Describe a small business that you would like to open
You should say:
– What this business would be
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– Where it would be located
– What people you would hire as employees
And explain why you’d like to have this small business.
It goes without saying that future is quite uncertain and almost no one can predict exactly what is waiting for them ahead, however, to some extent I always believe that our future depends on our plans and actions at present. As a fresh – graduates, I want to become an entrepreneur and run a chain of boutique shops selling stylish clothing, dresses and jewelry. This is probably because ever since I was a kid, I have had a great passion for designing and sewing pieces of garments, firstly for my doll and then for real people around me. Gradually, I constantly get more insights into fashion industry and keep me posted with clothes that are in the thing. Although I am currently majoring in economics instead of fashion designing, I hold a strong belief that my acute business sense and a sincere interest in the clothing business will help me to succeed in the future. Nevertheless, I always have to remind me that opening and running an apparel store is serious business and that I have to put one hundred percent effort in leading it to success as well as get ready to face up failures. I guess that’s why some people around me wonder why I want to give up the safety of my corporate job with its steady income, paid holidays, vacations and the opportunity for advancement just to become a small business owner. The answer is indeed quite simple for me, which is I want to walk out of my comfort zone, challenge me in a new business and last but not least, give myself a chance to fulfil my childhood dream.
QUESTIONS FOR PART 3
1. What challenges and difficulties do people face when they try to have a successful small business?
I think some of the hardships that small business owners might have to face include increasing profits and growing revenues while still paying close attention to details like client relationships. On the other hand, for many small businesses, client dependence is a huge issue. If a business depends on a single customer for more than half its income, that should raise a huge red flag, a situation which can threaten the businesses’ growth and stability.
2. What should be the government’s role in how small businesses are run?
I personally believe the government should create specific programs to help small businesses start and continue to grow by offering start-up incentives, providing loan guarantees and encouraging local banks to work with start-ups or regional businesses that wish to expand. Lowering corporate taxes and making the regulatory process simpler can also foster even more small-business growth.
3. What are some of the advantages and disadvantages of small businesses compared to large companies?
One of the advantages of a small business is obviously the relatively low startup capital needed. Also a small establishment is easier to manage compared to a large operation since the dealings are usually local and small scale. Keeping track of inventory, cash flow and transactions is easily manageable as well.
On the other hand, small businesses often lose in the competition for market share with the already established firms, as many clients would prefer to conduct their business with large firms rather than the smaller ones which are considered risky.
4. How can small businesses benefit the people in the community where the businesses are located?
In my view, small businesses often give a town a sense of community as they can meet with the customer more frequently and develop more of a personal relationship than a large company. In addition, shopping at small, local shops means that the customers are putting money into the pockets of local workers who may be their neighbors or even family members, thus enhancing both the town’s standards of living and economic conditions.
5. What kinds of small business are most popular in your country?
Probably street food vendors and local convenience stores. Street food has always been a vital and vibrant part in my country, so as long as the owners can offer high food quality along with some uniqueness to set their stores apart from other competitors on the market, I believe the business will achieve at least semi-success. Meanwhile, local convenience stores are usually guaranteed a loyal customer base that is the local residents so I think they have a higher chance of breaking even and increasing the bottom line.
6. Why do some people open their own business?
In my opinion, people would rather be their own bosses, looking after themselves, instead of being observed by higher-ups. In other cases, many startup hopefuls may have true passion for their jobs and are confident that they know a business should be run; hence it might motivate them to go out on their own and get directly involved.
7. What qualities does a small business owner need to have?
I think it’s crucial that small business owners maintain a positive outlook and accept 100% of the responsibility for the results of his or her business. They should also focus on making smart hires and then take the time to get to know and cultivate a good relationship with their staff, since employees who feel seen, respected and appreciated almost always produce more than anticipated. Being on the lookout for new opportunities can also help a prospective entrepreneur get a small business up and running.
Red flag (noun): a sign of danger
You’re not allowed to swim when the red flag is flying.
Startup (noun): a small business that has just been started
Working on a startup business can produce a real mix of emotions.
Inventory (noun): a complete list of items such as property, goods in stock, or the contents of a building
Our major customers cut back on their inventory and projections.
Cash flow (noun): the amount of money moving into and out of a business
Small traders often have short-term cash-flow problems.
Vendor (noun): a person or company offering something for sale, especially a trader in the street
She glanced around quickly, and her eyes caught a street vendor who was selling ice cream.
Convenience store (noun): a shop that sells food, drinks, etc. and is usually open until late
The biggest difference in services between a grocery and convenience store is that the latter usually sells gasoline.
Customer base (noun): the people who buy or use a particular product or service
A customer base is absolutely essential for business success.
To break even: to have no profit or loss at the end of a business activity
After paying for our travel costs, we barely (= only just) broke even.
Bottom line (noun): the final line in the accounts of a company or organization, stating the total profit or loss that has been made
How will the rise in interest rates affect our bottom line?
Hopeful (noun): a person who wants to achieve a position of power
Five presidential hopefuls were invited to speak.
Cultivate (verb): try to acquire or develop
He did his job efficiently, while also cultivating friendships with many Australians.
Outlook (noun): the likely future situation
The economic outlook is bleak.
Prospective (adj): people who are expected to buy something, employ someone, become parents, etc.
Her father always wants to meet her prospective boyfriends.
Entrepreneur (noun): someone who starts their own business, especially when this involves seeing a new opportunity
He was one of the entrepreneurs of the 80s who made their money in property.