Fin 530 You Are an Entrepreneur

In: Business and Management

Submitted By eon10
Words 1509
Pages 7
Assignment 2: You are an Entrepreneur

1. Describe the type of business you have created including:
a. The product or service, and general staffing plan. Provide a rationale for your plan. Royal Arts is a small business based in the United States and was founded in 2013 by Paul Royal. Royal Arts specializes in creating custom wood furniture and stylish carvings. The furniture includes tables, chairs, cabinets, book shelves and desks. Our company consists of 22 employees who are assigned to different areas in the whole company.
The company is led by a general manager, followed by two assistant managers, a human resource representative, a marketing agent and an accountant. Our company’s operating hours are Monday through Saturday from 8.00am to 8.00pm. The business is closed every Sunday to allow employees to rest and get ready for the week ahead. The general manager is responsible for the overall management of the company; he oversees all the activities and ensures all employees work towards achieving the common goal of the company. The general manager also ensures that policies, procedures and government regulations are implemented. The human resource representative is responsible for hiring, and training employees. The accountant’s role is to ensure that the company has sufficient amount of working capital. He prepares the profit and loss statement and monthly closing and cost accounting reports. Inventory control would be a part of the general manager and the accountant’s responsibility. Our company is still growing and once it stabilizes, then we can create more departments and hire more employees. Our marketing agent’s job is to create value for our customers and create customer relationships. She conducts research and determines which markets to target and how our company can reach all these markets.

b. The form of your business and the benefits it…...

Similar Documents

You Are an Entrepreneur

...You are an Entrepreneur!: Sports Officials Plus Abstract: A case study for the Strayer University, Alexandria, VA, Business 557 Financial Accounting class, this paper provides for the initial draft of a business plan for a small privately-owned, local business to be called Sports Official Plus, LLC. It will provide a review of its product, personnel staffing, a chart of accounts, and a pro forma balance sheet and income statement. Also provided will be a review of some internal control measures and asset protection, a regulatory impact statement especially as related to Sarbanes-Oxley and the application of GAAP versus IFRS. Business Plan – Sports Officials Plus Sports Officials Plus is a new apparel store that caters to the sports official community in northern Virginia, the District of Columbia and southern Maryland. As our name suggests our focus is to provide the shoes, clothing and accessories that officials from various sports require to perform their jobs and to position ourselves as the top retail store servicing this particular market. We are the only apparel store in the in the northern Virginia area to specialize in gear for sports officials. My intention is to obtain 80% market share and become a central hub of shopping activity for the regional sport official and their support organizations. Sports Officials Plus will be located at in the revitalized Springfield Plaza in in Springfield, VA allowing for easy access from anywhere in the surrounding......

Words: 4590 - Pages: 19

You Are an Entrepreneur

...Assignment 2: You Are an Entrepreneur Nikholas Martin Dr. Bell ACC 557: Financial Accounting Tuesday, February 12, 2013 Table of Contents EXECUTIVE SUMMARY 3 geral business Description Mission Statement operational highlights 5 STARTUP EXPENCES REVENUE GROWTH PROJECTED PROFITS FORECASTING 6 Sales Forecast Cash Flow Projections Income Statement Balance Sheet BUSINESS CONTROLS 11 Accounting System INTERNAL CONTROL COMPLIANCE TO REGULATORY BODIES REFERENCE…………………………………………………………………………………….12 Executive summary Wellfit, Inc will provide fitness plan, body workouts and health exercise. Health service provision is one of the sector that is fast gaining popularity and Wellfit, Inc intends to tap on the industry’s success by capitalizing the scarcity of service provides and the large market available. The business venture intends to offer workout services and health exercise at a low cost to its targeted market segment. The management of the business venture is made up personnel with experience in health care, and since the US health care market is on the boom, Wellfit’s market volume is projected to rise to $70 million by the year 2015 since the largest market segment is still untapped. Heart disease related illness and obesity are currently on the rise causing an increase for the demand of health and fitness clubs......

