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BUST08026 Introduction To Business

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Question

You will be placed into groups by the instructor after the mid-term is completed. At that time, I will be opening up a dropbox for each group where you can share discussions, files, emails, etc. that will be seen just by that particular group members.

Part 1 – your new business 

For this group assignment you will be putting together an overall new business concept and discussing it from the creation to the expansion stage, including financing. To start, review your team member’s individual submissions for the entrepreneurial assignment and from that list choose one that you, as a group, will develop. Include the reasoning as to why you choose this product/service over the other submissions (not the mark received, but perhaps sound reasoning/research). You will need to restate your company’s name and a summary of your product/service including your answers to these original questions. You will also need to update i.e. FOCUS any areas that need to be fine-tuned (as per my feedback to your previous individual submission)
• Who are your customers?
• Where are our customers located?
• Is our business idea easily copied?
• If there are substitutes for our product or service, how can we make it stand out from competitors’ offerings?

Part 2 – growth and financing 

The second part of this assignment deals with your company’s growth. Congratulations your company has now grown to the point where you will shortly have 25 employees! You have been operating on a rather ad hoc basis as to who was doing what, but you know that type of informalization will hinder further growth. You need to put some structure into the job design and the overall company. Do this by answering the following questions:

What jobs will you need and how many people will you need in each area? How will you design the jobs e.g. specialized areas such as departmentalization? 

Every business requires some sort of customer service and so does yours. So put together a comprehensive list of (3) job tasks for your customer service representative. 

Tell me how you will market your product or service to your targeted demographics i.e. how will you make them “need/want” it? 

Provide an organization chart including the additional 25 employees, with reporting lines indicated. Your org. chart can be done in excel, word (using tables) or visio. Note – this organization chart needs to correspond to your answer to question 1. 

Very important -you must discuss the WHY behind your decisions. Including this helps demonstrate your own analysis AKA critical thinking involved in your decisions.

Additionally, as the result of your planned growth you now need financing from external sources. To do that you are required to prepare a cash budget. For the sake of this assignment your budget will be very simplistic. That means, you need one revenue source and a minimum of five expenses. Use the sample budget form posted in the assignment folder to assist you. In each section include the per unit/monthly cost of each item. For instance, tell me why you chose these figures in your budget by providing some research information that demonstrates your chosen pricing i.e. per unit price and projected sales amounts/#s. NOTE - It is important that you keep this budget as realistic as possible as it relates to your product/service. If your figures are too over the top you will receive a very poor mark for this section. 

You also need to consider whether you will raise these funds through external borrowing (debt) or through external ownership (equity). You will discuss external options as you would have already used your own personal financing as part of the start-up process. Outline which you will choose and explain why. Don’t forget to explain the pros and cons of each form. Do not include these sources of financing in your budget. 

Finally, statistics show that 20% of businesses fail in the first year with an overall failure rate of 80% within 5 years. Describe how your new business will not become part of the closure statistic of 20% in the first year of operation. Explain this by using two of the 4 key reasons for success and 2 of the four reasons for failure. Make sure you apply this to your specific company and potential customers .
 
Due: During week 12, check the weekly schedule for the specific due date. Only one member of the group will post your assignment to the dropbox. Your assignment length will be a minimum of 8 pages, double-spaced, 12 point font. This 8 page length does not include the organization chart and budget. You also need to include a separate reference page.
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