Question

4. Choose an example of a type of new company you could start, and then use this company idea to answer the questions below. TIP: You might choose to open a hair salon, a babysitting service, a record store, or many other things.
(a) Describe the type of company you chose. (1-2 sentences. 0.5 points)
(b) If you were starting a new company, describe at least three departments to the company that you would need right away. Why are these departments so important? (1-5 sentences. 1.5 points)
(c) What type of organizational structure would you want to use for this company (by function, by process, by product, and so on)? Explain why you would prefer this structure. (2-4 sentences. 1.0 points)
(d) How important would liability protection be for this type of company? Explain why it would or would not be important. (2-4 sentences. 2.0 points)
(e) Which business structure would make the most sense for this type of company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation)? Explain why this structure would be good for this type of company. Give at least 3 reasons. (3-6 sentences. 6.0 points)
(f) Describe at least three factors of success that you would want to focus on for this company. (1-3 sentences. 1.5 points)

Answer 1

The most important factor in the work process or industry is to retain the interest of the employee. And to retain them, their salary or profit must be adjusted to the best value. Unless the employee does not do his job properly, employees must receive bonuses or benefits to ensure them to stay in the company. It will actually make them stay longer, make them feel important and reduce costs for hiring new employees.