Words: 1646 - Pages: 7

You Are an Entrepreneur

...You are an Entrepreneur Shequila Doctor Dr. Peter McDanel Financial Accounting 02/13/2013 Abstract As a business owner, there are multiple things to consider. I love children, so as my hobby I would babysit after work. After giving a lot of thoughts, I decided to start my own daycare out of my home. My daycare would be open 24 hrs. Because the daycare is out of my home I will be saving on leasing a building. This paper will show the benefits of my day care. It will also have a chart that implement how funds are coming in and being spent. The usage of General Accepted Accounting Principles will also be discussed. It would also explain insurance just in case of accidents. This paper would also explain that is regulatory environment and why it is important to this company. Key words: daycare, GAAP, and regulatory environment As a business owner of Doctors Daycare, you can make average money or supplement a spouse’s income by running a childcare service from your home. Running a daycare from your home allow you order to spend time with my own children while still being able to bring in some money to contribute to the family budget. Have a daycare business is not so whatever your reasons be sure this is really what you want to do before you make your move. You have to love working with children to run your own childcare business. If you don't enjoy working with them it will show. Keep in mind these families are entrusting you with the welfare......

Words: 1609 - Pages: 7

You Are an Entrepreneur!

...promotions are in affect. Some car dealership may have a rain date included in their advertisements because a lot of consumers will not shop for vehicles in rainy weather. Especially, if the weather forecasts reflects bad storms. Most consumers shop for vehicles in the summer months of the year. So, Betty does not get any special treatments for her three hour drive in one-hundred degree heat. Three Thousand Dollars Firm When Tony said over the phone “three thousand dollars firm,” explain whether or not he was making an offer that, if accepted, would bind the dealership in contract. Yes, Tony’s offer of three thousand dollars firm, did in fact bind the dealership in contract to Betty. A lot of dealerships have advertisement, if you can pull or tow it we will accept it. This means that regardless of the shape that your vehicle is in, the dealership will accept your trade-in. The dealership will accept your vehicle as cash money to go towards the purchase of another vehicle at their dealership. Tony did the same when he told Betty that he would give her a certain amount of money for her pick up truck. Tony being an authorized representative of the dealership have been given the authority by the owner of the dealership to offer this sort of a deal to potential customers. Tony did so with Betty. He did not tell her that her vehicle would have to be inspected first. Tony did not state that the dealership would give her up to the three thousand dollars. Tony......

Words: 1360 - Pages: 6

You Are an Entrepreneur

...You Are an Entrepreneur! Kristina Walters Dr. Chad Greenfield ACC557 – Financial Accounting 8/11/2013 1. EXECUTIVE SUMMARY 1.1 Product Sunshine Bakery is a new bakery specializing in gluten, wheat free products. Due to the rise in celiac disease there has been a significant increase in demand for these bakery products. For many years food allergies went undiagnosed and only recently doctors have started to diagnose food allergies such as gluten. Sunshine Bakery wants to help people affected with these problems through these specialized products. 1.2 Customers Sunshine Bakery will target customers that suffer from Celiac Disease. This disease more commonly known as a gluten allergy affects “An estimated 1 in 133 Americans, or about 1% of the population” and with correct “diagnosis rate may reach 50-60% by 2019, thanks to efforts to raise public awareness of celiac disease” (National Foundation for Celiac Awareness. (2013)). “Persons with celiac disease have an intolerance to certain protein fractions (namely, prolamins) found in wheat, rye, and barley. As a result, they are advised to follow a gluten- free diet and avoid all products containing prolamins from these grains.” (Thompson, Tricia (2000, April 01)) 1.3 What Drives Us The goal of Sunshine Bakery is to produce gluten free products that taste amazing to anyone who walks through our doors. We hope to start up a business that not only makes people happy but also healthier. 2. COMPANY......

