List of internal and external sources of information and understanding


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    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. (LO 2.4)

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