Speaking Follow up Questions Describe a small business that you would like to open
Question :What are the advantages and disadvantages of a family business?
Advantages are
It keeps the family together. Family members understand each other better. Maximum efficiency is ensured. They are more committed than outsiders. Most family members have solid informal internal training. This is because such businesses are usually passed from grandparents to children and grandchildren.
Disadvantages are
Misunderstandings at home could also be brought to the office and the family expenses could be deducted from the business. Some of the family members might become too comfortable knowing that their own family is working, and as a result there may not be proper planning and budgeting which may result in misunderstandings later on. Family businesses also tend to appoint family members even if they lack training or experience. Outsiders might have ideas and skills that can be useful to the family business but their ideas won’t be incorporated because they are outsiders. There can be conflicts among the family members, which may result in total collapse of the business at times.
Question: Is it important to be competitive and why?
Yes, it is very important to be competitive nowadays. We belong to an era of competition. Today, we are not competing with the person next-door or in the same town or country. We are competing with the people of a global village.
Question Are men and women equally good at running a business?
There are no gender differences nowadays. It is a matter of personal aptitude. As more and more girls are going into management courses, they are successfully entering the world of business. We have many examples, such as Koran Maunder, who is the CEO of a news company.
Question: What challenges and difficulties people face when they try to have a successful small business?
They have to do proper market research and see if there is demand of their product or service. They also have to see if they will be getting competition from the international sector.
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Question: Is market research important for export business?
Yes, definitely. Market research is important for any business and not just for export business. If China exports those products which are not in demand, then it will be out of business very soon. Even if we talk about small scale business, without adequate market research nothing will sell properly. For example in a poor country, branded showrooms will not survive.
Question: In business, do companies need to be competitive?
Yes, definitely. Business is all about competition. If you don’t compete how can you run a business? You have to sell your products and for that you have to com Pete with your rivals. Otherwise they will succeed and you will lose.
Question: Should companies promote competition and why?
Yes, surely. Companies should promote competition because if they don’t compete how can they run a business? They have to sell their products and for that they have to compete with their rivals. Otherwise they will fail and others will succeed. However, they should promote healthy competition and should not use unethical means to compete.
Question: What should be the governments’ role in how small businesses are run?
Government should promote small businesses by providing subsidies to budding Entrepreneurs. This way unemployment will be reduced. It should do careful and fair evaluation of the business plan of the person and help in all the ways it can. Prime Minister Modi’s ‘Make in India’ Campaign is a step in this direction.
Question: What are the advantages and disadvantages of small businesses compared to large companies?
There are many differences between big and small companies. To begin with, big companies offer bigger pay packages than small companies. Secondly, these companies give many perks and bonuses from time to time. These companies give benefits like health insurance and travel allowance. Another big advantage of big companies is that it is a status symbol to work in these companies. Furthermore, they provide opportunities to travel overseas. Moreover, in a big company hands on training is provided to all new workers. On the other hand, in a small company, everybody knows everybody. You are not part of a big crowd as in a big company. If you do some good work, you are applauded for it. If you open your own small business, you are your own boss. You decide your paycheck. The more you work, the more you earn. The disadvantage is that there is a lot of risk and in case you don’t do well, you can suffer a heavy financial loss.
Question: How can businesses benefit the community in which they are located?
Businesses can benefit in many ways. They can provide scope for many supporting businesses to flourish. For example, restaurants, hotels, and many more.
Question: What kinds of small businesses are most popular?
All types of small businesses are popular. My home town is the hub of small scale industry, such as motor parts. Phagwara is famous for sports goods. Ludhiana is known as the Manchester of India because of small scale industry, especially the hosiery industry.
Question: What qualities does a small business owner need to have?
He should have the competitive spirit. Should have the ability to take risks. He should be hard working and know how to get work from his employees.
Question: Are there many big companies in your country?
Yes, there are. India is a fast developing country. There are many Indian companies, which are very big such as Tata, Hindrance, Godfrey, Reliance, Video con, Ouija and so on. There are also many multinational giants which have opened branches in India, such as Samsung, LG, Marty Suzuki, Hyundai and so on.
Question: How can a small company grow big?
Small companies can do so in many ways. They can work hard, employ skilled workers, focus on quality and employ good marketing strategies.
Question: Should big companies donate more to charities?
Yes, they should. I believe that anyone who has enough should help the needy on Humanitarian grounds. Many big companies help the NGOs. This is a win-win Situation for both. When they get publicity for their charity work, they are getting advertisement for free.
Question: Should big companies be punished more seriously if they break the law?
No, they should not. Law should be the same for all – big as well as small companies. Usually, big companies have big connections. So, they try to get away with their wrong doings. This also should not happen. Punishment should be equally serious for all law offenders.
Advantages of self-employment
- Self-employment offers greater freedom than working for a company. You decide your pay check.
- Nowadays, it is easy to set up a company. Young entrepreneurs are being encouraged by loans from the government.
- If you do well, you get all the credit, but if you work for someone you are not given any credit if they do well.
Disadvantages of self-employment
- However, there are risks to starting a new business. Self-employed people may face financial difficulties.
- Many businesses fail to make a profit. There is less stability in self-employment.
- Self-employment involves hard work, long hours and total responsibility
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