Words: 1415 - Pages: 6

Fin 530 Quiz 1

...Fin 534 Quiz 1/ 2013 Question 1 .4 out of 4 points Correct Which of the following statements is CORRECT? Answer Selected Answer: Sole proprietorships and partnerships generally have a tax advantage over many corporations, especially large ones. Correct Answer: Sole proprietorships and partnerships generally have a tax advantage over many corporations, especially large ones. . Question 2 .4 out of 4 points Correct Which of the following statements is CORRECT? Answer Selected Answer: One advantage of forming a corporation is that equity investors are usually exposed to less liability than in a regular partnership. Correct Answer: One advantage of forming a corporation is that equity investors are usually exposed to less liability than in a regular partnership. . Question 3 .4 out of 4 points Correct Which of the following statements is CORRECT? Answer Selected Answer: The NYSE operates as an auction market, whereas the Nasdaq is a dealer market. Correct Answer: The NYSE operates as an auction market, whereas the Nasdaq is a dealer market. . Question 4 .0 out of 4 points Incorrect Which of the following is a primary market transaction? Answer Selected Answer: You sell 200 shares of Johnson & Johnson stock on the NYSE through your broker. Correct Answer: Johnson & Johnson issues 2,000,000 shares of new stock and sells them to the public through an investment banker. . Question 5 .4 out of 4 points Correct Which of the following......

Words: 1860 - Pages: 8


...Prepare entries for various receivable transactions. Difficulty Level Simple Moderate Moderate Moderate Moderate Moderate Complex Simple Moderate Moderate Moderate Moderate Moderate Complex Time Allotted (min.) 15–20 20–25 20–30 20–30 20–30 40–50 50–60 15–20 20–25 20–30 20–30 20–30 40–50 50–60 9-2 Correlation Chart between Bloom’s Taxonomy, Study Objectives and End-of-Chapter Exercises and Problems Knowledge Q9-2 Q9-3 BE9-2 E9-1 Q9-8 Q9-4 Q9-5 Q9-6 BE9-4 BE9-5 BE9-6 E9-5 E9-6 Q9-11 BE9-8 E9-7 E9-8 Q9-14 Q9-15 BE9-9 BE9-10 BE9-11 P9-7A P9-7A P9-7B Q9-17 Q9-18 E9-12 E9-13 Q9-19 BE9-12 E9-15 P9-7A P9-6A P9-7B P9-6B BE9-3 E9-14 P9-1A P9-6A P9-1B P9-6B Exploring the Web Decision Making Across the Organization Comparative Analysis All About You Financial Reporting Comparative Analysis Ethics Case Communication E9-12 E9-13 P9-7A P9-7B E9-10 E9-11 P9-6A P9-6B P9-7B E9-10 E9-12 E9-11 E9-9 E9-14 P9-7A P9-6A P9-7B P9-6B Q9-7 BE9-3 BE9-7 E9-3 E9-4 P9-1A P9-2A P9-3A P9-4A P9-5A P9-1B P9-2B P9-3B P9-4B P9-5B E9-2 E9-14 P9-7A P9-1A P9-7B P9-3A P9-4A P9-6A P9-1B P9-3B P9-4B P9-6B Q9-1 BE9-1 Comprehension Application Analysis Synthesis Evaluation Study Objective 1. Identify the different types of receivables. 2. Explain how companies recognize accounts receivable. BLOOM’S TAXONOMY TABLE 3. Distinguish between the methods and bases used to value accounts receivable. 4. Describe the entries to record the disposition of accounts......

Words: 6807 - Pages: 28

You Are an Entrepreneur

...Assignment 1: You Are an Entrepreneur! ENTERPRENEUR Introduction My family and I own a small family owned community business called Snacks, Snacks, and More Snacks! We provide freshly prepared mini sandwiches, mini quiche and an assortment of baked goods. Snacks are replenished throughout the day to ensure food is fresh and hot, based upon the customer’s availability. We strive for perfection and are committed to provide a clean and safe work environment for the employees. We pride ourselves in stimulating the economy by expanding our workforce to include hiring a diverse group of people. We are committed to generate profitable growth for both the company and employees. Mission Our Mission is to provide a variety of snacks at an affordable price so that customers can purchase more in smaller quantities. Our mission allows our company to create a solid customer base that will gain their loyalty to our business as we grow out our business in family based communities. Values Our main priority is to satisfy our customers with quality services and products, to maintain a constant customer base. We will cater to our customers in a professional manner by offering quality, competitively priced merchandise delivered with courtesy and professionalism. Chart of Accounts CHART OF ACCOUNTS | Balance Sheet Accounts |   |   |   |   |   |   |   |   |   | ASSETS |   | LIABILITIES |   |   |   |   |   |   |   |   |   | 1000 | CASH |   | 2000 |   | PAYABLES | 1010...

