Free Essay

Business Plan - My Company

In:

Submitted By teb79c
Words 2371
Pages 10
Futbol is the most popular international sport in the entire world but has yet to spread its wings in the United States. Our business is founded on offering a one-stop shopping experience that is ideal for every individual, family, and community looking to immerse themselves in the sporting experience. Family Futbol is a sporting goods and apparel store that caters to the family that is passionate about the sport and dedicated to representing their favorite teams both on and off the field. People all over the world spend most of the year engaged in watching, playing, and living Futbol; it is easy to recognize the demand for a business that will bring popular and rare apparel and accessories to the mass public as well as community youth soccer teams. Since Futbol is a year-round sport in various countries of the world it is critical for Family Futbol to offer merchandise ranging from local youth teams to world national teams alike; this will enhance our sales as well as become a staple in our community. Many shops around the country sell ridiculously priced Futbol merchandise in the form of poorly replicated knock-offs. At Family Futbol, our knowledgeable support staff is available online 24 hours a day 7 days a week to help each member of the family make their dreams of owning official quality fan favorite Futbol gear a reality.

The idea of starting Family Futbol began as a shared love of the sport between a young couple. Together, a partnership was formed that allowed both individuals to contribute skills, resources, and passion for the sport into a thriving business that would be embraced my communities across the country. Each partner brings a specialty to the table in addition to the initial investment of money and resources; as the only two shareholders they stand to achieve wealth as the business thrives yet share accumulated loss should the business fail. One partner has vast knowledge of the history of the game and the plethora of internationally renowned players within it; the other partner brings a strong business sense and keen leadership style that will give Family Futbol the staffing, training, and customer service to entice business nationwide. Our business organization is structured to meet the demands of the community by fostering excellence in customer service, dedication to quality products, and knowing what it means to be a Futbol fan in every sense of the word.

Passion for the business directly correlates to a strong sense of ethics and accountability for the business and all who work within it. In my company, a positive attitude and dedicated work ethic are the fundamental qualities within every team member. It is important that the team is attentive to the needs of each customer and able to either answer or always be able to find an answer to every question a customer may have about our products or our knowledge of the sport itself. In order to enhance profitability, our team will know the importance of relating to the customers in order to bring a sense of comfort to the sale and build repeat business. Disrespecting or mistreating a fellow team member or customer will not be tolerated; this company is founded on the love of the sport and the desire to bring that love to the families who follow it. Each member of Family Futbol must hold themselves and each other accountable or the actions and attitudes that occur during business operation. Taking ownership of one’s job and role as a member of the team will be vital to achieving group accountability. Managers and staff alike will be expected to act with integrity and honesty in each aspect of their job; it is especially important for the management team to exhibit confidence and ethical conduct in order to positively influence subordinate employees to follow suit. All interactions with customers, suppliers, and co-workers will be conducted whilst upholding the utmost professionalism; this will preserve the favorable reputation of the company in the eye of the community. All products obtained and purchased by Family Futbol will pass a detailed and thorough quality inspection prior to being distributed to the sales floor or in the online business storage warehouse; this will reinforce the strong business ethic set forth by our company and build thriving business relationships for long-term success. On the legal side of the business Family Futbol will always work to be compliant with local and government standards and regulations; this will be done with the establishment of a control plan that will be updated and reviewed frequently by management staff in order to maintain a safe and compliant work environment. Since a portion of our business will be conducted over the internet it is critical that our advertising and policies are written by legally sound individuals or businesses that will safeguard our company against potential legal issues and lawsuits. Customers must be protected as well so all sales transactions are to be conducted through reputable companies such as PayPal in order to ensure smooth and traceable transactions between the customers and Family Futbol.

