Business Plan for Chad and Kyle

Table of Contents Abstract The Benefits of a Business Plan The Structure of the Business Plan Sources of Finances Tips in Presenting the Business Plan Conclusion References Abstract Most small business owners start and operate their businesses without paying any attention to the importance or necessity of a business plan. They, however, realise the need for it at a later stage in the business especially when they require financial assistance such as a loan from a bank and other financial institutions. A business plan is a detailed outline of the structure of the business and vital activities that go into the operation of the business for its success.Advertising We will write a custom essay sample on Business Plan for Chad and Kyle specifically for you for only $16.05 $11/page Learn More It answers questions such as what are the products of the business. What is the target market of the business? What is the competitive advantage of the business? What costs are incurred to start up the business? What are the strategies of the business in order to remain competitive? What is the structure of management? Who owns the business? (Small Business Administration, 2011). This paper seeks answers for the above questions with special regard to the business of Chad and Kyle. The Benefits of a Business Plan It is critical for any business that wishes to survive to have a detailed and updated business plan. This is because a business plan is used to analyze and measure the potential of the business, for instance, by potential investors before investing their money into the business. Since it outlines all the areas of the business, one can use it to analyse the viability of the business by checking the target market. Hence, this helps in determining the likely market share for the business. The strategies of the business could also imply the direction towards which the business heads (Small Business Administration, 2011). Secondly, a business plan is a tool for internal business analysis in that it allows the management of the business to set objectives; acts as a reminder of both the objectives and the position of the business. In short, the plan lists the business strategies and ways to achieve them effectively. Therefore, it acts as a map for the management to follow in their quest for success (Harvard Business School, 2011). Thirdly, a business plan acts as tool for communication. The entrepreneur may have a vision of the business in future. However, the employees and other external stakeholders may not necessarily be in tune with the entrepreneur. Therefore, the business plan is a means for the entrepreneur to communicate the vision or the idea to the employees and the external stakeholders such as the investors (Harvard Business School, 2011). Fourthly, a business plan is the fundamental tool in forming future or present relationships in the world of business. For instance, the business may want to merge with othe r businesses and the business plan is vital in explaining the position of the business and its structures, strategies, competitive advantage and its ownership.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This factors influence the nature of the relationship the entrepreneur seeks. For example, in a merger the owners of both businesses must agree on who owns what stake/ percentage of the business. The business plans of the two businesses will enable the definition of such key decisions in the process (Zimmerer, 2010). Lastly, the business plan enables the business in getting large contracts. This is important as it enables the business to keep growing in aspects such as market share, increased popularity, and increased faith in the business by the relevant customers and obviously increase in revenue and profits (Zimmerer, 2010). The Structure of the Business Plan The business plan should consist of the following aspects: Business Description: This involves a summary of the company/business in terms of its products/services, the target market, the executive summary, the ownership of the business the start-up costs and the management summary. It serves to provide an overview of the business for introductory purposes. Market Analysis: It involves an in-depth analysis of the market in which the business will operate. The analysis identifies the target market, the various factors that influence entry into the market, the benefits of targeting the market, the other competitors in the market, their effect on the business, the challenges the business is facing and how to overcome such challenges (Zimmerer, 2010). It also establishes the market share of the business and the prospective future market share of the business in the market. Market analysis enables management to come up with feasible strategies of capturing the desired market share (Sexton Upton, 1991). Marketi ng Plan: This involves a detailed plan of action of how the business intends its products and services to get the customers’ attention. It also details efforts of the marketing department in both the present and future. Design and Development Plan: This consists of details about the designing and development of the services offered by the business to meet the expectations of the consumers. It should explain the competitive advantages of the product/services, how the product is used, the risks involved and plans to improve and develop new products (Sexton Upton, 1991). Manufacturing and Operations Plan: This involves the production aspects of the business in terms of how