Financial Scope in Business Planning Process from Idea to a Service Business
Thande, Nelly Wanjiru (2020)
Thande, Nelly Wanjiru
2020
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2020060918105
https://urn.fi/URN:NBN:fi:amk-2020060918105
Tiivistelmä
Entrepreneurship is becoming an alternative for employment and more people in Finland now than before are embracing being self-employed rather than going to seek for jobs. Entrepreneurship gives one a sense of freedom by utilizing their competence but also a sense of responsibility. An entrepreneur can enjoy the success of the business and take care of the risks involved. When starting a business, it is important to research on the information needed to start the business as well as plan on how to establish the business.
The objective of this qualitative research study is to research on business planning process, challenges entrepreneurs face and experiences of entrepreneurs when starting a service business in Finland. There is a major scope on Finances; to find out how entrepreneurs fund their business start-ups, how they handle bookkeeping, taxation, Value Added Tax, Invoicing and how marketing is influenced by finances.
Literature was reviewed to gain knowledge on theories and procedures needed when starting a business. Further study was done to get more and narrower information on starting a service business in Finland. The research was conducted as a phenomenon driven research and the philosophy chosen was interpretivism from a subjectivist perspective. The primary data was collected using semi-structured interviews.
The data that was collected and the business plan that was created during the study was used to start and establish an organizing service business in Finland. The data that was needed was collected through 12 interviews; 11 interviews from entrepreneurs and 1 interview from a bookkeeper. A much leaner scope was taken to ensure that the data was collected from entrepreneurs who had a foreign background. The entrepreneurs were very eager and enthusiastic to share on their start-up experience and from their response. During the interviews, it was noted that the entrepreneurs who were interviewed were very happy with what they did and were satisfied with the services they offered.
Marketing strategies were also studied to find out the various channels that the entrepreneurs used to build awareness of their existence to their intended customers. The cost for marketing was evaluated as well as how their businesses were positioned in the current market in terms of competition and risks.
In parallel to the research project, the author also started an organizing service business in Finland, therefore, all the information that was gathered was used in putting up the organizing service business. The business was started from scratch by finding a successful business idea, creating a business plan and establishing the service business according to the Finnish standards and procedure of starting a business.
The objective of this qualitative research study is to research on business planning process, challenges entrepreneurs face and experiences of entrepreneurs when starting a service business in Finland. There is a major scope on Finances; to find out how entrepreneurs fund their business start-ups, how they handle bookkeeping, taxation, Value Added Tax, Invoicing and how marketing is influenced by finances.
Literature was reviewed to gain knowledge on theories and procedures needed when starting a business. Further study was done to get more and narrower information on starting a service business in Finland. The research was conducted as a phenomenon driven research and the philosophy chosen was interpretivism from a subjectivist perspective. The primary data was collected using semi-structured interviews.
The data that was collected and the business plan that was created during the study was used to start and establish an organizing service business in Finland. The data that was needed was collected through 12 interviews; 11 interviews from entrepreneurs and 1 interview from a bookkeeper. A much leaner scope was taken to ensure that the data was collected from entrepreneurs who had a foreign background. The entrepreneurs were very eager and enthusiastic to share on their start-up experience and from their response. During the interviews, it was noted that the entrepreneurs who were interviewed were very happy with what they did and were satisfied with the services they offered.
Marketing strategies were also studied to find out the various channels that the entrepreneurs used to build awareness of their existence to their intended customers. The cost for marketing was evaluated as well as how their businesses were positioned in the current market in terms of competition and risks.
In parallel to the research project, the author also started an organizing service business in Finland, therefore, all the information that was gathered was used in putting up the organizing service business. The business was started from scratch by finding a successful business idea, creating a business plan and establishing the service business according to the Finnish standards and procedure of starting a business.