Business Communication

BUS-7202
Term Paper
On
How to Start a Small Business
Submitted to:
Professor Nafees Ahmed Imtiazuddin
Faculty of Business Studies
Bangladesh University of Professionals
Submitted by:
Sl.No Student’s Name: Roll no: Email: Date of submission:
1 Md Zawadur Rahim 19020004 zawadrzehad101@gmail.com
2 Tamanna Tayaba Arna 19020056 arna.tayaba@gmail.com
3 Khandker Khalid Saifullah 19020058 khalid.saifullah360@gmail.com
4 Md Tarikul Islam 19020076 sunshuvo@gmail.com
02 August 2019
5 Farial Alam Rahik 19020082 rahikpme@gmail.com
6 Sharif Md. Abu Sufian Sykot 19020090 sykot024@gmail.com
7 Md Ishadi Hasan 19020092 ishadihasan@yahoo.com
8 Md. Monjur Rahman 19020100 Monjurshakil.me@gmail.com
9 Anindya Bose 19020102 anindyabasu.013@gmail.com

To be completed by the course teacher

Marks obtained:
Total marks:
Signature of the teacher:

Bangladesh University of Professionals

 Letter of Transmittal

The 2nd August 2019

Professor Nafees Ahmed Imtiazuddin

Bangladesh University of professionals

Mirpur Cantonment, Dhaka

Subject: Submission of the report “How to Start a Small Business.”

Dear Sir,
With due respect, we would like to submit here with the report on “How to Start a Small
Business.”, for your kind consideration, we found the class report work very interesting that was
assigned us as a requirement for the graduation.
We are pretty much optimistic that the preparation of this report would enrich our practical
knowledge. We have gone through internet, different books, articles, journals, interview of
entrepreneur of Bangladesh and getting the relevant information about the assigned topic.
We have devoted our best effort to make the report an informative one. We shall remain over
grateful to you for rendering us to the opportunity of working on such an interesting field. If you
need any clarification regarding this report, we shall be available for this.

Sincerely Yours,

______________________
Khandker Khalid Saifullah
(On the behalf of group)
Batch- 20th (B)
Course- Business Communication

pg. 6
 BONAFIDE CERTIFICATE

This is to certify that the term paper titled How to Start a Small Business is a bonafide research
work carried out by group of Khandker Khalid Saifullah, students of BANGLADESH
UNIVERSITY OF PROFESSIONALS during MAY 2019 - AUGUST 2019, in partial fulfilment
of the requirement for the award of MBA and that the term paper has not been the basis for the
award of any degree diploma scholarship, fellowship, or other similar titles.

-------------------------------------

Professor Nafees Ahmed Imtiazuddin

Faculty of Business Studies

Bangladesh University of Professionals

pg. 6
 ACKNOWLEDGEMENT

We express our deep sense of gratitude and sincere appreciation to our supervisor Professor
Nafees Ahmed Imtiazuddin Faculty of Business Studies, Bangladesh University of
Professionals (BUP) for his valuable suggestion, guidelines and co-operation. Without his help
and guidance it was quit impossible to come up with this study. All of our thanks go to the small
business man & workers, who have gave our valuable time to explore their world. For this we
thank our Institution for giving me this nice opportunity to see their life world. In writing this
term paper, we have drawn as many books which mentioned in the bibliography, we
acknowledge our indebtedness to all those authors for their works which has been great use for
us. I would like to thank all of my group members.

______________________

Khandker Khalid Saifullah

(On the behalf of group)

Batch- 20th (B)

