Question

Have you ever thought about owning, or starting your own business? Some people in our class do actually own their own business. But what if you wanted to either start or own a business on a larger scale. Which type would you choose and “why?”  What type of structure and form of business would best suit you and your plans?

Not everyone fits the same mold. Some people would prefer to start or own their own business. Others would not feel comfortable owning, but would prefer to hook up with a franchise. What are your thoughts on this? Which would you prefer and why?

Answer 1

1 - Yes , I have thought up of starting the business of a restaurant which also provides a small library and a reading space for people who want to spend time in peace. This is a very innovative idea and no nearby locality has ever bought up this idea. This makes this option very profitable. The capital required for this will be comparatively more and may be these are not manageable alone by an individual. Hence I would prefer to do a partnership with my friend so that I can get more resources to start the business. This will be a medium scale business and upon the increment in the profitablity can grow into large scale.

2 - I will prefer to go for the franchise option. This is because the franchise will give the name of the established brand and hence it will be easier to attract the consumers and make the profitable business early . The own business may take more time to return profits and stand tall on demands of the customers.