CH5: Starting and Managing Your Own Business 1) Explain and define the content of a Business Plan.
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- To complete your task, you are required to choose a Start-Up business of your choice which you are going to make functional in near future. (For example, sole trading, partnership, private limited company etc.) Once you identify the type of Start-Up, business which you are going to make operational in near future. • Determine what type of internal and external information is required by your chosen business for planning, decision-making and control purposes. • Use PESTLE and Porter Five Forces framework to analyse the key factors (at least 3) that influence your organisation and how those will support business decisions.4.Explain each common section in business plan.1. give at least 6 core values and meaning for business, a company of calculators and devices product.
- Indicate the section of the business plan. NO DESCRIPTION SECTION 1 Marketing strategies of the competitors Number of employees needed for the business 3 Summary of the entire business plan 4 Financial needs Estimated salary for office employees Estimated promotional expenditure Minimum qualifications for each type of employee 5 7 8. Forecasted electricity charge for the factory 9. Nature of the business 10 Inward and Outward financial flow of the business 11 Annual requirement of raw materials 12 Location of the business 13 Cost of a unit of production 14 Target sales area 15 Sales forecastMultiple choice: 1. You own a business. Your business is engaged in buying goods at a wholesale price and reselling them at retail prices on Facebook. Your business is a A. service business B. manufacturing business C. merchandising business. D. monkey business 2. Decreases the proprietorship A. Additional investment B. Service income C. Rent expense D. Initial investment13) Corporate strategy asks which of the following questions? a) Which business should we be in? b) Why should we exit a particular business? c) Both a and b d) Neither a nor b
- 5 Suppose you are writing a business plan for an event plannning business what are the: Complimentary Products / Services • Advances in Technology • Economic Conditions: improving / declining • Customer Demographics • Environmental challenges • Global forces of change • Governmental and regulatory changes now and pending • Social / Cultural issues existing and trendingClearly show how will you use PESTELE analysis in corporate planningIMPORTANCE OF FINANCIAL PLANNING IN BUSINESS 2 paragraphs
- a) PLEASE EXPLAIN THIS BRIEFLY. b) RELATE THE BUSINESS DECISIONS (BUDGET DECISIONS VS FINANCING DECISIONS VS INVESTMENT DECISIONS) OF THE COMPANY.There are so many avenues through which the concepts of strategic management could be applied in real life. These include; the development of a strategic plan, development of a business plan, development of business case reports, and development of stakeholder engagement plans among others. One key task that is required by the strategist to perform in developing any of the aforementioned documents is the “design of a business model” for the business in question.Required:a. With reference to the business model canvas (as discussed in class), illustrate how the nine (9) elements interact in ascertaining how a business can sustainably generate revenues.1. Descriptive analysis: What are the profitability benefits for Apple to engage in the following Short Term Business Decisions: a. Make or Buy b. Keep or Replace c. Accept or Reject Special Sales order