...Final Business Opportunity Project Monique Woods BUS 362 Introduction to Entrepreneurship Bradley Simon January 28, 2013 Final Business Opportunity Project The business opportunity project selected falls under the category of Beauty Salons and is coded as “NAICS 812112” according to government economic census (Economic Census, 2012, p. 1). Although the business falls under this category, the primary function is geared toward providing hair products for minority men, woman, and children. Business Overview The Quad City Area (QCA) is a multi-cultural environment with “4,017 beauty salons, barbershops, hairdressers, and beauty schools” (Census. Gov., 2010, p. 1). A breakdown of the above total for beauty salons and barbershops data reveals that there are four beauty salons and two barber shops that are minority owned businesses in this region. According to research, these businesses purchase beauty products and hair supplies from venders in Chicago, Illinois and Los Angeles, California. Thus, operating this type of business in the QCA provides the targeted audiences of customer and operator needs. Monique’s Cosmopolitan Beauty and Hair Care, LLC clearly is a sustainable business with the competitive advantage in this market. Appendix A: Sample Cost of Doing Business Comparison, Quad Cities shows the cost of doing business in the QCA compared to Chicago and Los Angeles. QCA Profile The business opportunities in this region are ripe for the entrepreneur...
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...Current Business Research Project Paper Many companies and organizations utilize business research to describe or answer an organized effort to discover specific issues encountered in their organization or society with regards to their products. Research can be defined as gathering information from credible sources for the purpose of solving a problem. Business research is utilized to investigate a described problem within an organization or one that is caused by a product of an organization. The following information is a synopsis of an article discussing marketing services that are used to satisfy internal customers (Harell, Fors, 1995). Industrial firms invest a considerable amount of time, effort, and money into understanding how organizations purchase from the perspective of marketing. This approach seeks to understand the needs, wants, and expectations of purchasers in developing a firm’s ability to provide effective customer satisfaction (Harell, Fors, 1995). The first step in the development of inter-organizational marketing strategies possesses an understanding of organizational purchasing behavior. Most companies devote very little attention to the concept of intra-organizational marketing of goods and services and some organizational groups market its capabilities to other groups within the same company. These internal transactions constitute an immense share of the business transactions that move goods and services throughout the industrial supply chain to the...
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...Project management for business Contents Introduction……………………………………………………………………………………. 1 Task 1………………………………………………………………………………………….. 1 1.1 Describe the background and the principles of project management……………………. 1 1.2 Appraise the viability of projects, developing success/failure criteria…………………... 2 1.3 Explain the principles behind project management system and procedures…………….. 4 1.4 Explain the key elements involved in terminating projects and conducting post project appraisal………………………………………………………………………………………. 6 Task 2…………………………………………………………………………………………. 7 2.1 Identify the most appropriate organizational structure, roles and responsibilities of participants within project…………………………………………………………………….. 7 2.2 Control and co-ordinate ………………………………………………………………... 9 2.3 Assess project leadership requirements and qualities…………………………………... 10 2.4 Plan and specify human resources requirements for a project………………………….. 10 Task 3………………………………………………………………………………………… 11 3.1 Prepare project plan and establish the project organization…………………………….. 11 3.2 Applying project scheduling, estimating and cost control techniques………………….. 13 3.3 Analyze the methods used to measure project performance……………………………. 15 3.4 Explain project change control procedures, evaluate the completed project…………… 15 Conclusion…………………………………………………………………………………… 16 Reference…………………………………………………………………………………….. 17 Introduction Management...
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...Business Project Management | BTEC L3 Diploma/Ext. Dipl. - Business | | Salindu Sadishan | 7/1/15 | Task 1 This task provides evidence for assessment criteria: P1, P2 and P3 A project is said to be a planned set of interrelated tasks, to be executed over a fixed period and within certain cost and other limitations. There are three basic types of business project. The first is the strategic project. This type of project is focused on achieving objectives determined during the business planning or strategic process. A second type is the operational project. These are projects that are initiated for business reasons other than achieving a strategic objective. For example, a general ledger may have become obsolete. So a business project is initiated in order to implement a new release of the general ledger. The third type is the repeating or operationalized project. These projects run so frequently that much of the regular project planning can be repeated. http://www.pmhut.com/what-is-a-business-project Project Life Cycle Origination Someone proposes an idea worth pursuing and solicits support for the idea in the project origination phase. Costs and staffing needs are minimal at this stage. The project gets sent to a committee for evaluation, and if the idea is selected further commitment to the project progresses, including budget and preliminary needs. If there is a long delay in the project life cycle, it is typically in the origination phase, as...