such factors as the location of the facility enables the business to compete effectively. It should clearly explain the decisions involved in the production process and their effects on the survival and profitability of the business (Timmons, 2004). Management Team: It involves a detailed structure of the man agement team including the ownership of the business (Timmons, 2004). Financial Analysis: This section gives the economic feasibility of the business. That is, whether the business is economically justified to do what it is doing. It includes break-even analysis and the expected profits in the future. Financial Plan: This provides projected financial section to justify the economic feasibility of the business over time (Timmons, 2004). Proposed Company Financing: This is a detailed account of means through which management has funded the business or expects to fund the business (Zimmerer, 2010). Appendices: It provides all the supporting documents to support the claims made in the business plan for example, supplier agreements, copies of contracts, licenses and references. The business plan must have a design that suits the expectations of the people or group of people it targets. For instance, in the case of Kyle and Chad, the business plan must be tailored to meet the expectation s of the lenders or investors or the bankers. In this case, therefore the business plan must demonstrate the economic viability of the business. It must show the investors that the business has the capability to grow and to capture more market share (Timmons, 2004). It must also bring to the forefront that the business possesses enough assets such that the bankers know that there exists enough collateral in case of failure to repay a loan. The business plan should also provide evidence that the business generates adequate or more than adequate cash flows to guarantee payment of borrowed funds (Harvard Business School, 2011). Sources of Finances For small businesses, the financing options are a bit narrow. This is because the small businesses lack collateral and evidence of sustainability in terms of promising cash flows. However, there are still options such as a bank loan or a loan from other lenders. One could also offer some of the company’s equity for money therefore shar ing ownership with the investor (Small Business Administration, 2011). Tips in Presenting the Business Plan The business plan should be short, precise and straight to the point. That is, there is no need of giving so many details except where necessary. In addition, it should be neatly typed and bound. The presenter should also be smartly dressed and fluent in his communication skills. He should also clearly make a justification of the financial data for instance, by use of carefully illustrated visual aids.Advertising We will write a custom essay sample on Business Plan for Chad and Kyle specifically for you for only $16.05 $11/page Learn More The business plan should also demonstrate the viability and importance of the product or service providing reasons why the investors should invest in the products. Moreover, the presenter should have prior knowledge of what the audience expects from the presentation. In addition, he should study the reactions of the audience as he makes the presentation and react appropriately (Small Business Administration, 2011). Conclusion A business plan is the most fundamental tool that any small and medium business owner can have if he wishes to be successful both in the short-run and in the end (Timmons, 2004). This is because of its application in analysis and planning. Moreover, it is paramount for communication and as a day-to-day reminder of the actions required to achieve success in the operations of the business (Zimmerer, 2010). Consequently, it is important that Chad and Kyle pay more attention to the development of a solid business plan to ensure they succeed in securing the funds they require for the expansion their business. References Harvard Business School. (2011). Entrepreneurship: Business Plans. Web. Sexton, D. and Upton, B. (1991). Entrepreneurship: Creativity and Growth. New York: McMillan. Small Business Administration. (2011). Writing a Business Plan. Web. Timmons, J.A. (2004). N ew Venture Creation: Entrepreneurship for the 21st Century. Boston: Irwin/McGraw Hill.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Zimmerer, W. (2010). Effective Small Business Management. Scarborough: Pearson-Prentice Hall. This essay on Business Plan for Chad and Kyle was written and submitted by user Aubrey Cotton to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

August Calendar of Famous Inventions and Birthdays

August Calendar of Famous Inventions and Birthdays Although the United States doesnt celebrate any official holidays during the month of August, the eighth month of the Gregorian calendar does celebrate the birthdays of many famous inventors, writers, scientists, and creators- find out who shares your August birthday. August is also the month when many great inventions, works of art, and scientific discoveries were first patented, trademarked, or copyrighted, so if youre looking for what happened on this day in history during the month of August, theres plenty to discover. Patents, Trademarks, and Copyrights From the copyright registration of The Wonderful Wizard of Oz to Thomas Edisons invention of the kinetographic  camera, August has celebrated a number of patents, trademarks, and copyrights throughout the years. August 1 1900: The Wonderful Wizard of Oz by