Starting A Business - Personal Statement Example

Bangladesh is my target country where I want to start a business. Rationale for choosing this country to start business is, it's a small country where 65% peoples are living below the poverty line. There income level is so poor in comparison with other developing countries. The major source of income is agriculture based. Though the income level is too poor, peoples of this country spend very much within their ability. So this a great market for small investor as mine. Business mostly depends up to the capital.

As my investment amount is small I m looking for business which do not require too much capital but have a strong demand in market with a huge opportunity of profitability. I got candle (manufacturing) business is most appropriate for me. For idea generation I used the approach is market driven and the method used is "Growth Products" by which I tried to clearly perceive and think of growing products, which have experienced a regular and remarkable growth in demand. As I found that electricity problem is a greater problem here and during nighttime a few areas covered by electricity so people have to use oil lamp as alternative but the price of oil is out of their capability of purchase so, candle will be the best alternative for them and yet there is no candle manufacturer company.

As the market is huge and no threat of competitor except some substitutes so the market has no entry or exit barrier and the profitability is high enough (shown in table below). As this business require a very little investment of BDT 10,00,000 ($20,000) the risk is very low and no intervention should comes from government as Govt. always encourage investing in this country at any sector. The project is about 20 years. And Govt. of Bangladesh had a contact with China to work on Development in Electricity sector after 30 years as a project of water plant is already running.

So till the completion of my target deadline my project is secure enough.Along with assumption, SWOT analysis (given below) and research, some surrogate indicator also worked in my mind to finalize this project that the success determinants and risk factors highly matched with my own capability. I believe I implicate all my literature knowledge here and will be able to learn the scenario of practical field. Reference:The information about business plan available at : http://www.entrepreneur.

com/startingabusiness/businessplans/article38308.html.