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Introduction: This section is to introduce the reader to your business. In this section, we will ask you to provide the history of your business, develop a vision and mission statement, define your business objectives, and describe the ownership, location and facilities of your business.
TOPICS:
1. Business History: Readers will first want to know about the history of your business. If you have an existing business, briefly describe when and by whom the business was started and any major changes that have occurred in the business.If this is a new business, highlight some of the reasons why you would like to start this specific business.
Sample Answer:
Sanchit Shirts is a manufacturing business that is scheduled to begin operations on March 1, 2003. Sanchit shirts will be a sole proprietorship, owned by Mr.Sanchit. Mr.Sanchit is specialized in making exclusive shirts for men and women. They are cool, trendy, and rugged. They are available in different sizes like Small , Medium, Large, Extra Large. Sanchit Shirts will also provide additional services for Corporates like logo printing in various formats like screen-printing, embroidery etc.
Your answer in Maximum 350 to 400 words
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2. Vision and Mission Statement:
Instructions: It is important to have a long-term vision of what you want your business to become. Some businesses use their vision and mission statement to highlight their business strategies and philosophies or to show the importance that their business places on developing good relationships with customers and employees.
Sample Answer:
Our mission is to become a leader in Shirt Manufacturing by providing our clients with variety of shirts for men as well as women. We will also open Factory outlet for special Blue denim Shirts manufactured by us .
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3. Objectives:
Instructions: It is also important to have objectives so that you can measure how well your business is doing in the short- term. You can set objectives for desired market position (for example, we want to be the largest repair shop in town), sales (we want sales to increase by 25% over the next twelve months), profitability (we want to improve profitability by 5% in 1997), or any other issue, which is important to your business. Your objectives should be simple factual statements that are measurable.
Sample Answer:
Our primary objectives over the next year are to:
1. Generate one new client contract a month by networking with key industry leaders and local wholesalers, and joining key business and industry associations.
2. Generate a net profit of Rs. 60,000 in the first year by developing a strong client base and keeping overhead costs to a minimum.
3. Develop and conduct eight business seminars and four business workshops that meet the needs of the local business community.
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4. Ownership:
Instructions: Is your business a sole proprietorship, partnership, or corporation? What is the legal name of your business and who are the principal owners?
Sample Answer:
Sanchit Shirts is a sole proprietorship, owned by Mr. Sanchit. As the business expands, strategic alliances may be formed with other companies.
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5. Location and Facilities:
Instructions: Discuss where your business is located and what facilities you have. You may wish to include the company address and a description of your site, the size of your facility, your equipment, and your lease arrangements. In addition, explain how the location of your business adds to the success of the business.
Sample Answer:
To keep our overhead costs low, Sanchit Shirts will be located in the small factory of Mr Sanchit. The factory located at 8, ShivajiNagar in Pune, is equipped with all the necessary machinery.
The office operations will be carried out through Mr. Sanchit’s home. Office will be used to carry out deals. The home telephone will also be used for business purposes.Raw Material as and when required will be directly taken from respective wholesalers, as the space for storage is currently a problem.
As the business grows the company will acquire office and godown space.
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