31 Dec Note: I am providing these

MGT211 unit 1 Discussion

Our text and learning unit 1 lists and discusses several myths of entrepreneurship and small business. Please complete the following HRB Quiz at:

http://blogs.hbr.org/2010/02/should-you-be-an-entrepreneur/

What surprised you as a result of completing the survey? Do you agree or disagree with the results? Explain.

List and discuss three characteristics you believe to betrue about entrepreneurs and why you selected these characteristics.

MGT211 unit 2.1 & 2.2 Discussion

2.1 Discussion

Finding and Using NAICS Numbers

Part 1 of the feasibility study requires you to identify the NAICS code of your proposed business concept. As mentioned in this week’s learning unit, the North American Industry Classification System (NAICS) provides not only a system to classify your business but also provides valuable industry information and data, which is an invaluable tool to a startup or existing business. In this discussion thread, you will practice using the NAICS site and discuss your findings with your classmates as presented in Skill Module 7.2 (Katz & Green).

What is your NAICS code? (Katz, pl 190). Please go to the updated site:

http://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2012. In the text box that says “enter keyword” enter the name of the industry that best describes the industry in which your proposed business idea is located. You should end up with a 6 digit code for the industry in which your business will be located. If you are not sure of your industry, it may take some experimentation. See examples in Skill module 7.2.

Once you locate your NAICS code, go to www.census.gov and click on “economic census.” Once you are in “economic census” enter your NAICS code and look for data related to your industry.

Find and share one fact about your industry that you find particularly intersting and that is available at this cite such as number of establishments, annual revenue, trends, etc. Also refer to Table 7.1 on page 200 for additional information and ideas.

For your convenience, I am also attaching a table with the NAICS structure and numbers.

2012_NAICS_Structure.xls (255 KB)

2.2 Discussion

Not all good ideas represent profitable business opportunities. Ideas must be tested and you will have an opportunity to do so in your feasibility study which is the primary written requirement for this course. You will also be introduced to many free resources available to you in developing your feasibility study such as the SCAMPER acronym (Katz & Green). Tim Hayden (See Focus on Small Business, Katz & Green) developed a web-based application so that baseball fans could watch TV instant replays while enjoying a baseball game at a stadium. Using the SCAMPER acronym, discuss at least two methods in the acronym that Tim may use to update his App to 2014? How will you use these methods in developing your feasibility study?

MGT211 unit 3 Discussion

Part 2 of your feasibility study will require you to describe your customer base. This process requires careful research to identify the types and concentration of customers you will need to start and grow your business.

Please go to Skill Module 11.2 on page 367. Following the directions in Skill Module 11.2 and using the site: www.zipwho.com,

Please enter the state and city where your proposed business will be located and share at least three pieces of information describing your customer base such as education level, ethnicity, age, etc.

Discuss how this information will assist you in completing Part 2 of your feasibility study.

MGT211 unit 4 Discussion

Each year corporations spend millions of dollars for a few seconds of advertising during the football championship super bowl game. Please watch the advertisements in the link below, which includes 15 advertisements shown during the 2014 super bowl game.

Discuss the target market and market segment of at least four advertisements in terms of age group, gender, education, and any other marketing demographic information.

http://www.thedailybeast.com/articles/2014/02/02/the-15-best-super-bowl-2014-commercials.html

Enjoy!

MGT211 unit 5.1 & 5.2 Discussion

5.1 Discussion

Locate your state’s Secretary of State home page on the Internet. Find information on forming LLCs. Answer the following questions and discuss your findings with your classmates.

1. What state did you research?

2. Discuss reasons why you would or would not use the services of an attorney to assist you in submitting your application.

5.2 Discussion

If a start-up entrepreneur lacks certain competencies such as understanding cash flow or not knowing how to use social media marketing techniques, using the BRIE Checklist (Katz & Green, p. 14), discuss at least three strategies the start-up entrepreneur could use to compensate for his or her deficiencies. You may also want to refer to Skill Module 2.2.

MGT211 unit 6 Discussion

Read the case, Debbie Dusenberry and the Curious Sofa (Katz & Green, pp. 409-10). Discuss the following concepts with your classmates.

Discuss the differences between profit and cash flow.

Will completing breakeven analysis (p. 311) help Debbie? Why or why not?