” Just as a company’s structure influences the behavior of its employees and groups, so do the values and norms embodied in its culture.” (Jones, 2007) The culture of a company is a reflection of the company personality and shapes the personalities of the employees within its walls. The values harvested by Family Futbol instill pride in the employees and allow them to come to work each day loving what they do; this enhances morale and directly increases productivity. At Family Futbol, mutual respect and ethical treatment for everyone is the base of our company culture. Our managers embrace the organizational culture of setting and achieving performance based goals and setting a standard of employee engagement and incentive in order to breed a thriving work environment. Accountability, both individual and company-wide, is reinforced on a daily basis to ensure that Family Futbol remains a profitable place of business well as a preferred and reputable place to work. The word team is especially important when considering an ideal culture for any workplace; employee ideas and concerns will be addressed and embraced with professionalism in order to cultivate the ultimate productive team environment.

Family Futbol invests in its employees by recognizing the need for motivation in the workplace in order to bring increased productivity through dedicated and satisfied team members. My company trusts in the expectancy theory which, “argues that work motivation is a function of an employee’s belief that working hard will allow the person to perform at a high level, and that if the person does perform well, he or she will be rewarded for it.” (Jones, 2007) Performance based incentives will be established and communicated to employees; the goals will be achievable yet challenging enough to encourage each employee to perform at a high level and continuously improve. In order to keep the motivation constant, the management team will communicate progress towards achieving goals on a regular basis through posted charts in the facility and monthly communication meetings in which employees can ask questions and provide feedback. At Family Futbol, Leadership is a quality found in every manager as leadership style is one of the most crucial ways to motivate work performance. Managers will give each member of the team the tools they need to perform their job effectively and productively. Strategic organization of staff schedules and the authoritative yet positive vibe given off during delegation of responsibilities will increase accountability and create high morale. When the staff performs efficiently it is a direct reflection on the leadership of the manager; when the team is a success then the business is a success.

The task of selecting staff to successfully drive sales, keep up with demand, and provide stellar customer service for the company is in the hands of Human Resource management. Human resources also has the vast responsibility of adequately training employees and ensuring that their needs are met with regards to benefits, vacations, payroll transactions, conflict resolution, and overall job satisfaction. Training is a substantial part of employee growth and development and is a critical element of my company. Family Futbol offers job training that will enhance product or service knowledge; this training strengthens the employee’s ability to engage the customer and set the standard for outstanding customer service. A productive staff will lead to a profitable operation; it is cost effective to make the employees feel like part of the team both in every department and in the company as a whole. With a loyal staff and a productive work environment the company can decrease turnover, reduce overtime, increase production, and turn a profit that will contribute to employee incentive and allow the company to thrive long-term.

In present day society it is evident that keeping up to date with business technology is the key to ensuring that a company will continue to grow and thrive as technology and the way people use it changes. The online portion of Family Futbol has a dynamic and appealing website that will allow the consumer to easily navigate through inventory and services; this will contribute to the popularity of the company and help us to achieve a high volume of internet based sales to accompany our in-store sales volume. In order to keep up with this internet traffic we have multiple mainframe computers that can handle the large amount of data processed at any given time. Since our facility has different departments we have PC's installed with network software to enhance the sharing of data and company information; it is critical for each department manager to be able to communicate and enter information related to company operations in the system as needed. Family Futbol has transaction processing systems used to enter data on company operations and functions. The data for a review period can be entered, tracked, and updated by HR management to keep employee records up to date; the employees can then use this system to view their information as needed. My company will also use this system to track specific product sales transactions and trends in order history; this gives the management team an idea on which products are generating the most sales and which are contributing to losses. Data entered and recorded into the processing system will be used as a marketing and advertising tool; sales data for our online business as well as our in-store business can be tracked to have a better view of which areas may need to enhance advertising in order to generate more sales. The charts below show an example of how tracking sales data can be explained and used to benefit the business:

1st Quarter January - March – During the beginning months of the year people are content with the merchandise they have accumulated during the previous holiday season and usually do not shop as much which leads to decreased sales.

2nd Quarter April – June – Business begins to pick up a little bit as club seasons come to a close and the transfer window begins to open up for most international club teams. Some players may be traded which makes the demand for their team jerseys and other merchandise increase.