Course- Business Communication

pg. 6
 Abstract

Managing a small business is quite a challenge. Whether one start a business from scratch or buy
an existing one, he must be able to keep it going. The small-business owner must be ready to
solve problems as they arise and move quickly if market conditions change. A sound business
plan is key to keeping the small-business owner in touch with all areas of his or her business.
Hiring, training, and managing employees is another important responsibility because the
owner’s role may change over time. As the company grows, others will make many of the day-
to-day decisions while the owner focuses on managing employees and planning for the firm’s
long-term success. The owner must constantly evaluate company performance and policies in
light of changing market and economic conditions and develop new policies as required. He or
she must also nurture a continual flow of ideas to keep the business growing. The types of
employees needed may change too as the firm grows. For instance, a larger firm may need more
managerial talent and technical expertise. Small-business owners are involved in all aspects of
the firm’s operations. Hiring and retaining key employees and the wise use of outside consultants
can free up an owner’s time to focus on planning, strategizing, and monitoring market
conditions, in addition to overseeing day-to-day operations. Expanding into global markets can
be a profitable growth strategy for a small business.

pg. 6
 INDEX
Chapte Table of content page
r
1 Introduction
2 Objectives
3 Methodology
4 Data Analysis
5 Findings
6 Recommendation
7 Conclusion
8 Reference(s)

pg. 6
 Introduction
One of the hardest parts of starting a business is coming up with an innovative, viable idea. 
After that, careful, savvy planning and execution of think for small business.

"Before started my business, spent a lot of time meeting with established entrepreneurs."It's
always helpful to hear the perspective of those who have successfully transitioned an idea into an
actual business."

Ask for Advice

When you start your business, you'll be faced with a number of questions and problems that you
won't be able to solve on your own. Rely on the wisdom and experience of those who have been
there before you. Before taking any formal steps to set up your company, seek the counsel of
friends and business associates whom you know will offer unbiased, solid advice. As is the case
with many situations in life, you'll learn the most from the people who know you the best.
Bounced a tremendous number of ideas off of others before decided to follow through on the
Panel. So idea are a key to true success. We've compiled a list of steps to help you start your own
thriving business.

Choose a Name

Coming up with a name for your business can be more challenging than you might think. You
want to choose a title that is not only catchy, but also accurately defines the service that you are
offering. Names can be straightforward, or they cater to a certain demographic. The most
effective names help your business to stand apart, especially if you are offering a service that
already has a saturated market.

Secure Financing

Once you've come up with an idea and a name, it's time to get started building your business. But
how do you fund it? It's crucial that you determine the financing options that will suit both your

pg. 6
short-term needs and long-term goals. You will need to write a solid business plan before you set
out to raise capital. Most importantly, you have to believe in what you're selling. If you don't
think that your idea is viable, other people won't either. Be passionate about your business, or
don't even bother developing it.

Choose a Structure
The choice you make when deciding on a structure for your business can affect the taxes you
pay, your liability, and your successors, among other things. Options for business ownership
include sole proprietorships, Limited Liability Corporations (LLC), General Partnerships, C
Corporations, or Sub Chapter S Corporations. Do your research before you make a decision, and
make sure that you hire a good lawyer to complete the process.

Protect Your Idea

Most ideas are eventually discarded. It takes a lot of courage and innovation to make a good idea
come alive before someone else does. Some of the most successful businesses offer a service or
product that has little or no competition. Remember that your ideas are your property. Don't sit
back and watch while others capitalize on your specialized product or service. Obtaining a
patent, copyright, or trademark might not guarantee you success, but it will give you a firmer
hold on your corner of the market.

Get Licenses and Permits

It's highly unlikely that your business won't require licenses or permits from government. These
include occupational licenses, product licenses, tax registration, and Employer Identification
Numbers (EIN). Hire a lawyer to make sure that the licenses and permits are filed before you
open shop. Paying fines is a good way to put your new business in a financial hole before it has a
chance to flourish.

Pick a Location

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For many small businesses, location is key. If you have a restaurant, shop or studio, you want to
find a space that is both convenient for your customers, and near to parking and transportation.
Being in a good location can mean the difference between mild popularity and booming success.
It's important to use every resource available to find your ideal space. Today, many small
business owners are finding that they can conduct the majority of their business on the Internet,
making the physical location of their offices less important.

Lease & Buy Equipment

You're almost finished! The last thing to do is furnish your business with the things you need to
open your doors. Research whether or not it's cheaper to rent or buy equipment, including
computers if you have an office, vehicles if you own a transport business, or kitchenware if you
have a restaurant. Leasing rather than buying may also give you a tax advantage. Make sure you
understand the tax codes before you make any purchases.
And finally, good luck! You're on your way to owning a successful business.

