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BUSINESS ASSOCIATIONS INTRODUCTION 1 DESCRIPTION OF BUSINESS

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Added on  2021-02-20

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ENTREPRENEURSHIP INTRODUCTION 1 DESCRIPTION OF VENTURE 1 Introduction 1 Description of Business1 Business Aspirations1 Owner ORGANISATION OF BUSINESS 1 Finance and Qualifications of Owner 1 Company Legal Structure2 Management Team 2 Employees3 Vendors' Qualifications and Roles 3 FINANCIALS 3 Cash Flow Projections 3 Payback Point 4 Anticipated ROI 4 MARKETING/SALES 4 Summary 4 Requirements 4 Competition 5 OPERATIONS 5 Location 5 How business will be operated 5 LEGAL ISSUES 6 Legal

BUSINESS ASSOCIATIONS INTRODUCTION 1 DESCRIPTION OF BUSINESS

   Added on 2021-02-20

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ENTREPRENEURSHIP
BUSINESS ASSOCIATIONS INTRODUCTION 1 DESCRIPTION OF BUSINESS_1
Table of ContentsINTRODUCTION...........................................................................................................................1DESCRIPTION OF VENTURE......................................................................................................1Introduction.................................................................................................................................1Description of Business...............................................................................................................1Business Aspirations...................................................................................................................1ORGANISATION OF BUSINESS.................................................................................................1Roles and Qualifications of Owner.............................................................................................1Company Legal Structure...........................................................................................................2Management Team......................................................................................................................2Employees...................................................................................................................................3Vendors' Qualifications and Roles..............................................................................................3FINANCIALS..................................................................................................................................3Cash Flow Projections.................................................................................................................3Payback Point..............................................................................................................................4Anticipated ROI..........................................................................................................................4MARKETING/SALES....................................................................................................................4Summary.....................................................................................................................................4Requirements...............................................................................................................................4Competition.................................................................................................................................5OPERATIONS.................................................................................................................................5Location.......................................................................................................................................5How business will be operated....................................................................................................5LEGAL ISSUES..............................................................................................................................6Legal Issues.................................................................................................................................6Handling Issues...........................................................................................................................7MAJOR CHALLENGES.................................................................................................................7Assessment..................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONEntrepreneurship refers to the activity of setting up as well as managing one's ownbusiness enterprise. It is a very effective task which requires planning and conducting all theoperations that are required to appropriately establish their business ventures as per therequirements (Kirzner, (2015). The report below is based on Buster's, which is small retail storeoffering people with consumer goods. It includes a detailed business plan emphasising on adetailed introduction, functions and operations of the company, financial projections, marketing/sales activities, legal issues and major challenges in setting up the small business.DESCRIPTION OF VENTUREIntroductionThe business plan below is an effective and essential description of a proposed venture,that is related to the firm, “Buster's”, which is currently expanding its operations from a one-store to a two-store enterprise.Description of BusinessBuster's is a small consumer goods store, which is currently located in a lobby of a largecorporate building. The firm is planning to expand its operations from a one-store operations to atwo-store operations in a new building, two blocks away from its current location, where it willbe dealing in a variety of products required by the occupants of the building.Business AspirationsBuster's being operated quite effectively and in a way which makes the company ofmaximum utility within the area for all its customers. Moreover, the firm aspires to expand itsoperations to establish a strong chain within the market with 10-15 stores located in down-townsof several corporate buildings (Venkataraman, 2019).ORGANISATION OF BUSINESSRoles and Qualifications of OwnerAs for the qualification of owner, there are several essential aspects which must bepresent within the owner of Buster's. These qualifications are mentioned below:Master's Degree in MarketingMaster's Degree in Finance
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Management Experience of at least 3 years.In addition to this, there are several roles which are required to be played by the owner ofBuster's. Hence, several aspects related to the role are mentioned below:Fundraising: One of the most prime roles which owner of Buster' s is required to indulgein, is collecting fund from various resources which would be used to establish and run thebusiness organisation (Parker, 2018).Management and Accounting: Another effective role of owner of Buster's is managingall operations and functions of the company, which requires them to manage theresources, allocation of responsibilities and funds, stocking and storing, marketing, etc.Alongside this, they are also required to manage financial records of the company andestablish and handle the accounting operations effectively.Communication: Another prime role which is required to be played by Buster's owner iscommunicating to his employees about their responsibilities and tasks, suppliers aboutthe required raw material, and customers regarding products of the company.Company Legal StructureMarsha Jones is the owner as well as principal manager of Buster's and hence, the legalstructure of the company would be Sole Proprietorship (Kuratko, 2016). All the operations andfunctions of the company would be conducted appropriately in alignment with the structurecrafted for this type of organisation. However, within its legal structure, the firm has acquiredtwo employees, who would be working at the store and operating 30 hours a week.Management TeamThe qualification of Management team would include:Bachelor's Degree in MarketingBachelor's Degree in FinanceMinimum 1 year experience of working at the managerial positionIn context with roles, the management team would be required to:Manage the stocks, warehouse and distribution of productsManage the employees as to whether they are performing as per the required standards(Fayolle and Gailly, 2015).Maintain appropriate customer track record, along with their feedback.
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