L. Frank Baum was copyright registered.1941: The first Jeep rolled off the assembly line, and Willy’s Truck Company was the first company to create a jeep. August 2 1904: A patent for a glass shaping machine was granted to Michael Owen. The immense production of glass bottles and jars today owes its inception to this invention. August 3 1897: The Street Car Controller was patented by Walter Knight and William Potter. August 4 1970: Poppin Fresh was trademark registered by the Pillsbury Company. August 5 1997: Patent Number 5,652,975 was issued for an automatic talking potty apparatus to Glory Hoskin. August 6 1935:  William Coolidge obtained a patent for the cathode ray tube, a critical ingredient of TV and other electronic applications. August 7 1906: The Flexible Flyer was trademark registered.1944: The worlds first program-controlled calculator, popularly called the Harvard Mark I, was inaugurated. The machine was built by Harvard researcher Howard Aiken  and supported by IBM. August 8 1911: Patent Number 1,000,000 was issued to Francis Holton for a vehicle tire. August 9 1898:  Rudolf Diesel of France was granted patent Number 608,845 for an internal combustion engine known as the Diesel engine. August 10 1909: The Ford  trademark was registered by the Ford Motor Corporation. August 11 1942: Hedy Markey received a patent for a secret communication system.1950:  Steve Wozniak was born, the co-founder of Apple Computers. August 12 1930: Clarence Birdseye patented a method for packaging frozen foods. August 13 1890: A publisher copyright registered an edition of Nathaniel Hawthornes The Scarlet Letter. August 14 1889: The Washington Post March by John Phillip Sousa was copyright registered.1984: IBM released MS-DOS version 3.0. IBM first approached Bill Gates and Microsoft to discuss the state of home computers in 1980. August 15 1989: President George Bush issued a proclamation commemorating the bicentennial anniversary of the first patent and copyright laws. August 16 1949: Patent Number 2,478,967 was granted to Leonard Greene of Mineola, NY for an airplane stall warning device. August 17 1993: Patent Number 5,236,208 was issued to Thomas Welsh for a platform steerable skateboard. August 18 1949:  Plant Patent  Number 1 was issued to Henry Bosenberg of New Brunswick, NJ, for a climbing rose. August 19 1919: Hostess was trademark registered by William B. Ward.1888: The first world beauty contest was held in Belgium, an 18-year-old West Indian woman won. August 20 1930:  Philo Farnsworth patented a television. August 21 1888: The first practical adding listing machine (calculator) was patented by William Burroughs. August 22 1952: The Television Show Adventures of Superman was copyright registered.1932: The BBS began experimental regular television broadcasts. August 23 1977: The name Cincinnati Bengals was trademark registered.1904: The automobile tire chain was patented. August 24 1993: Patent Number 5,238,437 for a Bubble Dispensing Doll was issued to Vowles, Barad, Smith,  and Stern. August 25 1814: The British burnt Washington, D.C., however, the Patent Office was saved by the British Superintendent of Patents, Dr. William Thornton. August 26 1902: Arthur McCurdy obtained a patent for a daylight developing tank for roll film. August 27 1855: Clara Barton became the first female federal employee to achieve equal status when she was hired by the Patent Office as a clerk August 28 1951: Oral B (the famous line of dental products) was trademark registered. August 29 1893: Whitcomb Judson received a patent for the zipper. August 30 1968: The song Hey Jude by John Lennon and Paul McCartney was copyright registered.1994: IBM announced it would not oppose Microsofts attempt to trademark the name Windows. August 31 1897:  Thomas Edison patented a kinetographic camera. August Birthdays From the birth of the famed French fashion designer Yves Saint Laurent to that of German physicist Hermann von Helmholtz, there are many famous August birthdays. August 1 1849: George Mercer Dawson was a famous Canadian scientist.1889: John F Mahoney developed a penicillin treatment for syphilis.1936: Yves Saint Laurent is considered the greatest French fashion designer of the 20th century. August 2 1834: Frederic Auguste Bartholdi was the French sculptor who patented the  Statue of Liberty.1835:  Elisha Grey  was an inventor who invented the early telephone.1926: Betsy Bloomingdale founded the famous department store. August 3 1959: Koichi Tanaka is a famous Japanese scientist  who shared the Nobel Prize in Chemistry in 2002 for work with mass spectrometric analyses of biological macromolecules. August 4 1755: Nicolas-Jacque Conte invented the  modern pencil.1859: Knut Hamsun was a Norwegian writer who won the Nobel Prize for Literature in 1920 and wrote many Neo-Romantic novels like Hunger, Mysteries, Pan, and Victoria. August 5 1540: Joseph Justice Scaliger invented Julian dating.1802: Niels H. Abel was a Norwegian mathematician who invented Abels Comparisons.1904: Kenneth Thimann was a famous botanist.1906:  Wassily  Leontief was a Russian-American economist who won the Nobel Prize in 1973. August 6 1859: J. Arthur S. Berson was a famous Austrian meteorologist who made famous hot air balloon flights over the Amazon.1867: James Loeb was a famous American businessman who financially helped to found the Max Planck Institute of Psychiatry.1908: Sol Adler was a famous economist who invented Sinophile. August 7 1779: Carl Ritter was the co-founder of the modern science of geography.1783: John Heathcoat invented lace-making machinery.1870: Gustav Krupp was a famous German businessman.1880: Ernst Laqueur was a famous microbiologist who discovered sexual hormones.1886: Louis Hazeltine was the inventor of the  neutrodyne  circuit that made the  radio  possible.  