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Helping A Friend With Business Planning

929 words - 4 pages

Many companies fail because they did not plan their future. Investors must plan everything before they start their companies. They also must study the market and answer the three basic questions; what they are going to produce, how they are going to produce it and for whom they are going to produce it. Investors must also plan how they are going to run their companies and the rules and concepts they are going to use. Another thing investors must have or acknowledge is that they must have knowledge of how the systems and markets work. I will help my friend to start his company again and to make it one of the biggest countries in the world. I will increase his customer base, sales and profits.
The first thing I plan to go search for entrepreneurs with successful ideas and use these ideas to make the product that will has great success. Then I plan to answer the three basic questions of production. Then I will study the product to see if it will be successful in the market. I plan to see if the product has a lasting utility or a lasting capacity to be useful and provide satisfaction. Thus, I will try to make the marginal utility of the product go up and increase as you buy more of the product. Then I will turn to a very important aspect which must be solved before the company start to work, labor. I will plan to hire all kinds of labor; I will hire unskilled labor, semiskilled labor, skilled labor and professional labor. I will hire some professional labors to work on the machines that needs great experience and to manage the company, skilled labor to work on the machines that needs experience and do not need to be supervised all of the time, semiskilled labor to work with uncomplicated machines and unskilled labor to do the jobs that do not require any expertise like cleaning. According to the signaling theory, mt friend will have to pay more for the experienced workers. Thus, I plan to hire all kinds of the labor to try to lower the cost of labor. Then I plan to use the stages of production; increasing returns and decreasing returns to determine the most profitable numbers of workers to hire. If the labor produce a lot of products and are working perfectly, then we should look at the consumers because they are a big part of the economy. If one took care of the consumers, then the consumers will start buying a lot of products. Because consumer's taste changes every now and then, I will make a lot of advertisement on the product and I will try to keep the quality of the product. Consumer's taste changes a...

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