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...Business Plan (Industry Analysis and Description of Venture) Name of the Business: 4-D Gaming Zone Course name: Introduction to Business (MGT368) Section: 9 Instructor: Faisal Wali (FsW) Prepared By:- Sehel Somani ID#1010312030 Mahmud Hossain Rajit ID# 1010769030 Md. Abul hasan Chowdhury ID# 1010282030 Chowdury Farhat Aseeya Nidhi ID#1010313030 Industry Analysis Overview of the industry : PESTLE Analysis: Social factors: Any changes in social trends can impact on the demand for a company's products and how that company operates. Also the company may change its management strategies to adapt to the changes in social trends. As discussed earlier the inflation rate in Bangladesh is pretty high and also due to worldwide recession there is a fall in the trend of lifestyle and career expectation. This may have a negative impact on the 4D gaming zone as people may be more busy in setting up their career then going or spending on entertainment purpose. Also In global context, Bangladesh is now world’s eighth populous country having 148.5 million people with a high growth rate. The life expectancy in Bangladesh is 68 years. Population is characterized by a high proportion of young age population and the population is slowly aging, also there is huge rural to urban migration thus the demand for entertainment may have a upward trend. Technological Factors: There is a strong need for technological development in Bangladesh. Technological improvement...
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...Final Project: Business Writing Project XCOM285 Part 1 How to Use Social Media for Business The article is written for a business audience. The writers are addressing businesses or organizations by mentioning the benefits of social media. They address how social media can be used to find out what competitors are doing. The article mentions how businesses need to understand who their customers are. The purpose of the article is to inform the reader of the benefits and downfalls of social media. The benefits mentioned are how to build a company’s fan or customer base. The article informs the readers that social media is not a way to sell their fans but to understand what their fans or customer needs. The article serves a purpose to persuade. By addressing the benefits of social media they are forming a persuasive stance on social media and how it can help a business. The writer organizes the information in the article by providing topics of the do’s and don’ts. The writer first lists the don’ts of social media. She gives an explanation of what not to do with social media. She writes about the downfalls of what happens with fans or customers if a business does not pay attention to their social media account and to understand how to operate the account to benefit their business. The writer continues to list the benefits of social media by providing the understanding of how a social website can help a business grow their customer base. By understanding...
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...| | | |Name/Number: |Michael Alan Smith/6343HNDDL | | | | |Address: |Sluzska 780/36 | | |Praha 8 | | |Czech Republic | | | | |Post code / Zip: |182 00 | | | | |Telephone No: |00420 608 52 11 96 | |...
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...Project Management for Business LO1 Project management principles Introduction of project management Project management is a planned and structured effort to achieve an objective or is the process of managing, allocating, and timing available resources to achieve the desired goal of a project in an efficient and expedient manner, for example, creating a new system or constructing a project. Project management is widely recognized as a practical way of ensuring that projects meet objectives and products are delivered on time, within budget and to correct quality specification, while at the same time controlling or maintaining the scope of the project at the correct level. Project management includes developing a project plan, which includes defining and confirming the project goals and objectives, identifying tasks and how goals will be achieved, quantifying the resources needed, and determining budgets and timelines for completion. It also includes managing the implementation of the project plan, along with operating regular 'controls' to ensure that there is accurate and objective information on 'performance' relative to the plan, and the mechanisms to implement recovery actions where necessary. Projects usually follow major phases or stages (with various titles for these), including feasibility, definition, project planning, implementation, evaluation and support/maintenance Principles of project management The Success Principle The main goal of project management...
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...is implemented through projects | C. | Only top management must understand strategy | D. | Project selection should be clearly aligned with strategy | E. | Project management plays a key role in supporting strategy | | 2. | A project selection process that is strongly linked to strategy results in A. | The most profit. | B. | Better utilization of the organization's resources. | C. | More projects. | D. | A larger and more diverse organization. | E. | Stronger core competencies. | | 3. | Which of the following is NOT true about organizational politics? A. | Project managers should not engage in organizational politics | B. | Politics can have a significant influence on which projects receive funding | C. | Politics exist in every organization | D. | Politics can influence project selection | E. | Politics can play a role in the aspirations behind projects | . | 4. | Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating? A. | Sacred cow | B. | Pet project | C. | Political necessity | D. | Special undertaking | E. | Strategic ploy | | 5. | Why do project managers need to understand their organization's mission and strategy? A. | To reduce project duration and increase the number of projects implemented | B. | So they can make appropriate decisions and adjustments and be effective project advocates | C. | It...