Words: 2115 - Pages: 9

You Are an Entrepreneur!

...You Are an Entrepreneur! ACC 557 Abstract Being a full time working mom with a house, husband and grad school to attend to, it does not give me a great deal of free time to pursue my lifetime goal of opening up my own day care center. Today, I have decided to turn that goal into a business finally with the support of my friends and family. However, I do need to obtain start-up capital from a lender or from an investor. My goal is to properly convince the lender or investor that opening up my own daycare center is more than just a dream and that I am very passionate about opening up this business and making it a very profitable one. I feel that I have a firm grasp of how to properly run a daycare center, the accounting practices that impact a daycare center as well as the controls needed to safeguard assets to ensure that we stay in compliance and adhere to all regulations set forth. My plan is to start this business inside my home with the name of “Babies & Beyond” located in Somerset, New Jersey, see how well I do, and then perhaps look to expand and build a complete center one day. You are an Entrepreneur! 1. Describe the type of business you have created including: A daycare center is a place for parents to drop their children off with ease and comfort knowing that their money is going to good use to keep their children safe while also providing the children with a curriculum for learning. Daycare programs......

Words: 2987 - Pages: 12

You Are an Entrepreneur

...Assignment 2: You Are an Entrepreneur Student: Peter M. Burke Instructor: Dr. Muhammad Sumadi ACC557: Financial Accounting November 18, 2012 Introduction When I was about two years old, my grandfather took me on my first of many fishing trips to a small lake near his house. When his grandchildren visited, we all went along with him. He gave each of us our own special fishing poles, and he taught us everything about fishing, from how to set up our poles to how to bait our hooks, and eventually how to clean fish. As I grew older, our fishing trips grew from hour-long visits to a local lake to trips to the coast, where we would go on deep-sea fishing expeditions. He found relaxation and peace in the hobby, and it became my favorite way to relax as well. I have decided that there is no reason that I cannot turn this hobby that I love into a profitable business, and have decided to become a deep sea fishing guide. Type of business The business that I intend to start is a charter fishing boat business. The name of the business will be Blue Water Fishing Guides. I will operate the business out of Islamorada, Florida, a small town located in the Florida Keys. I will start the business with two fishing boats with a total passenger capacity of 6 guest fishermen per boat in addition to a captain. One boat will operate on a daily basis as long as there are at least two customers, with the second boat being in use if the first boat’s capacity is exceeded. There are...

Words: 1993 - Pages: 8

You Are an Entrepreneur

...You Are an Entrepreneur Abstract In this paper I am going to speak and focus on a business called My Health. My Health is a home healthcare agency ran by my business partners and I. Stephanie Robinson, who is a Registered Practitioner, Ashley Manns, who is a Medical Assistant and I, Ashlee Burns. I am a Registered Nurse with my Master’s Degree in Business Administration with a concentration in Healthcare Management. My Health will have all different types of staffing from an Office Manager to a Medical Assistant. My Health offers patients the opportunity to get affordable healthcare treatment in the comforts of their home. I will be discussing the form of my business and also comprised in this paper will be a balance sheet and an income statement. My Heath is a home healthcare agency ran by business partners Stephanie Robinson, Ashley Manns and I, Ashlee Burns. Stephanie Robinson is a Nurse Practitioner that has ten years of experience. Ashley Manns has been a practicing Medical Assistant in a medical office setting for five years. I am a Registered Nurse that has three years of experience in nursing with a background in administrative and insurance reimbursement work. I also have my Masters in Business Administration with a concentration in Healthcare Management. My Health is going to provide affordable medical attention to patients in the comforts of their home. The My Health staff will be checking on the patient a couple of days throughout the week......