Where or how can Debbie find help to save her business?

MGT211 unit 7 Discussion

View Table 8.2 on page 225 of our textbook. Discuss the differences and similarities between conducting a feasibility study and writing a complete business plan.

How can the conduct of a strong feasibility study help to minimize or avoid some of the most common critical risks in a business plan listed on p. 238? Have you observed any of these risks in the parts of your feasibility study completed to date?

Where would you find funds to start a business? (See Table 15.1, p. 489).

MGT211 unit 8 Discussion

An effective elevator speech is specific and has the capacity to “sell” your business concept quickly to your classmates who will play the role of venture capitalists. The elevator pitch is designed to be brief but is a specific statement about your startup investment opportunity. The idea is to be able to sell your idea to a potential investor in an elevator going up or down about 30 floors, about 2 minutes. It should also include the amount of startup cash or resources you would be requesting of a potential investor. Please refer to “The Thoughtful Entrepreneur” (p. 242) and to the notes in the “Written Assignments” in the Course Information Tab.

MGT211 FS Part 1 The Business Concept assignment

I.Feasibility Study.

According to the research, a number of critical factors are important for a new venture’s success and must be assessed in a systematic way prior to investing additional time and one’s other resources. Those factors are summarized in “Exhibit 4.2, The Feasibility Study Outline” in the textbook, pages 93-96 and in the Appendix, Sample Feasibility Study, pages 95-98. Your feasibility study assignment will consist of four (4) written parts designed to assess the initial financial viability of your business concept. Each written component should be two pages in length and single spaced.The page limitation is designed to encourage you be brief but specific. Part four will require the completion of two spreadsheets that will be linked or attached to that assignment.

The feasibility analysis is a prelude to writing a business plan, which is more detailed and thoroughly researched and is required if a bank loan or investment funds are being sought. The purpose of the feasibility study is to assess whether or not a good idea represents a profitable business opportunity and is designed to gain sufficient information and data to provide you with a a “go or no-go” decision in moving forward in completing a full business plan.

For each assignment, please include the Part number, e.g. Part 1, Part 2, etc.; and please include the title of each lettered subsection in each assignment, e.g. a. b. c. etc. Also make certain that your name is on the top of the pageand that your electronic submission includes your name at the beginning of the submission title e.g. Smith, J. Part 1.For your convenience, I have also included text page numbers discussing the various feasibility topics. The assignments are as follows:

Assignment 1.

Part 1.The Description of your Business Concept (2 pages single-spaced, please include subheadings) 10%.

Describe your product or service in a paragraph or two. Ref. pages 274-279.
Present the Mission of your business, e.g. fundamental reason for being; and a Vision statement, what you hope your business will become.
Describe the features or cost benefits of your product or service. Ref. pages 188-197.
Describe the value benefits of your product or service. E.g. why would someone pay for or buy your product/service over your competitors. Ref. pages 188-197
Will your business be 1) an online business; 2) an on-ground business; or, 3) a combination of both? Explain.
Provide the six-digit NAICS (North American Industrial Classification System) number for your business. NAICS numbers may be found at the following site: http://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2012
Locate the “keyword box” in the upper left hand corner and enter a keyword describing your business, e.g. health food, pet products and this will lead you to your NAICS number.

MGT211 FS Part 2 Customer/Industry Analysis assignment

Part 2. Customer/Industry Analysis (3-4 pages single-spaced, please include subheadings) 15%.

Describe the industry within which your business will be located and describe at least three recent trends in that industry. Note:This information and item b. following may be found using your NAICS number and in trade organization publications. Also, see Skill Modules 3.1, p. 54) and 7.2 (p. 190). And pages 18-190 and NAICS link above in assignment 1.
Describe the market growth rate for your product/service, i.e, what is the market demand likely to be in the next 1-3 years. You may also try using Google or Bing for this information or trade associations (Skill Module 3.1, p.54) for your proposed business idea.
Describe your market segment and your market niche within that market segment, i.e. describe your customers, who they are and where they are located. Ref. pages 393-95.
Describe at least three of your competitors, why they are competitors and where they are located.
Where will you locate your business? If a wholly online business what will you do to attract customers?
How will you market or promote your product/service? I.e., online sales, social media marketing, search engine optimization, personal selling, etc. Describe in detail.
MGT211 FS Part 3 Management Team and Operations assignment

Part 3.Due by Sunday, 11:59 pm.

