Question

Start a business

1. Choose a name for your business

2. Describe what product or service provides

3. What makes your business a special, to set it apart from competitors?

4. Choose a business entity type

5. Give 3 reasons you chose your entity type

6. Give 3 disadvantages of that type of business entity

Answer 1

Answer:

1. Choose a name for your business:New Ethnic wear Brand Name: SAMAR

2. Describe what product or service provides:Ethnic clothing brand in India.With the idea of providing fashion with elegance SAMAR came up with variety of ethnic wear for two categories namely Men and Women. Looking forward at growing apparel and especially for ethnic market company plans to focus primarily on Ethnic wear market

3. What makes your business a special, to set it apart from competitors?

USP is Affordable Ethnic Wear,

Segment:Men, women who want to buy Ethnic Wear

Target Group:Semi urban upper and middle class families

Positioning:Economical ethnic wear

Unisex brand targeting the needs of Men as well as Women under one roof.

4. Choose a business entity type: Partnership firm

5. Give 3 reasons you chose your entity type:

• more capital is available for the business
• it’s easy to change your legal structure later if circumstances change.
• there is limited external regulation

6. Give 3 disadvantages of that type of business entity:

• there is a risk of disagreements and friction among partners
• Partner is liable for actions by other partners
• Each partner is liable for their share of the partnership debts as well as being liable for all the debt