3rd Quarter July –September – Business continues to as the new Futbol club seasons begin and the demand for the new season apparel and accessories become top priority for every member of the Futbol loving family.

4th Quarter October – December - The holidays cause a massive rise in sales as every member of the family is shopping to find the perfect Futbol gear for the people in their lives as well as for their own collections.

Projected Growth in Demand by Quarter

Family Futbol caters to all members of the family; men, women, and children all have a variety of apparel and accessories that are available in-store as well as online.

Operations and materials management (OMM) of Family Futbol are made up of the inputs such as knowledgeable sales staff to interact with customers, detail oriented purchasing staff to ensure timely purchase and delivery of Futbol apparel and merchandise, shelving and racking to line the walls of the facility show room space, advertising posters and window decoration to entice the customers into the business, and an accounting staff to keep the books in line and report profits and losses to the partnership. Family Futbol is a small batch operating system that brings a variety of rare and popular Futbol merchandise to the consumer; customers come into the business expecting a wide variety of teams and player merchandise in various sizes and colors. Inventory is researched and purchased by the purchasing department based on current trends or national/league championships occurring at a particular time. Knowledge of the game and the way Futbol works in various countries ensures timely ordering which can reduce expedite costs, inventory holding costs, and allow Family Futbol to purchase the best inventory for the corresponding season it will be popular. All of this brings Family Futbol a competitive advantage as we are known for carrying hard to find and creative merchandise selected especially for a certain league championship or world cup event.

In order to secure a place as a popular and profitable company in any community you must have a passion for the sales or service you provide as well as the dedication to making personal sacrifices in order for the business to thrive and survive. Family Futbol brings specialty inventory and service to a community that is tired of having to settle for paying high prices for subpar merchandise just to show pride in their sporting team. Success is measured by how effectively a business operation can meet the demand of the consumer while continuously improving; Family Futbol is a one-of-a-kind company that will achieve one-of-a-kind success.

Reference:

Jones, G. R. (2007). Chapter 8: The Structure and Culture of a Business Organization. In Introduction to Business: How Companies Create Value for People. Boston: McGraw-Hill/Irwin.
Jones, G. R. (2007). Chapter 7: Motivating and Managing People and Groups in Business Organizations. In Introduction to Business: How Companies Create Value for People. Boston: McGraw-Hill/Irwin.

Similar Documents

Premium Essay

Swot Analysis

...of the first steps to starting your own business is to develop a clear and concise business plan. Each person’s business plan is going to be different is some way; however, there are several key points which should be included in the business plan. I will discuss further the following six key points: an executive summary, company background information, market analysis, functional and organizational strategies and resources, management team, and time line and major milestones. The business plan I chose is the financial planning business plan. The first reason I chose this particular business plan is that my ultimate goal, after completing my bachelorette degree, is to open up a financial planning company to assist the less fortunate citizens. The second reason I chose this business plan is that is suitable for the company I plan to open. It lists some of the key points I mentioned in the paragraph above. The second step to starting a business is to put together a SWOT analysis. This is a system that focuses on recognizing the internal strengths and weaknesses of the proposed new venture. SWOT also focuses on evaluating external opportunities and threats that will promote or hinder the success of the new venture.  (Jones, 2007). In order to recognize the internal strengths of my company, I have to first begin with developing a management team of strong leaders that have the skills and experience in the field of finance. If my management team is inept as a strong leader...

Words: 906 - Pages: 4

Premium Essay

Implementation, Evaluation, and Control Guidelines

...Introduction A business plan is the focal point to the successes of any business as it fully outlines business’s strategies and practices in the operation management. It is responsible for conducting of operations, striking market position, compete, attracting customers and achieving the objectives of the business. The strategy in which the business implements and executes the business plan is the determining factor in the success of the business. Implementing and executing a business plan are thus the most important core management roles. Certainly, a competent business strategy and a first-class strategy implementation are the key to good business management. This article attempts to analyze how I intend to implement, evaluate, and control (IEC) all of the marketing activities that are described throughout my marketing plan. The implementation process The process of implementation kick starts by evaluation of the internal control of a company to give the auditors the basis of a good planning and providing important information to the management of the company. In order to achieve excellent implementation of my business strategy, I intend to have the best managerial excellence. This will result to a more reliable recipe that can turn my business to a stand-out performer is the market. For a business to grow and remain competitive, it ought to not only have a good business strategy, but also a proficient implementation strategy. I intend to use my strategic plan and the strategic...

