Question 1 Answer

(a)   They would like to use the skills, knowledge and experiences they have acquired for their own benefit.

They wish to achieve financial independence from operating a profitable business.

Owning and operating a successful business will give a feeling of accomplishment.

(b)  They should be advised to start a partnership type of business. This business form legally requires a minimum of two persons. They can combine the strengths of their expertise for the efficient operation of the business.

(c)  Paul and James must ensure that the persons employed have the requisite skills, knowledge and experience to give quality service to the company. They must also identify ways of motivating employees to perform their task well.

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