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Business Description

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You have decided to open your own business and Dr. C will provide the funds to start your business. Accordingly, Dr. C is interested in specifics about your company.

1. What type of business will you open? (product or service, provide the name of your company, etc.)
2. How will you manage diversity in your company?
3. How will you create value?
4. Regarding your company, how will you handle the following: (respond to all of the following)
· Gain a competitive advantage
· Manage diversity
· Increase efficiency
· Increase innovation,
· Effectively manage change
4. How will you distinguish between official goals and operating goals?

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Business Description is discussed very comprehensively in this explanation.

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1. WHAT TYPE OF BUSINESS WILL YOU OPEN? (PRODUCT OR SERVICE, PROVIDE THE NAME OF YOUR COMPANY, ETC.)
1. My business will be a manufacturing business making lathe machines.
2. The name of my company will be LatheCom.
3. My company will have a yearly turnover of 1.56 Million in the first year and will increase by 25% each year.
4. There will be three lines that will assemble lathes.
5. The casting and forging work will not be done in house but the machining of all parts will be done in the company.
2. HOW WILL YOU MANAGE DIVERSITY IN YOUR COMPANY?
1. I will ensure that 30% of the employees in my company are colored/black persons.
2. I will keep 35% of the positions in my company reserved for women.
3. There will be 10% of positions in my company for handicapped persons.
4. I will also make sure that the minorities, women or handicapped are not discriminated against or abused.
5. I will ensure that there is an easy method by which complaints ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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