1903: Louis Leakey was a famous anthropologist who won the 1964  Richard  Hooper Medal. August 8 1861: William Bateson was a famous English biologist who invented the term genetics.1901: Ernest Lawrence was a famous scientist and inventor who invented the Cyclotron and won the Nobel Prize in 1939.1902: Paul Dirac was a famous English physicist who invented quantum mechanics and won the Nobel Prize in 1933.1922: Rudi Gernreich was a famous designer who invented the first womens topless swimsuit and the miniskirt.1931: Roger Penrose was a famous English physicist. August 9 1819: William Thomas Green Morton was a dentist that invented the use of ether in  dentistry.1896: Jean Piaget was a famous Swiss developmental psychologist and zoologist.1897: Ralph Wyckoff was a pioneer of x-ray crystallography.1911: William A. Fowler was a famous astrophysicist who won the Nobel Prize in 1983.1927: Marvin Minsky was a famous computer scientist at MIT who made inventions related to artificial intelligence. August 10 1861: Almroth Wright was a famous English bacteriologist. August 11 1858: Christian Eijkman was a famous bacteriologist who won the Nobel Prize in 1929.1926: Bernard Ashley was a famous English fashion designer who founded Laura Ashley.1950:  Steve Wozniak  was a computer inventor and the co-founder of  Apple Computers. August 12 1930:  George Soros is a famous Hungarian businessman and funder  for political movements who was worth $8 billion in 2017. August 13 1655: Johann Christoph Denner was the inventor of the  clarinet.1814: Anders Jonas Engstrom was a Swedish physicist who co-invented the spectroscope.1819: George Gabriel Stokes was a famous physicist and mathematician who co-invented the spectroscope.1888:  John Logie Baird  was a Scottish inventor of a television system.1902: Felix Wankel was a German inventor who invented the Wankel rotary-piston engine.1912: Salvador Luria was an Italian-American biologist who won the Nobel Prize in 1969.1918: Frederick Sanger was an English biochemist who won the Nobel Prize in 1958 and 1980. August 14 1777:  Hans Christian Oersted  was a famous Dutch physicist and chemist who wrote View of Chemical Law and was an early experimenter in the field of electromagnetism.1861: Bion Joseph Arnold was a famous electrical engineer and inventor.1883:  Ernest Just  was a famous biologist who pioneered cell division.1903: John Ringling North was a famous circus director who co-founded the Ringling Brothers Circus. August 15 1794: Elias Fries was a famous Swedish botanist who invented the  system a  mycologicium.1892: Louis-Victor, Prince of Broglie was a French physicist who won the Nobel Prize in 1929.1896: Leon Theremin was an electronic musical instrument inventor who invented the Theremin. August 16 1845: Gabriel Lippmann was a famous French physicist who invented the first color photographic plate and was awarded the 1908 Nobel Prize in Physics for this process.1848: Francis Darwin was a famous English scientist and the son of Charles Darwin who carried on his work.1862: Amos Alonzo Stagg was a  football pioneer  and the inventor of the tackling dummy.1892: Harold Foster was a famous cartoonist who invented Prince Valiant.1897: Robert Ringling was a circus master who co-founded the Ringling Brothers Circus.1904: Wendell Stanley was a famous biochemist and the first to crystallize a virus, for which he won the Nobel Prize in 1946. August 17 1870: Frederick Russell invented the first successful typhoid fever vaccine.1906: Hazel Bishop was a famous chemist and  cosmetics  manufacturer who invented the first indelible or smear-proof lipstick. August 18 1834: Marshall Field founded the  Marshall Field Department Store.1883: Gabrielle Coco Chanel was a famous French fashion designer who invented the house of Chanel.1904: Max Factor, Jr. was the CEO of Max Factor Cosmetics and son of the founder and inventor  Max Factor.1927: Marvin Harris was a famous American scientist. August 19 1785: Seth Thomas invented the mass production of  clocks.1906:  Philo T Farnsworth  was the inventor of electronic TV.1919: Malcolm Forbes was a famous publisher who founded Forbes Magazine. August 20 1908: Kingsley Davis was a sociologist who invented the term population explosion. August 21 1660: Hubert Gautier was an engineer who wrote the first book on bridge-building.1907: Roy Marshall was a well-known scientist who narrated The Nature of Things. August 22 1860:  Paul Nipkow  was a German TV pioneer and inventor.1920: Denton Cooley was a heart surgeon who performed the first artificial heart transplant. August 23 1926: Clifford Geertz was a famous cultural anthropologist and ethnographer who described culture as a system of symbols and actions which convey meaning.1928: Vera Rubin was a famous American scientist who discovered dark matter.1933: Manfred Donike was a famous chemist who invented drug testing. August 24 1880: Joshua Cowen was a scientist who helped invent the  flashlight  and invented the electric toy train.1898: Albert Claude was a Belgian cytologist who won the Nobel Prize in 1974 for discoveries of cell structure and function.1918: Ray McIntire was the chemical engineer who invented  styrofoam. August 25 1841: Theodor Kocher was a Swiss surgeon and thyroid specialist who won the