Managing Communications, Knowledge and Information

Managing Communications, Knowledge and Information

Introduction
Starting a business require preparation, research and a lot of hard work. There are many decisions to be taken like type of business, financial support, location and so on. This decision has to be taken with a lot of care so they can overcome difficult stages of the business. New business also requires a strategic planning for future growth including products, partners and goals. Starting a business in the retail industry is a huge challenge facing a lot of competitors and variety of products. The report examines the methods for starting new business, the decisions to be taken, the internal and external sources of information to be assess, identify the stakeholders and methods to contact and develop business relationship with them.
Starting up a Business
1. Examination of Information and Knowledge needed to make Decisions in Starting Business
Brick-and-mortar or Online: The advantage of Internet changed the retail industry in the past few decades with the opportunity to create online stores where customers easily can compare and buy products online and get them delivered in convenient time. Choosing to build the business completely online will also avoid the cost of setting a shop and rents for it.
Product or Services: After decision has been made to develop online business the product or services that will be provided has to be carefully considered. There is plenty external information and statistics for most selling online products.
Investments and Reserves: Finding financial sources is key point for new businesses. The decision could be a bank loan, if eligible, personal or family saving and government agency providing start-up loans for entrepreneurs. It ...

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...he right working relationship
- Transparent process of policy and strategy making
- Engage the Stakeholders in every step of planning

Conclusion
The above report present the most essential factors for a start-up business. Key decisions like investments, pricing, planning and so on has to be taken before the start up. Lots of information from internal and external sources has to be collect for making the right decisions and strategies. List of Stakeholders to be contact has been made, also a strategy to engaging them in decision making process.