Words: 863 - Pages: 4

Premium Essay

Best Buy - the Importance of Organizational Culture and Change

...INTERCONTINENTAL UNIVERSITY PRESENTING BUSINESS PLANS MGMT422 – 1202A - 02 ADVANCED ENTREPRENEURSHIP 04/22/12 Table of Contents I. Table of Contents……………………………………………………………….2 II. Executive Summary……………………………………………………………..3 III. Introduction …………………………………………………………………….4 IV. Business Description…………………………………………………………….5 V. Description of Proposed Product………………………………………………..6 VI. Definition of the Market…………………………………………………………7 VII. Organization and management descriptions………………………………….8 VIII. Marketing Strategies………………………………………………………….11 IX. Financial Management……………………………………………………………12 X. Appendixes…………………………………………………………………….12 XI. Plan Updating Check List………………………………………………………15 Executive Summary Find Your Gadget, Inc. is the name of the new S corporation I started to introduce my invention product “Ring – in Finder” to market. The industry is huge and the market is big and after researching the market, I found that there is a big demand for this type of product. Being difficult to fund the start – up my business; my best choice is to look for venture capitalists to adopt the idea and support my business financially and help me with the best management strategies advice to reach my goals and succeed with my venture. Convincing venture capitalists requires a solid business plan to be presented with an educated request for...

Words: 3510 - Pages: 15

Premium Essay

Internal and External Forces

...Forces Internal and External Forces I have always wanted to own a bridal shop. A strong strategic plan and attainable goals can make my business a strong decision. Jennifer’s One Stop Bridal Shop is a business that will help bride’s and groom’s dreams come true. Jennifer’s One Stop Bridal Shop would work hard to provide any requests that may come up to create the perfect wedding experience. Jennifer’s One Stop Bridal Shop will be the leader in wedding dream making. Jennifer’s One Stop Bridal Shop is no ordinary bridal shop. The shop can do anything from the invitations to the cake to the dress and anything in between. It is my hope to make every wedding that comes through the door a unique and memorable experience. Jennifer’s One Stop Bridal Shop would offer to plan and create the wedding or can be separated into what the customer needs. If the customer is only looking for a cake, the shop will make sure it is the best cake they have ever seen. Jennifer’s One Stop Bridal Shop will be in many different markets with many different customers. Different markets mean different economic factors that need to be considered. Each market has different competitors and the economy will have different effects on the markets. The economy trend could have a great effect on one market and a negative effect on another; it just depends on what part is affected. My shop will also have to watch legal and regulatory trend and forces. Legal and regulatory forces change constantly...

Words: 1405 - Pages: 6

Premium Essay

Integrated Busiiness

...Having a business is a big responsibility and knowing the type of product or service that you are offering is crucial in the success of the company. In this paper there will be discussion related to the new business that I am about to open and the journey I go through by successfully coming up with a plan to help me create my business and remain successful throughout the life of the business. Having the proper planning is going to be one of the keys to success. Knowing and understanding the values of the business is also important and will enable me to be more efficient in the opening of my business. The business that I am planning to open is a bakery. I want to open a bakery that offers a variety of different products for my customer base. I have created a vision for this bakery and it is to guarantee fresh value products to my customer any time of day. Being able to serve a fresh quality product to your customers is important in maintaining a good relationship with the customer. It is great to have a vision in mind and within that vision it is important that it is always carried out. Understanding the vision of the company will help me create a mission statement for my customers to see and understand. I plan to offer all types of different bakery items. I want to be able to give the customer a quality product that they can’t resist. By offering different products such as cakes, cookies, pies and other delicious desserts I will be able to gain the business of the customer...

