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A new venture of Buster

   

Added on  2020-02-12

10 Pages3433 Words54 Views
Entrepreneurship

Table of Contents1. INTRODUCTION.......................................................................................................................12. Organization oft the business and the key players involved........................................................13. Finances involved........................................................................................................................24. Marketing.....................................................................................................................................45. Operations....................................................................................................................................56. Legal issues .................................................................................................................................57. Major challenges that might affect the performance of cited firm..............................................6Conclusion.......................................................................................................................................7REFERENCES................................................................................................................................8

1. INTRODUCTIONThe business plan that has been referred in the report is about a new venture of Buster. Itwants to expand its business to a two-store operation from one-store (Ács, Autio and Szerb,2014). It is a store located in the office building lobby. The products it offers include snacks,beverages, greeting cards, newspapers wrapped sandwiches etc. It wants to expand its business inorder to form a chain of 10-15 stores that will be located in down-town buildings of office.2. Organization oft the business and the key players involveda.) Owner:The owner of Buster is Ms. Marsha Jones who is also responsible for managingvarious activities associated with it. She is responsible for managing the various employees thatare working in the store. Also, the stock that is to be kept in the tore is also decided by her. She ishighly qualified because of her experiences at the department stores in down town London whereshe was applauded for her enhanced management skills. Currently for managing b.) Legal structure of company: The type of business structure that is chosen has a huge impactover many aspects which include liability, taxes involved an also the strategy for exit (Bae andet.al., 2014). Henceforth, the legal structure that is currently followed by Buster is soleproprietorship, since Ms. Jones is the single individual owner of such an unincorporated businessventure. With the help of such a structure they are easily benefited in terms of savings and theregulations imposed by tax.c.) Management team: The management team of Buster operates under the supervision of Ms.Jones. The team works for almost 30 to 40 hours a week and is responsible for carrying outactivities for effectively managing the tasks of store. Also, based on the current scenario, thebusiness plan involves expansion to a two store operation so, efforts are being done by the teamso that the objective of the store would be achieved.d.) Employees: These are responsible for carrying out the activities within the store. Themanagement team after deciding the activities assign the roles to the respective employees whoefficiently mange to complete the sales targets and other activities such as satisfying thecustomers (Baum, Frese and Baron, 2014). Employees of an organization are responsible for theoverall working efficiency of an organization as a whole. If employees are not able to do theirduties in effective manner then, the overall brand image of Buster will definitely be affected.e.) Contractors: The vendors of Buster stores are very much effective because they are able todeliver the supplies on time. As a result of this, the stock is managed effectively. However, at1

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