Fin 530 You Are an Entrepreneur

In: Business and Management

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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…...

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