Question 1

Paul and James are employees of Quality Furniture Company Limited. They both graduated from City Polytechnic five years ago where they specialized in the Industrial Arts and minored in business.

They were discussing the feasibility of starting their own business and had begun identifying possible sources of capital.   They both decided to seek some advice from James’s older brother Juan, who has been in business for ten years.

(a) Give three reasons why Paul and James would like to start a business.

(b) Name the type of business that they should be advised to start and explain one reason why.

(c) Describe two entrepreneurial roles that Paul and James must perform to ensure the efficient functioning of the business.

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