Words: 1057 - Pages: 5

Premium Essay

Marketing Plan

...MARKETING PLAN The marketing plan is a tool used to develop and present a company’s marketing strategy. At minimum, the plan should contain descriptive information on the company, its products or services, target customer, marketing research, advertisement, promotions, and a list of actions items that is supported with a strategy plan for execution. Directions: Create a fictional start-up company that serves the U.S. market with a product or service. COMPANY OVERVIEW Owner(s): Company Name: Love All Product Name: Love All Location: Memphis, TN History (yrs.): October 2014-Grand Opening SECTION 1: EXECUTIVE SUMMARY Provide a detailed description of your company. The description should include, at a minimum, the company’s name, its history, founders, business purpose, and mission. This could be written using multiple sentences, but no longer than a single paragraph. The name of my company is called Love All. My company is a loving company and it is catered toward helping homeless people as well as other people that are in need. My company was founded by myself in October 2014 and it was created to give homeless people a place to stay, food to eat, clothes to wear, and a fair chance to get back up on their feet. The purpose of my company is to show the homeless people that are alone and living in the streets that someone do care and are willing to help in any way that is needed to help them live and be happy. The missions of my company is to treat all people equal...

Words: 3282 - Pages: 14

Free Essay

Business Management

...Final Project: Marketing Plan University of Phoenix MKT 230 Jose A Torres Sunday, August 19, 2012 In my marketing plan, I will combine a few different services but concentrate on two to three services but the concept of the company being promoted is a different kind of customer Service Company. The company would offer photo/video services, paralegal services for attorneys, notarizing signing agents, consumer bankruptcy petition preparation, and a joint venture with bankruptcy attorney Sean Fleming to provide a complete debt elimination credit-rebuilding program. That is why I am calling the company "The Torres Networking Group" or TNG, LLC because it will be more of a consulting company with these services. This is a real world example; it is a company that I am launching, and by the beginning of 2013 when I receive my small business, funding the company should have a fully functional interactive website and a retail location in Elgin, Illinois (Welcome to the Illinois Hispanic Chamber of Commerce, 2011). My marketing plan is not just a project and an exercise it is a personal dream of mine that I have wanted to realize since 2006. Based on the research I have performed and the analysis I have decided to provide these services in the first marketplace such as Kane County in Elgin, Illinois. This would be a retail location with a photo and video studio included for consumers. At this location, we would offer services...

Words: 2683 - Pages: 11

Premium Essay

Business Structures Advice

...Business Structure Advice Leroy Washington FIN 571 February 22, 2016 University of Phoenix Instructor – Hillman Lo The purpose of this paper is to provide prospective business owner, John Owner, with as much information as possible in his quest to start a new business. This paper is being written in response to Mr. John Owner’s email as shown below: Dear Consultant, I am currently starting a business and developing my business plan. I am in need of some advice on how to start forming my business. I am uncertain exactly how it will be financed and whether or not I want to take on partners. I am interested and willing to learn the intricacies of my options to determine how to best proceed with my plan. Please advise me regarding what my options are, the advantages and disadvantages of each option, and possible tax consequences for each scenario? Respectfully, John Owner Elements of a Business Plan 1. Executive Summary. The Executive Summary provides a succinct synopsis of the business plan, and highlights the key points raised within. The Executive Summary must communicate to the prospective investor the size and scope of the market opportunity, the venture's business and profitability model, and how the resources/skills/strategic positioning of the Company's management team make it uniquely qualified to execute the plan. The Executive Summary must be compelling, easy-to-read, and no longer than 2-4 pages. 2. Company Analysis. This section provides...

Words: 1070 - Pages: 5

Premium Essay

Individual: Information Use Paper

...WIDGET CORPORATION James Jones January 7, 2015 |SECTION 1: THE BUSINESS PROFILE | |DESCRIPTION OF MY BUSINESS | | | |I plan to market a complete line of bathroom accessories including squeegees, soap dishes, toothbrush holders, coat hooks, and towel| |bars. The product line will be designed in my home office and manufactured and packaged in China. | |Targeted Market and Customers | | | |My customers will be discount department store chains with good credit ratings and reputations for prompt-payment. These will | |include Albertson’s, Costco, Wal-Mart, K-Mart, Target, and selected others. | |Growth Trends In This Business | | ...