Nobel Prize in 1909.1916: Frederick Robbin was an American bacteriologist who won the Nobel Prize in 1954. August 26 1740:  Joseph Montgolfier  was a French aeronaut who invented successful hot air ballooning.1743: Antoine Lavoisier was a famous French scientist who invented the term oxygen.1850: Charles Richet was a French physiologist who won the Nobel Prize in 1913.1906: Albert Sabin was a Russian-American microbiologist who invented the oral polio vaccine.1951: Edward Witten is a famous American mathematician and theoretical physicist who won the 2008 Crafoord Prize in Mathematics. He helped develop string theory and developed mathematical processes to solve the multi-dimensional equations of string theory. August 27 1770: Georg Wilhelm Friedrich Hegel was a German philosopher and inventor who furthered the field of idealism.1874: Karl Bosch was a German chemist and the founder of BASF who won the Nobel Prize in 1931.1877: Charles Stewart Rolls was a British auto manufacturer and founder of Rolls-Royce Ltd who invented the Rolls-Royce.1890: Man Ray was an American artist and photographer who invented the Dada movement. August 28 865: Rhazes was a famous ground-blazing Persian physician.1878: George Hoyt Whipple was an American astrophysicist who won the Nobel Prize in 1934.1917: Jack Kirby was a famous cartoonist who co-invented the X-Men, Incredible Hulk, Captain America, Fantastic Four, and Thor. August 29 1561: Bartholomeus Pitiscus was a German mathematician who invented trigonometry.1876:  Charles Kettering  was an American inventor who invented the auto self-starter ignition.1904: Werner Forssman was a German urologist who won the Nobel Prize in 1956.1959: Stephen Wolfram was an English computer scientist who invented the computational software Mathematica. August 30 1852: Jacobus Henricus was a Dutch physical chemist who won the Nobel Prize in 1901.1884: Theodor Svedberg was a Swedish chemist who worked with colloids and won the Nobel Prize in 1926.1912: Edward Purcell was an American physicist who won the Nobel Prize in 1952.1927: Geoffrey Beene was an American dress designer who won eight Coty Awards.   August 31 1663: Guillaume Amontons was a famous French physicist.1821: Hermann von Helmholtz was a famous German physicist.1870: Maria Montessori was a famous Italian educator who invented the term spontaneous response.1889: A. Provost Idell invented modern volleyball.

Management & Organisational Behaviour - The Change is Coming Essay

Management & Organisational Behaviour - The Change is Coming - Essay Example In case of Tracey Foods Production, employee motivation is likely to go down because of the expected changes in the organizational systems. In this case, it is the responsibility of the managers to take effective steps to build the level of employee motivation to make them put their efforts in increasing the productivity of the company. Communication with employees and other staff members is also necessary in order to make organizational changes effective and result-oriented. Moreover, the top management of the company also needs to take effective steps to restructure the culture and work approach in order to make the company accomplish its goals effectively and efficiently. Answer 1: 1. Need for Increasing Motivation Motivation is the key to increased employee productivity. It is imperative for the management of a company to take effective steps to build employee motivation. Williams (2010, p. 1) states, â€Å"Motivating people to do their best work, consistently, has been an endur ing challenge for executives and managers†. However, employee and management motivation could be affected due to the changes that are brought within an organization due to the variability in internal and external environment. ... Those human needs include need for power, need for affiliation, and need for achievement. The top management of Tracey Food Production can use this theory to make employees aware of their needs of power and achievement which can ultimately be used for increasing the motivation level of employees in spite of of the all anticipated changes. 2.1 Need for Power One of the needs of employees is power. Employees want to be included in decision-making matters, as well as in other managerial affairs to some extent. To build employee motivation companies can share some management power with the key employees. They can also involve the employees in decision-making matters to make them feel valued. Moreover, consulting employees in making different business strategies, as well as in setting employee benefit strategies can also prove effective for a company. It is a fact that every employee wants to be taken into consideration during the phase of decision-making or strategy development. Therefor e, if Tracey Food considers these needs of employees while developing or implementing strategies, the results would definitely be good for the company. for example, if the management invites employees to give their suggestions in business planning, they will feel valued and the level of their motivation increase will increase as well. 2.2 Need for Achievement The need for achievement is the need of an individual to accomplish his/her personal and professional goals. Tracey Food Production can make employees aware of the importance of achieving company’s goals in a timely manner. The top management of the company can motivate the employees to work hard to get better job positions which can play a significant role in the accomplishment of their personal goals. Moreover,