General Business Concepts Case Study
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
General Business Concepts Case Study
The final project is designed to test your competency in Business Principles 1301. Throughout the semester you have learned general business concepts including business formations (Starting and Growing a Business) and the ability to decide the best business formation for your type of business. You also learned the importance of creating an entity that limits liability to your personal assets. You were introduced to different management styles and the various tiers of management (Managing for Quality/Competitiveness). You were also exposed to how to utilize your human resources to advance your business and why ethics and social responsibility matters to a company (Creating the Human Resources Advantage).
Marketing principles and techniques including digital marketing were presented as demonstrations of obtaining customers to grow a business (Marketing: Developing Relationships). You were also introduced to the idea borderless business ideas and how you can have an international presence from a desktop (Business in a Changing World). You received general information about financing a business from its inception and the need for generating capital to operate and grow (Financing the Enterprise). You will use all of these concepts to deliver a proposal for a capital investment from an investor.
The proposal will make a direct capital investment request for funds to improve and grow your business.
You currently have a “Designer Sock” business organized as a “Sole Proprietorship” in a storefront located next to a designer sneaker shop. You thought it was a good business decision to open next to the sneaker shop because you both appeal to the same audience and you could draw from their established customer base. The sneaker shop has been in this location for over 10 years. Based on your sound business research you decided to use your life’s saving of $19,578.40 to make your dream a reality. You procured a lease on the spot, a 1000 square foot storefront. The lease was a 1- year term at a rental rate of $1000 monthly.
The deposit was hefty because you lacked commercial rental references and therefore it required a deposit of $3000. Hence, your initial rental start-up cost $4000. You recognized that the annual rental amount represented about 60% of your overall capital investment but you believed the loss would be offset by the reduced marketing needed from the draw on the sneaker store customers. Storefronts come with additional up front and monthly costs including lights, water and electricity for the store. The collective set up costs for utilities and deposits for those commercial services were an additional $1000.
Regarding inventory, you thought it best at the time to carry limited inventory. Your strategy for inventory was to purchase 2 of each style of sock, one for display and one for sale. You set your computer to immediately reorder when a style was purchased. You purchased 1000 socks which included 500 different styles at 5.20 per pair wholesale. The total cost for startup inventory was $5,200.00. Your projection was to sell 1000 pairs of socks a month at $16.00 per pair which would generate $16,000 in revenue a month. Additionally, you had to purchase displays, a cash-register, a counter, setting, mirrors, a vacuum cleaner and cleaning supplies for the store. The total cost for the additional start-up items was $1200.
Since you elected to have a “Sole Proprietorship” you decided it would be more profitable to go it alone. You worked 12 hours a day Monday – Saturday and rested on Sunday. Since you have no employees, you do all of the work yourself. You order stock, stock shelves, arrange the socks on displays, answer calls, ship orders, book-keeping, help customers and clean the store daily. You conducted marketing campaigns via social media marketing and did flyers for the sneaker shops nearby.
You pioneered this unique sock concept as you had never even gone into a store that only sold socks. There was a lot of buzz about the idea on social media. Everyone agreed that you had a unique niche product and was hopeful for your success. There was a cost to advertise via social media. You reached 500 people for every $50 you invested. You see the need to reach at least 5000 people per month to become more profitable.
Your family was so proud of you that they helped with the “Grand Opening”. Your mother, father, sister and brother told everyone they knew about your success and insisted that they all join in on the opening celebration. The marketing for the opening celebration total $571 for the experience. You invited the mayor for a ribbon cutting ceremony and all the local businesses and residence. They were all very excited and promised to support your business.
You have been open now for 12 months and you are assessing your level of success and how you might better reach your targeted goals moving forward. You have now operated for a full calendar year and have been able to ascertain some patterns in your business. Your sells numbers reflect sells for the following months: Jan – 38, Feb – 76, March -114, April – 115, May – 176, June – 275, July – 589, Aug. – 700, Sept. – 115, Oct. – 115, Nov. – 700 and Dec. – 1000. You also noted that you have more sales request than inventory. You also documented that many customers wanted to purchase multiple pairs of the same item. It was also indicated that each customer purchased an average of 4 pairs of socks and a good percentage of them wanted to purchase additional unavailable items.