Words: 3942 - Pages: 16

Premium Essay

Strategic Plan Final for Str 581

...Strategic Plan Belle Villarreal STR 581 February 4, 2013 Amy Ruiz Table of Contents Title Page Cover Page………………………………………………………………………………………...1 Executive Summary……………………………………………………………………………….3 Company Background…………………………………………………………………………….5 Vision, Mission, and Value Statement ……………..…………………………………………….5 Sources used for External and Internal Analysis………………………………………………….6 Strategic Plan……………………………………………………………………………………...7 Implementation Plan………………………………………………………………………………8 Strategic Choice and Evaluation…………………………………………………………………10 Evaluating Alternatives…………………………………………………………………………..11 Values of Strategy………………………………………………………………………………..12 The Right Strategy……………………………………………………………………………….13 External Environmental Factor…………………………………………………………………..14 SWOT……………………………………………………………………………………………15 Competitive Position and Possibility…………………………………………………………….16 Action Items……………………………………………………………………………………...17 Resources Allocation…………………………………………………………………………….19 Successful Implementation………………………………………………………………………19 Conclusion……………………………………………………………………………………….20 References………………………………………………………………………………………..22 Executive Summary The document you are about to read is a research paper and plan on how to open or start your own business. Within the next couple of years I plan to open a sleep study lab. My sister currents owns and operates her in a different city. My goal is to mirror hers and open a second branch in the city I live. Her sleep lab...

Words: 5835 - Pages: 24

Premium Essay

Ab209 Final Project

...University AB209: Small Business Management Professor Freeman 15 Jan 2013 Project Deliverables Checklist: (All units) Place a checkmark here as a reminder that you have completed this particular section of your descriptive business plan! _X_ Unit 1 (None) _X_ Unit 2 (Business Description, Vision Statement, Mission, and Motivation Statements) _X_ Unit 3 (Description of Products or Services) _X_ Unit 4 (Marketing Plan) _X_ Unit 5 (None) _X_ Unit 6 (Operational Plan) _X_ Unit 7 (Management and Organizational Plan) _X_ Unit 8 (Financial Plan) (Descriptive) _X_ Unit 9 (Executive Summary) _X _ Unit 10 (None) Business Description (Unit 2) (This section of the plan should include what the business will do, what products or services it will produce or deliver to the customer. This should be specific.) Andy’s Electrical will be an electrical company that provides electrical repairs and electrical installations to residential neighborhoods and businesses in the community. We will provide installation of above ground electrical wiring and equipment. We will not provide trenching services for in-ground electrical. We will also not offer distribution services such as electrical pole installation, or transformer installation. We can provide electrical work for new construction for most homes and businesses smaller than 10,000 sq. ft. We will not provide services for industrial customers. Vision Statement (Unit 2) (This section of the plan should be a statement of...

Words: 4643 - Pages: 19

Premium Essay

My Dreams

...ASSESSMENT GROWTH PLAN | ORGANIZATIONAL BEHAVIOR (BUS 5450) | ABIOYE TOLULOPE | PERSONAL ASSSESSMENT AND GROWTH PLAN A convenient starting point for a discourse of this nature would, expectedly, be to provide a brief sketch of my background. My formative years of knowledge- acquisition were spent at various educational institutions in Nigeria. Specifically, between the year 2004 and 2008, I was at the University of Ibadan, Oyo State for degree program leading to the award of Bachelor of Science in Geography. My inquisitive and adventure loving nature steered me easily to the sciences. I chose to study Geography because the earth in itself provides an immeasurable source of instantaneously occurring mysteries. I then went ahead to start my career in sales at a reputable Telecommunications company in Nigeria. After four years mastering the art of sales I decided a career change or at the least career advancement was needed to succeed in this competitive world, hence my decision to pursue a Masters in Business Administration to hone my analytical skills. There are various principles that shape my vision, goals, path and my life’s journey. Amongst the factors that drive me is a passion for excellence, excellence in everything I set out to do however minute the task is. The need to be a pacesetter, a trail blazer, someone that questions the status quo is inherently ingrained in me. Also, having an acute dislike for mediocrity is another factor that has an impact on my outlook to...

