Assignment:
Business Structure
Review chpater 7 Financing and Accounting
Review chapter 10 Human resource management
Review chapter 12 Establishing Operations
Part 1. Answer the following questions, within 100 words minimum
1. Read Chapter 7 and Identify key financial issues involved with starting and funding a business.
2. Read Chapter 10 and Evaluate human resources practices, including legal and regulatory requirements.
3. Read Chapter 12 and assess operational components of small business management, including production, quality assurance, equipment, and time management processes.
Funding
4. What are the methods of funding, listed in the reading (Chapter 7)?
5. which might be the most preferred at the start of a venture? explain
6. What cautions must be considered for each funding type? explain
Selecting Employees
7. Provide an example of why it may be important for entrepreneurs to carefully hire workers.
8. Are there examples where hiring the wrong employee caused a business to suffer?
9. What steps may small business owners take to avoid making hiring mistakes?
Part 2. Forming a Management Team
Access the SBA website.
Search through the Business Guide section and discuss the following in 175 to 350 words:
• What is the importance of having an effective management team, and what role does it play in overall business success?
• What are the tax implications for the legal form of business that you choose?
Part 3. Operational Cost and Budget (electrical contractor Company)
In assignment, you will identify basic costs and revenue projections for a business budget. The goal is simply to identify these items since you will be completing more detailed financial projections, cash flow statements.
Write a 350- to 525-word paper in which you identify and describe estimated costs and revenue projections for your product(s)/service(s), and include the following:
• Sources of funding or revenue (e.g. bank loan, investments, expected sales)
• Fixed costs (e.g. a physical business location or warehouse lease, utilities, transportation, security, insurance, technology, equipment or tools)
• Variable expenses (e.g. raw materials, packaging, personnel, shipping, marketing)
• One-time purchases (if any)
• Total projected income
Create a business budget spreadsheet and include your projected revenue, costs, and totals.