10. To start-up new business, I should choose one between Sole Proprietorship and Partnership, as the 2 types have no special taxes, are easier to raise money at first and need less documents needed to start business. The reasons why I chose partnership as the company’s ownership are:
- As general partners share financial resources, it is easy to raise money for the start-up (Nickels, 2016, p.124) and is more likely for the company to avoid financial issues.
- We can share management, experience and expertise. As managing a business in technology areas can be challenging, sole proprietorship, which has “the owner manages all areas of the business” (Nickels, 2016, p. 134) is not a good choice as partnership. I will discuss it further in section 11.
- “Partnerships are more likely to succeed than sole
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More and more individuals want to set up their own blogs or websites, and small stores also want to commercialize their products online.
- Opportunity to apply new technology into the products, for examples HTML5, CSS3 etc.
- As the increase in the use of smart phones, tablets, phablets, smart TVs and, maybe in the future, smart watches for internet access, there are new and potential demand for new types of website designs, we can expand our products.
Threats:
- There are less and less entry requirement to set up online business, there might be a significant number of new competitors.
- Lack of intellectual control laws in foreign countries, though Internet is a worldwide environment, foreign companies such as companies from China can copy and assemble their products to ours.
- A competitor (Weebly Co.) often offer new, creative and low price templates.
13. Polices which, in my opinion, are needed to operate the company:
- Health & safety
- Drug & alcohol policy
- Working time, time off, vacation and sick leave: states the working time & time off