Words: 2735 - Pages: 11

Premium Essay

Determining Strategic Direction

...to create a mission statement for a business small or large, it is important to have a mission statement because creating a vision will guide a company’s future. In doing so a mission statement will provide the vision, mission, and values for the organization’s that will help determine the strategic direction. A well define mission statement will not only help guide a company to success but also define the owner, employees and also set you apart from your competitors. Before creating a mission statement is important to have a vision statement that will convey what the intent for the future of the company and clarify the organizations beliefs and principles. My vision for my independent trucking business would be “To be the most requested independent driver in central Texas by providing first class transportation solutions.” My long range goal is to broker my own deals with the shippers, drive the goods myself and own my own truck. With the vision statement clarifying my trucking company’s goal and where I want to be in the future; the next step is to make a mission statement to capture the reason to be in business and what will help in making company decisions. Central Texas Trucking Company (CTTC) is dedicated to the principal and philosophy of being the best domestic transportation throughout Texas. As an independent trucker, I will provide transportation solutions with the highest commitment to excellence and integrity. In any business, a vision, mission, and values will...

Words: 1120 - Pages: 5

Premium Essay

Strategic Decision Making

...My friend is going to start a new business and he invited me to join him as partner. He proposed me to put me in a fix position. But in the meanwhile I am in the middle of starting my own business. Both of the planned companies are in the real estate business, specialized in acquiring, managing and repositioning of industrial, residential and office properties. I know that my friend is very intelligent with a lot of experience and an extent network of relationship. It is really an honor to be invited to join him. On the other hand I have been meaning to start my own business for a long time. Both companies will take up about the same amount of time to invest and it will be impossible to manage both at the same time. So I stay before the decision whether I try to undertake on my own or join with my friend. It is obvious that both of the way has its risks and advantages. So this decision demands more consideration. To illustrate the decision-making I stay before I imagined the following decision-tree: If I would follow my passion, namely to build up my own venture I have to invest the ~ 51% of the acquired money. The rest would be invested by a venture capital firm, which I have already convinced with my business plan. This investment means from my side almost all of my savings, and a bankruptcy would mean that I have to start my life over. As I know that in nowadays’ always changing business environment the knowledge, the well built business plan, well prepared exit strategy...

Words: 1632 - Pages: 7

Premium Essay

Assignment 1: to Build or Buy

...Student Professor: Business 402- Small Business Management February 1, 2014 The small business that I chose to compete with is a barber shop that I frequently visit. This barber shop is located in the small town of Charles Town, WV. This Business is called Sharp Cutz Barber Shop. Sharp Cutz is surrounded by several different types of businesses such as schools, grocery, and retail stores. Sharp Cutz was owned by a different barber previously, but the owner moved to a different part of the State to resume his business. Sharp Cutz is owned and operated by a single individual and offers competitive prices when compared to similar businesses in the area. Business at Sharp Cutz is good. The Business is making a profit of 2,000 dollars a month on average after expenses. I feel that the business could generate at least double of what it is currently making if the owner incorporated advertising and other marketing strategies to promote his business. Sharp Cutz gets most of its business through word of mouth, which is great for the business. Sharp Cutz serves all cultural groups and provides quality services such as haircuts, shape ups, beard trims, mustache trims, and razor shaving. Also the company is advertising for a hair stylist to serve women of all ethnic groups to expand its business. From my point of view; from being a long term customer, these are some of the issues and dissatisfactions that I have had with the business throughout the years: Inconsistency...

Words: 1688 - Pages: 7