Unit 1: Business Description

Unit 1: Business Description

Determine the type of business, vision, and mission

Business

The business that I want to start is related to Automotive Industry that is based on producing Hybrid Electrical Vehicles. Starting a business in an automotive industry is not an easy task as it requires extensive research. One cannot establish a sound business in this industry until and unless he or she owns experience and knowledge about all the competitors or rivals within the industry. Every business is based on some clear goals and objective that can be accomplished by quality vision and mission statement of the business. There is a huge competition in the automotive industry as each of the company is launching vehicles that have distinctive features from other company's vehicles. So for this all the companies need to be extra careful only then they would be able to survive in the industry. The business is in designing phase and it will be launched just after testing its strength (Churchill, 1983).

The name of the company will be Deo Motors, and it will be launched in Chicago, USA. The main reason behind manufacturing hybrid electric vehicle is due to the quality of technology used in manufacturing it. Hybrid electric vehicle is a kind of electric and hybrid vehicle that combines a conventional internal combustion engine propulsion system with an electric propulsion system. The hybrid electric vehicle holds better fuel economy and performance than an old vehicle. Most of the common form of hybrid electric vehicles is the hybrid electric car, trucks and buses. The reason behind manufacturing hybrid electric vehicle is its growing demand in the market as it is helpful in controlling fuel consumption and pollution and it does not have noise like the conventional vehicles. Deo Motors will be initially manufacturing 4 wheeler cars and then with the passage of time it will get into the manufacturing of trucks, buses and motorbikes. These vehicles are designed in such a way that better fits into the environment without harming it.

Vision of Deo Motors

The mission of Deo Motors will be to become a market leader in the hybrid electric vehicles manufacturing in United States of America.

Mission of Deo Motors

The mission of Deo Motors will be to manufacture vehicles for the customers that hold all the automobile qualities and would make the journey comfortable and pleasant.

Create the structure and form of management applied in the business

Structure of management

The structure of Deo Motors will be Limited Liability Company and it will have all the benefits that a corporation enjoys. Deo Motors LLC will have limited liability and will not have the particular burdens that are mostly imposed on corporations besides retaining many of the features of unincorporated entities such as sole proprietorships and partnerships. Deo Motors will have to pay taxes on the overall revenues including profit earned on yearly basis. The members of the LLC will have to pay taxes on their personal income (Uggla, 2009). The management of Deo Motors will have centralized control; ...