For the first question that person interviewed answered that “I am planning to open up a business where I would be able to sell chocolates that are home made. I know a person who makes homemade chocolates and the person makes them quite uniquely so will this will be a competitive advantage for the business”. The person in the discussion to this question also stated that they have some knowledge on business structures, how they operate, how chocolates and confectionary businesses operate and more. Secondly the person also answered that the business they are planning for is similar to the one that they had worked with a few years back, this shows that they have experience also and are not too much of a novice in their plans.
For the second question the person interviewed opined that they have their finances set up already, but also plan on getting a personal loan for their business. Although the person does hold some amount of saving for the business, the person opined that they would like to get the entire capital on loan and they pay it back slowly. The person interviewed stated that this would give them more motivation to work on the business. For the third question the person stated that although they were not thinking about business partners at the moment, having a partner might be a good option. But they also want to make sure that it is someone who understands the business motivation as well as they does. Towards this end the person also answered that they are more preferential towards a sole trader form more than others. In terms of finances the person is very clear that they will only finance the entire operation.
The person stated that this was their first entrepreneurial venture and some of the main concerns in this venture were that it should be successful. This is a time in Australia where there are so many successful ventures but there are also many unsuccessful ones which close in a year or so, and this has made my interviewee wary about the process.