Words: 1569 - Pages: 7

You Are an Entrepreneur

...Assignment 1: You are an Entrepreneur! Over the last century, convenience stores have provided a thriving service to local neighborhoods and community. Typically, corner stores are defined as neighborhoods retail shops that specialize in a limited selection of merchandise, such as milk, bread and other household necessities. Convenience stores are largely a cash based business conveniently located for quick in and out shopping and can be operated by one clerk. The consumer usually requires the services and products that the corner store offers on a daily, weekly or bi weekly basis. Corner stores provide quick checkout times, extended hours of business and very convenient locations. Convenient stores are considered mature industry and it is one of the powerful growing retail stores in United States of America. To serve the customers and give them a great customer service with convenient merchandise and product and also generate greater revenue is the main focus of EZ convenient store. EZ LLC convenient store recognized a need for a store in the area after a community need. I conducted a resident’s survey asking about the need for a convenient store and the idea was overwhelmingly supported by the community. There are no such stores within two mile radius and the target market includes local resident both on and off reserve. EZ convenient store is looking for LLC members who have extensive retail experience in both grocery and sundry sales and have identified primary......

Words: 1812 - Pages: 8

You Are an Entrepreneur

...You are an Entrepreneur – MP’s Music Specialty Store Marilyn Parham Strayer University ACC 557 Financial Accounting Prof. Olasunmbo August 17, 2015 You are an Entrepreneur – MP’s Music Specialty Store In June of 2015 student life got to the point that more was needed in order to have feelings of fulfillment. The love of music has always been of personal interest and a high priority, not just singing but exploring and collecting old and new music from all genres. Today is the day the personal interest becomes more than just a personal interest, it becomes the reality of forming a new music store business. MP’s Music Specialty Story will venture out to find investors or lenders to obtain startup capital for the new business. MP’s Music Specialty Store will offer customers the highest value in finding the music they want and love. The products that MP’s Music Specialty Store will have in inventory will be records, CDs, and even cassettes of country, gospel, and rap, jazz, pop, rock, and classical will be sold. Along with the music there will be services provided by an expert sales representative in the music store to offered help for hard to find music. Even if a customers doesn’t know the title of the music they are searching for, MP’s expert will be able to assist the customers. The entrepreneurs are also singers who write music which will be sold and design artwork covers for albums, CD’s, and cassette that will be for sale as well. MP’s Music Specialty Store found...

Words: 1603 - Pages: 7

You Are an Entrepreneur

...Shawanna Butler 5/23/2016 | Assignment 1: You Are an Entrepreneur | Financial Accounting | * Write a six to eight (6-8) page business plan in which you: 1. Describe the type of business you have created including: a. The product or service, and general staffing plan. Provide a rationale for your plan. b. The form of your business and the benefits it offers your particular business, c. A chart of accounts specific to your business, including a rationale as to the selection of each account. (Note: The chart of accounts is a blueprint of your business for the lender/investor. It should report the expected resources that you will consume in your business (assets), the sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product lines, etc.) 2. Based on the form of your business, analyze whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Suggest how you will incorporate any changes into your books and records. (Note: You need to demonstrate to the lender/investor that you have recognized possible changes to GAAP that may impact the accounting and reporting of your accounting events.) ...

Words: 2310 - Pages: 10

Fin 530

...and managers expect of their employees. Finally, difficult but attainable goals can alleviate the boredom associated with repetitive jobs by imbuing them with challenge and meaning, according to Locke. Allstate has a very effective goal setting program because it give each employee a clear objective of what is going to be accomplish and the ability to achieve them. Allstate spells out clearly what their goals are to retain excellent workers and to satisfy the customers. With clear and challenging goals, employee behaviors are more likely to be focused on job related tasks, high levels of performance and goal achievement. Discuss the competitive advantage Allstate has from the development of Diversity Index. In many workplaces, you have many different races and genders, Allstate understands and value the ways its workplace is different which includes ages, national origin, sexual orientation, physical ability, religion, family status and lifestyles. Allstate approach is to attract, retain and motivates its workforce. The focus is to drive greater levels of employee and customer satisfaction by taking integrated approach to diversity in the workplace and market. The competitive advantage for Allstate are diverse recruiting, diverse communities create new opportunities and diversity that gives everyone a voice. Allstate's diversity initiative begins well before an employee is hired. Allstate has relationships with numerous colleges, universities, and organizations......

Words: 1074 - Pages: 5