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A discussion of the different decisions to be made and an examination of the information and knowledge required to make the decisions in relation to starting up a business

Produce a report with. The report must be written in professional
manner and properly referenced. The report should comply with the
word count of 1000 with +/- 10% margin. You may use tables and
diagrams to support your report to illustrate the text. The report must
be submitted as a printed copy.
Starting up a new business can be both demanding and rewarding, and for those looking to
establish themselves in the world of retail, the choice can present unique challenges. There is the
initial decision over whether to establish the business as either a bricks-and-mortar operation, or
whether to go completely online. Then there is the competition – the retail sector is tough and it is
worth bearing in mind that any business no matter how unique, is going to have to compete, not
just with similar retailers but with a wide variety of different shops for the consumer spend.
For this first assignment you are required to develop a report which will guide the reader through
the process of setting up a business. Your report should include the following.
 A discussion of the different decisions to be made and an examination of the information
and knowledge required to make the decisions in relation to starting up a business (LO 1.1,
1.2)
 List of internal and external sources of information and understanding. Assess these
sources and justify their suitability and reliability in relation to the business start up. (LO
1.3)
 Recommend any improvements in the methods used in the selection and analysis of
information needed for business start ups. (LO 1.4)
For the second part of the report you are required to develop strategies to increase your personal
networking skills and your involvement in the decision making process.
Assessment Type: Individual
BTEC Higher National Diploma in Business
Unit 16: Managing Communications, Knowledge and Information Regent College
6
Your report should include the following.
 A list of stakeholders for the decision making process in relation to starting up above
mentioned business. (LO 2.1)
 A selection of professionals and other stakeholders you should make contact with and
ways to make contact with these individuals.
 Which methods you would use to develop a business relationship with these selected
individuals. (LO 2.2)
 A plan to involve the identified people in the decision making process for example price
strategy and location strategy applicable for this business start up. (LO 2.3)
 Your plan should include a strategy for future improvements in this process.

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