Your task is to provide a proposal to the prospective investor, “Show Me the Money, INC.”, giving supportable evidence of why it is financially prudent to invest capital in your existing business. You will demonstrate why your business model is the best business formation for your business type. You will provide a roadmap into the way you formed your company and why this formation was the best pathway with supportable evidence of its advantages and the disadvantages (i.e., Sole proprietorship, Partnership, Limited Liability, Corporation) for profitability. [SLO=3]
Additionally, you will illustrate how you currently operate your business with regards to human resources and management styles. [SLO’s =1&10] You will also provide the investor with a written document describing your basic financial statements and show how they reflect the activity and financial condition of your business. Explain the banking and financial systems, including the securities markets, business financing, and basic concepts of accounting to indicate the investor your proficiency in business. [SLO’s =1,7&8]
Next, you will ensure that the investor is clear on your level of integrity in running your business and your stand on social responsibility, ethics and how they relate to business law. You will further describe the importance and effects of ethical practices in your business while demonstrating the ability to analyze business situations to identify ethical dilemmas and ethical lapses.
[SLO’s= 2&6] You will also Identify and explain the role and effect of government on your business and how it can impact profits. [SLO = 5] You will specify how your leadership and management by describing the relationship between social responsibility, ethics, and law in business in an effort to make clear you know the importance of application of each concept in running a business. You will also describe the importance and effects of the ethical practices in your business and how it enables you to analyze business situations and identify ethical dilemmas and ethical lapses. [SLO = 2,6&9]
It is important that the investor understands your inventory, management, marketing, and location decisions. You should also explain why you initially started your business with the existing formation, and whether based on your experience, it’s the most feasible way to continue operating under this framework. Identify and explain the domestic and international considerations for today’s business environment: social, economic, legal, ethical, technological, competitive, and international and whether it would be prudent for you to operate internationally. You will also Identify strengths, weaknesses, opportunities, and threats of information technology for your businesses. [SLO’s = 4 & 11] You will also give a line item break down of your start-up expenses, monthly revenue generations and monthly expenses and profits and losses. You will further outline your anticipated expansion in detail. You will specifically request capital from the investor. You will indicate whether your company is a product or service and whether any licensing is required. You will specify your management style and the number of employees currently employed and the intention of adding additional staff if applicable.
Finally, your proposal will make a specific capital request in a specific amount detailing how the capital will be used for improvements, expansion and ultimately for additional profits. You will paint a picture convincing the investor of how he would benefit from his investment. You will give a timeline for repayment of the investor’s capital and the amount and manner of distribution. Also, you will convince your investor that your company is socially responsible and operates on an ethical basis and why that is important. Explain to your investor perceived barriers to your success and methods to overcome any possible problems. Give step by step details of how much product you seek to purchase and or how many employees you need for growth and the management style you anticipate using.
The best proposal will have a clear demonstration of where, how and why you started your business and how its investment would look if you had the capital infusion, illustrated by chart, graphs and images and written support. It will clearly demonstrate how you would use the capital dollar for dollar. The best proposal will also reference verifiable business principles that support your success. It will also give proven ideas that will help to motivate the idea (i.e., other companies that have proven success with your model idea.) It will use verifiable available resources including chapter readings, news articles, Texas Secretary of State, company profile, GAP & GAAS and financial accounting resource. All utilized resources must be referenced.
The best proposal will fully describe their business and provide evidence of why this business idea is prime for long-term or short-term profitability. It will also specify its long-term and short-term goals. It will have the best supportable documentation including proven business success methods of similar products or industries and supportable business ideas from a theoretical perspective (i.e., referenced information from your chapter reading and other referenced material). The best proposal will also will use facts and not opinion to demonstrate the request is based on logical, reasonable and rational supportable proof (i.e., existing sales trends, market trends, buyer demands, industry popularity, product endorsement).
The best proposal will also outline the number of customers on a daily, weekly, monthly and annual basis the store currently service and numbers needed to reach your desired goal. You will also indicate in detail the amount of inventory needed in stock to reach the desired goal. You will also specify the number employees needed to accomplish the goal or some alternative plan to reach your goal in specific step by step detail.
Your grade will be measured by your detailed ability to persuade the investor to invest in your business. It will also be measured by facts over opinionated speculations. You will use details and references from your chapter readings, lectures and from referenced research. The specific grade will be measured by the rubric provided in Canvas.
General Business Concepts Case Study
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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