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 Objectives
New businesses must set forth concrete objectives. Objectives should be measurable, specific,
action-oriented, timely and realistic. The objective should have a numerical or monetary value.
It should also not be attained with minimal effort. It’s also important to set a deadline to
achieving each objective

Business Plan

A great way to clarify all of your business goals and objectives is to write a business plan. The
business plan will include your business goals and objectives, how you plan on achieving these
goals, your start-up cost and external factors. An external factor, for example, could be your
type of competition.

Profit

Profit maximization means that the business owner will try to make the most amount of profit
possible. The owners and shareholders of a company generally have this as a business
objective. Profit satisficing means that the business will make just enough money to be
profitable and keep the business owners comfortable. This is most likely the aim of small
business owners who don’t want to work very long hours. Sales growth means that the
business will attempt to make as many sales as it can.

Conflicts and Changes

Business objectives may conflict with each other. For example, growth can conflict with profit
if cutting prices short-term to increase sales will lower short-term profit. Short-term business
objectives can also conflict with long-term objectives if, for example, the business invests a lot
of money in new equipment while accepting small amounts of cash short-term. Small
businesses may also change their objectives as time goes on. Changing technology and
competition can affect business goals and objectives.

pg. 6
 Methodology
Before data analyzing, data will be collected through structured questionnaire, organization visit,
group discussion, personal interview. We got a number of survey participants and huge
collection of data to ensure more authentic statistical analysis.

We collected our data & relevant information through the following steps.

Sampling: For the convenience, Small business entrepreneur have been chosen.

Sampling Size: The sample size for the study will not be large one. The sample size have
been 30 with representation of entrepreneur.

Sampling Scheme: Having fixed up sample extent, sample size and sample units, it will
take 10 days to complete the task of collection information.

Source of Information:
Both primary and secondary data will be used to reach a convincing result;

a) Primary Data Primary data will be collected through Structured Questionnaire, Personal
Interview and Group Discussion.

b) Secondary Data Secondary data have been collected from small business entrepreneur.

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Sample of Questioners:
QUESTIONNAIRE FOR MEASUREMENT THE LEVEL OF PROPER
IMPLEMENTATION OF SMALL BUSINESS.

Following statements describe the influence factor of small business. For each statement please
tick one number the comes closest reflecting your opinion about it.
Please feel free to fill the questionnaire. This is prepared to fulfill academic research purpose
only. These information would not be disclosed anywhere.

Name: Designation:________________

Organization:_____________________________; Age:___________ years

Sex: a) Male; b) Female Date:____________________________

(Scale 1 is Strongly Disagree to 5 Strongly Agree)

Scales
SL Questions
5 4 3 2 1
Do you think the most important factor of Small Business is
1
capital
2 Do you actively seek SME loan for your small business
Are you satisfied with the range of banking options available to
3
small businesses?
4 It was easy to get loan that you needed
What is your opinion of the quality of the resources provided by
5
governments for resolving disputes
6 Do you have permanent location for your small business
Does the person in charge of your business have any formal
7
training and/or qualifications in business management?
8 Did you actively seek advice for these issues?
9 It was easy to find the strategic advice that you needed?

10 The gross income for your business in the last financial year?

Participants Signature and Date Surveyor Signature and Date

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 Data Analysis

Data Processing Method:

Collected data will be coded and verified. Moreover data will be processed by making
consistency checking with the help of computer and relevant knowledge on the subject as well as
the knowledge and application of statistical tools. Some manual techniques will be applied
during the collection of opinion through the questionnaire. Especially we take all action by
Microsoft Excel Worksheet.

SL Questions Mean Rating

4.172413793
1 Do you think the most important factor of Small Business is capital

2 Do you actively seek SME loan for your small business 3.689655172

3.310344828
3 Are you satisfied with the range of banking options available to small businesses?

