Entrepreneurship Skill Assignment

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
Introduction and description of the venture................................................................................3
Organization of business.............................................................................................................3
Financials....................................................................................................................................5
Marketing....................................................................................................................................8
Operations ..................................................................................................................................9
Legal issues.................................................................................................................................9
Major challenges.......................................................................................................................10
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
New ventures that are carefully planned have more chances of succeeding in the future.
Planning helps entrepreneur to determine exactly the things that are required for starting the
venture and resources like financial and human resource that are required to implement the plan
(Barringer, 2015.). The Report is based on business plan for expanding the operations of Buster
from one store to two store operation.
MAIN BODY
Introduction and description of the venture.
Business plan refers to the document that defines the way in which a new business will
achieve its aim and objectives. It covers various things from different point of view like
operational, financial and marketing etc. Business plan helps to achieve the vision of
organization, increases the chances of success in future (Chambers and Humble, 2017.).
The business plan will outline the proposed venture of Buster to expand its operations
from one store to two stores. Buster is a small retail business that operates in lobby of big office
building. Owner of the business spent fifty hours per week at the store whereas there are two
employees and each worker spent thirty hours per week at the store. It offers variety of products
that are required by occupants of office building such as newspaper, snacks,paperback books
greeting cards, beverages, sandwiches, gift items etc.
The aspirations of Buster is to expand its business in new office building further, it also
aims to start a chain of stores consist of 10-15 stores in large buildings down-town. Owner has
decided to use the savings, mortgage on house, attracting investors to invest in the business etc.
This will help to improve current sales and profitability of Buster as well also helps to gain
competitive advantage over competitors.
Organization of business.
Owner
Owner is the individual or group of the business who is also called legal proprietor. The
owner and Manager of Buster is Marsha Jones. Owner will be responsible to manage all the
operations of existing as well as proposed store in new office building. Owner has completed
degree in Business Administration (Chambers and Humble, 2017).
Company legal structure

Legal structure refers to the form of business that are allowed by state law. There are
various forms of the organization such as sole proprietorship, partnership, S corporation, C
corporation etc. The legal structure of Buster is C corporation (Gill, Dana and Obradovich,
2018). This form of business was chosen because of various tax advantages. Under this, tax is
charged on corporate income as well as on personal income. Shareholders of Buster has elected
Marsha Jones that will manage proposed store in new office building.
Management team
Management team refers to the individuals that are working at high level of the business.
Management team of Buster includes various people that will be responsible for different roles.
Mr. Wallace is the Store Manager. Mr. Wallace has 5 years experience of working in the field of
Retail industry and possess degree in the field of Finance. Store Manager will be responsible for
ordering, handling the products. Mr. Mondu is the Operations Manager of the business. Mr.
Mondu has degree and experience of 2 years in the field of operations management. Operations
Manager will be responsible for bringing an improvement in the quality , efficiency of
organizational process.
Employees
Employees are the individuals that are working in the business and helps the owner to
deliver products or services to ultimate customers. Currently there are two employees working in
the existing store of the business (Hallen, Cohen and Bingham, 2017). Each employee is working
for thirty hours in a week at the store. Business will hire 4 new employees for the proposed store
that also includes one technician that will support operations manager. Employees will help the
business to conduct day to day activities in effective way. Such as dealing with customers,
exchanging the damaged products,
Contractors/vendors
Contractors refers to the individual or firm that enters into contract with business to
supply raw material or labour that helps the firm to develop and offer products to the customer.
Buster will purchase raw material on monthly basis from contractor. Further, business will enter
into contract with supplier of machineries and equipments for proposed store. So that, business
can easily develop and sell the products to customers.