If you choose to do “Self-Employment” as one of your five explorations, answer t

Question

If you choose to do “Self-Employment” as one of your five explorations, answer the following questions. Imagine that you would like to become self-employed. Be sure to number your answers to the following questions: 1) What type of business would you like to own? 2) How would you create this business (create the business yourself, purchase an existing business, or become a franchisee)? 3) Depending upon your answer to question 2 - how would you get started? List 3 or more steps that you would need to take. 4) How much time would you expect that you would need to devote to your business each week (in the first year or two)? 5) What specific business skills will you need in order to succeed? 6) What KSA's and personal traits will it take to succeed? 7) How much money do you expect it will take to start the business (a rough estimate is fine - but consider the costs of rent, products/materials, employees, insurance, utilities, and the amount you expect to draw in salary so that you can continue to pay your expenses while starting your business). 8) Do you feel that owning your own business is a good fit for you? Why or why not?

Explanation / Answer

1. I would like to start or own a service oriented business, something like a product delivery to consumer's doorsteps helping them in their daily needs.

2. I would like to initially take up a franchisee of a renowned brand with proper policies for stakeholders where I feel secure to invest.

3. In order to own a franchisee, I would like to make a thorough study on the product demand and the ROI on the amount invested. The ROI on the amount invested should be in within a period of 1 year. Apart from that, I would also like to have a proper study of the number of franchisees available in the area where I would want to operate. Also, I would want to ensure my safety by noting down the support that the parent company would provide me in case there is any discrepancies.

4. I would invest 100% of my time in the initial 2 years of setting up the business. In this time, I would like to build a loyal team which would help me concentrate on business building activities and also come up with innovative ideas to expand my business. The most important part of having a loyal team is that my business will be secure.

5. In order to succeed in business, it is very important for me to keep the process in place and ensure every individual within my franchisee adheres to those processes. This will give a focussed approach towards the business. Also, I would want to invest at the right place and right time rather than going all out without analysing what returns I can expect from that investment.

6. Personal traits that I should possess to run a succesful business is team management, vendor management, risk management and innovative business options. These traits will help me secure my business internally as well as externally.

7. It will take around $50,000 to start the business initially which would include rent, salaries,stocks,other amenities etc. I would expect a profit of around 50% of the invested amount within the first 6 moths.

8. I definitely feel that owning a business is a good fit but to ensure that the business does well, I need to build up some more traits which will help me overcome major challenges that are faced in businesses. Having an own business is a blessing of its own as I would be the pwner of an entity and if I can build up a strong base and a long term business strategy then I would secure my family's future as well.

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