for human needs.

Businesses serve as conductors of economic activity and are prevalent in capitalist economies, where most of them are privately owned and provide goods and services allocated through a market to consumers and customers in exchange for other goods, services, money, or other forms of exchange that hold intrinsic economic value.

Businesses may also be social nonprofit enterprises or state-owned public enterprises operated by governments with specific social and economic objectives.

A business owned by multiple private individuals may form as an incorporated company or jointly organized as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

Why would your Business be Successful:

Business is an art as well as a science. It's a matter of practical experience, judgment, foresight, and luck. Fortunately, all business skills are learnable. You can learn anything you need to learn, to achieve any goal you can set for yourself. There are no limits - except the limits, you place on your own imagination. As given in above data, we have to focus on commercializing the product that allows for improved blood circulation and exercise during flights. So for sale of the product, we have to focus on the following key areas which will be the lifelines of our business. They are as follows:

1. Marketing - Your ability to determine and sell the right product to the right customer at the right time. For such thing, we will be doing advertisements, distribute free samples to attract customers, etc.

2. Finance - Your ability to acquire the money you need an account for the money you receive. For such thing, we will prepare the forecasted data representing how such products will increase sales month by month, year by year by advertisements, selling to the right customers. We will present such data to banks, financial institutions, Central government, etc.so that we can have funds from such authorities and can use in our business to do well.

3. Production - Your ability to produce products and services at a high enough level of quality and consistency over time. For such thing, we would meet the demand of the customers.

4. Distribution - Your ability to get your product or service to the market in a timely and economical fashion. For such thing, the packing techniques are important. Further, the sales persons to provide the parcels at the correct time to meet the deadline.

5. Research and Development - Your ability to continually innovate and produce new products, services, processes and responses to your competition.

6. Regulation - Your ability to deal with the requirements of government legislation at all levels.

7. Labor - Your ability to find the people you need deal with unions, establish personnel policies, training, and organizational development.

What Ethical Concerns should you consider in the establishment of your Business:

In the complex global business environment, companies of every size face a multitude of ethical issues. Businesses have the responsibility to develop codes of conduct and ethics that every member of the organization must abide by and put into action. Fundamental ethical concerns include integrity and trust. Further, more complex issues include accommodating diversity, decision making, compliance, and governance.

a) Fundamental Concerns - The most fundamental or essential ethical concern that businesses must face are integrity and trust. A basic understanding of integrity includes the idea of conducting your business affairs with honesty and a commitment to treating every customer fairly. A relationship of trust between you and your customers may be a key determinate to your company's success.

b) Diversity Concerns - An ethical response to diversity begins with recruiting a diverse workforce, enforces equal opportunity in all training programs and is fulfilled when every employee is able to enjoy a respectful workplace environment that values their contributions. Maximizing the value of each employee's contribution is a key element in your business's success.

c) Decision Making Ethics - Ethical decision-making processes should focus on protecting employee and customer rights, making sure all business operations are fair and just, protecting the common good and making sure individual values and beliefs of workers are protected.

d) Compliance and Governance Ethics - Businesses are expected to fully comply with environmental laws, federal and state safety regulations, fiscal and monetary reporting statutes and all applicable civil rights laws.

What form of ownership do you propose and why:

Following are forms of business ownership structures for new small businesses:-

1. Sole Proprietorship - A business owned and operated by a single individual and the most common form of business structure in the US. The advantages include ease and cost of formation, by simply announcing that you are in the business and request of license and permit, use of profits is exclusively for you. The disadvantages include unlimited liability, all business debts are personal debts, etc.

2. Partnership - A business that is owned and operated by two or more people and the least used form of business organization in the US. The advantages include ease of organization, simply creating the articles of partnership, combined knowledge, and skills, using a strength of each partner for better business decision making. The disadvantages include unlimited liability, all business debts are personal debts, sharing of profits, etc.

3. Private Corporation - A business that is a legal entity created by the state whose assets and liabilities are separate from its owners. While there are also public corporations who stock (and ownership) are traded on a public stock exchange. A private corporation is owned by a small group of people who are typically involved in managing the business. The advantages include limited liability, unlimited lifespan, etc. The disadvantages include double taxation as per the corporation, as a legal entity, must pay taxes and then shareholders also pay taxes on any dividends received.

As per the information shared above in the situation, first sole proprietorship will be commenced. Further, sole proprietorship would be converted into Partnership as the teammate joins after the retirement from his job.

Why do you feel you have what it takes to be successful entrepreneurs:

Successful business people have many traits in common one another. They are confident and optimistic. They are disciplined self-starters. However, following are the qualities of a successful entrepreneur:

All the above mentioned which are a successful entrepreneur I have and I can achieve my goals and can be a successful entrepreneur. I am open-minded, an optimist with knowledge of the market and know how to find the right customer and to sale them. Further, I have ethics as of how to perform work and how to take work from my teammates.

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