4 It was easy to get loan that you needed 3.103448276

What is your opinion of the quality of the resources provided by governments for 3.034482759
5
resolving disputes
6 Do you have permanent location for your small business 3.655172414
Does the person in charge of your business have any formal training and/or 3.551724138
7
qualifications in business management?
8 Did you actively seek advice for these issues? 3.586206897

9 It was easy to find the strategic advice that you needed? 3.551724138

3.275862069
10 The gross income for your business in the last financial year?

pg. 6
 Survey Report

Do you think the most important factor of small

business is capital

Do you activley seek SME loan for your small business 3.28 4.17
Are you satisfied with the range of banking options
available to small business 3.55
3.69
Was it easy to get loan that you needed

what is you opinon of the quality of the resources

provided by governments for resolving disputes 3.59
3.31
Do you have parmenent location for your small
business
3.55
Does the person in charge of your business have any 3.10
formal training and/or qualifications in business
managemetent? 3.66 3.03
Did you actively seek advie for these issues?

Was it easy to find the strategic advice that you

needed?

The gross income for your business in the last

financial year?

Figure: Pie Chart (Mean Rating Regarding questioner for startup small business)

pg. 6
 Survey Report
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0

Figure: Bar Chart (Mean Rating Regarding questioner for startup small business)

pg. 6
 4.54.17
4 3.69 3.66 3.55 3.59 3.55
3.5 3.31 3.10 3.28
3.03
3
2.5
2
1.5
1
0.5
0

Figure: Area Chart (Mean Rating Regarding questioner for startup small business)

pg. 6
 Findings
Finding Error:
Question-1: Most of the entrepreneur and small business think the most important factor of
small business is capital and agree with this opinion. Here we look their perception through pie,
bar and area chart.

Question-2: Major things of business is capital. But somehow most of the starter averagely
seek SME loan for your small business in this case their perception is above average.

Question-3: They are not fully satisfied with the range of banking options available to small
business and their perception is average.

Question-4: Maximum entrepreneur reply that was not easy to get loan that their needed so
that they give average score.

Question-5: They think the quality of the resources provided by governments for resolving
disputes as usual and they give average ratting.

Question-6: More than entrepreneur have permanent location.

Question-7: Maximum entrepreneur reply that the person in charge of your business have
formal training and/or qualifications in business management.

Question-8: They actively seek advice for any issues and their action is above average.
Question-9: It was not easy to find the strategic advice that they needed.
Question-10: Some entrepreneur achieve gross income for your business in the last financial
year.

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 Recommendation
This post has recommendations for a business to be successful, and that you might overlook. If
you’re highly passionate about what you do, and enjoy every aspect of your business, then this
applies to you. Your business is your passion. We get that answer or opinion of survey question-
2 to question-10 is mostly average. And opinion of question no 1 is agree. So we can tell that if
we remove all the barrier then any one can start a small business easily. But it’s quite possible
because some missing are always here. You confidently provide a valuable service, you’re never
bored and your ideas challenge the status quo. Since you genuinely care about your clients,
you’re determined to give them exceptional service. Plus your work contributes, either directly
or indirectly, to the overall economy.

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 Conclusion
Starting a small business is complex, time-consuming and life-altering. There are many more
things that go into running it than just providing the product(s) or service(s) that your business
offers, however. You'll also be responsible for your business's finances, protecting your business
and personal assets, keeping your business legal, paying taxes, keeping records, managing
employees and more.

If you understand what you're doing and know how to minimize the risks and challenges, the
independence, personal satisfaction and financial rewards you can achieve as an entrepreneur can
make starting a small business the best decision you'll ever make.

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 Reference(s)
1. https://opentextbc.ca/businessopenstax/chapter/managing-a-small-business/

2. https://www.nydailynews.com/news/money/introduction-opening-small-business-article-
1.409741

3. https://bizfluent.com/list-6730725-small-business-goals-objectives.html

4. http://getsmallbusinessideas.blogspot.com/p/blog-page_9876.html#.XT_4JegzbIU

5. http://businesscasestudies.co.uk/nfte-uk/the-importance-of-entrepreneurship-in-small-
businesses/conclusion.html

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