A chance meeting and exciting news Essay Example | Topics and Well Written Essays - 1250 words - 1

A chance meeting and exciting news - Essay Example In addition, there new partnership opportunity offers Per Diem expenses and travel allowances that are paid by the client, meaning that the there will be minimal or even no business expenses that the partners will have to meet at their personal cost. While this opportunity seems to be very promising, there is one major worry though. The fact that the new prospective engineering consulting company has secured a contract for 12 months only poses the danger of the likelihood of a future job and financial crisis, on the event that the contract is not renewed. This would mean that the three partners would be left jobless and without a source of finance to support their lives. Consequently, it is important that a concrete plan is laid down to ensure that the new engineering consulting opportunity goes beyond the single contract that has been secured into a fully-fledged engineering consulting entity that will obtain more contracts from different clients. This way, the future of the new opportunity will be secured, which means that the business opportunity will become sustainable. Therefore, the plan for developing new partnership firm will entail: The opportunity cost analysis assesses the value of the opportunity than an individual has to forego, in order to pick on an alternative opportunity (Lauer, 14). On the other hand, the Cost Benefit Analysis is applied towards assessing the benefits and the costs that the new opportunity has to offer, and then comparing between the costs and the benefits, to determine whether to take the new opportunity or not. Where the costs are more than the benefits, then the new opportunity should not be taken. However, where the benefits of the new opportunity supersede the costs, then the new opportunity can be taken. In this respect, the first stage in the process of developing new partnership firm entails a personal reflection in relation to the question; what is my ultimate goal for my career and