Part 3. Management and Operations (2 pages single-spaced, please include subheadings) 10%.

Describe who will be the CEO and his/her qualifications/experiences in the product/service industry, including both education and work and other relevant experiences.
Describe briefly how you will distribute your product or service. Ref. pages 348-358
Describe how many employees you will need at startup, their particular expertise (e.g. marketing, financial, operations, etc.), and how they will be paid.
Describe what types of external advisors you will need and how they will be paid (e.g. lawyer, accountant, etc.)
Describe the legal organization of your business (e.g. sole proprietor, LLC, Partnership, C Corporation, S Corporation) and reasons for selecting this legal organization form. Ref. page 600, Table 18.5.
Describe unpaid advisors who will assist you during startup and 3 years thereafter.
MGT211 FS Part 4 Financial Analysis and Requirements assignment

Part 4. Due by Sunday, 11:59pm.

Part 4. Financial Analysis and Requirements (3 pages single-spaced plus spreadsheets, please include subheading.Please include a link to your spreadsheet or include as attachments to part 4 document. Thank you!)

Describe your pricing strategy for your product/service. Ref. Table 9.1 page 295.
Describe the amount of startup funds you will need, where you will get them, and how they will be used.
List 3-5 assumptions governing your cash flow projections. For a startup, assumptions are your “best educated guesses” regarding goals such as how many units you will sell and why, or what your cash flow will be at the end of each month and why, etc. will you pay yourself, what will you pay your employees, will you use full or part-time employees, what services will you outsource or contract out, etc.
Complete your startup sources and uses of funds using the “Opening Day Balance Sheet”(third bullet point under “Finance Templates”) on the following website:
http://www.score.org/resources/business-plans-financial-statements-template-gallery(see notes below).

Develop a one-year projected (pro forma) cash flow statementusing the Cash Flow Statement (12 months)at the (eighth bullet point under “Finance Templates) on the following website:
http://www.score.org/resources/business-plans-financial-statements-template-gallery (see notes below).Notes:

Financial Worksheets on the SCORE website:

The SCORE Opening Day Balance Sheet and Cash Flow Statement (12 months) worksheets are “live” excel worksheets and all you need to do is to (1) read the introductory information, (2) enter your company name and (3) complete the spreadsheets indicated. Once you get into the website, under “Finance Templates” click the third bullet for the Opening Day Balance Sheetand click on the eighth bullet for the Cash Flow Statement (12 months).Make certain that you have a full page view in order to see the full page. These worksheets are active and include appropriate formulae. You just need to insert your projected numbers. When you click on the worksheet tabs, go to the “review” panel in excel and “unprotect” the worksheets. This will give you working access and then you will be able to save your completed worksheet as your own in your files.

Opening Day Balance Sheet (or Sources and Uses of Funds)

The Balance Sheet is a snapshot of your financials at a given point in time. In this case, it will on the first day of start-up, representing your pro forma projections of how much you will need to start your business and where the funds will come from. The Balance Sheet is a statement of an owner’s assets, liabilities, and equity and should balance; that is, assets must equal liabilities plusthe owner’s equity. This balance sheet is active as well, and your assets, liabilities, and equity should be based on your best case projections and subsequently are reflected in your Cash Flow Statement worksheet. You just need to insert your numbers and, as above, you don’t have to use all items, if not appropriate to your business.

Cash Flow Statement (12 months)

The Cash Flow Statement worksheet projects your business’ cash inflows and outflows over a given period of time (in this case, one year, Jan. 1, 20xx to December 31, 20xx) and should reflect your assumptions for growth during that time period. Please indicate your assumptions in an attachment to the worksheets. Along with your assumptions, include when you project your breakeven point to be; that is, the time period after which you project a profit (and how you calculated your breakeven point). You do not have to use all items listed in spreadsheet. Use only those items that may be appropriate to your business.

Note: I am providing these SCORE “Business Plans & Financial Templates for your convenience. You can create your own excel spreadsheets or find and use other similar templates.

MGT211 Final Examination assignment

This final examination is comprehensive based on the Red Jett Sweets, Inc. business plan and is to be completed using the essay format. It is worth 30% of your final grade. The final is due by Sunday at midnight EST.