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...research question to move on to specific research question. So what you do is you have got this research problem and you devide it into a serious of small steps which you then follow through one by one. So an overall question is broken down into smaller questions (specific questions), which you can then use to analyse your research problem. THAT’S THE IDEA !! * Bad overall research questions: * what types of strategic alliances exist ?would be a very good an overall research question. This is not a good question because you can look it up plus the answer is a knowledge question. It’s just sth which you can easily find out in the business dictionary and that’s it ! So that would not be a research problem because it’s well known , it’s in the text book. As a general guide these things which are in the text book are not good project. _________________________________________________ * What success factors determine the strategic alliances in the automotive industry. This is a good question for a number of reasons .. it’s valid overall because it’s farily precise. It talks about strategic alliances which is a clear concept ( we know...
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...I am here with you today to show you how I plan to run a successful business. The name of my business is D and C Café. This restaurant is going to be located in an office building where there are doctors, lawyers, and other businesses that have clients coming in throughout the day. The employees of this office building as well as clients have to travel at least 10 minutes to go somewhere for lunch. There is no other food service in this building. This café would make an exceptional addition to this office building. The café I am starting will be geared for customers that work and visit the BG plaza office building. We will have a menu that is geared more towards food that can be prepared quickly for those in a rush, but we will also have steaks, seafood etc. for those that have the time to sit, relax and eat. This café will be open the same hours that the office building is open, so it will be available to all employees and clients at all business hours of the plaza. This café will be implemented as a corporation. The reason I have chosen a corporation is because shares of stock can be bought. As an investor you will own shares of stock in the café. This will be easier if for any reason you want to sell your stock. “Shares of stock are easy to sell (transfer ownership.)” (Kieso, Kimmel and Weygandt 2003). With the café being a corporation and having stock holders, it will be easier to raise funds if the need arises by selling stock to investors like yourself. Now we will...
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...According to my understanding project management is important because there is an intense competition between the firms in today’s business environment.in order to achieve an advantage over competing firms, efficiency and success of each and every project is very important .most of all project management is a necessity because of the budgets and resources are limited and time constraints are very strict. As far as I concerned managing a project is a complex task which consists of number of phases and it is a non-repetitive process which has a beginning and an end. Various different tools can be used in this process and these tools will help to measure accomplishments, progress and project tasks. Project management help to reduce the risk of failure and increase the chance of success.it also help to overcome problems and to address the challenges which may arise throughout the life cycle of the project.by applying project management activities, the project it will become flexible and will be able to adapt to possible changes that may occur in the future and will achieve higher performance and probability of higher success. According to my opinion project management can be applied to many organizations and industries. For examples we can consider Information Technology, Engineering and Architecture, Manufacturing, Software Development and banking among many others. Project management is discipline and a process.it is consists of set of method and tools which can be used to define...
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...The best methodologies, in my opinion, for the Project Stock would be Network Flow Diagram and Project Software. Using Network Flow Diagram will help ShoeRUs to visualize and understand how the project will work and proceed. This diagram will also display the link with all the components of the project. (Network Diagram, 2015) One more strength of this methodology is that the format of this diagram will make it easier to determine the flow of the project, where the current project is in its lifecycle and also link of activities taking place during the whole lifecycle. The main aim of this methodology is to enable to create a diagram for the project broken down into smaller tasks which are important for completing the whole project. Another methodology is the Project Software. There are a lot of strengths that comes with this type of methodology. One of its strengths is that it provides the company to evaluate the direction that the project is taking. It also helps the company to revisit every task in the project lifecycle. By doing this, the company will reduce the costs and the time that will take to finalize the project being developed. It also helps the company to build the project as expected. (Miranda Brookins, 2015) For the Project Moving House, I will choose the Budget Methodology and the Schedule Methodology. The Budget methodology will help the family to control the costs of moving their furniture and other personal belongings to their new house. By using this methodology...
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...Introduction There currently is not a comprehensive view of the existing and needed business systems of Riordan manufacturing (Smith Services Consulting Inc., 2011). The management of Riordan Manufacturing has submitted Service Request SR-rm-012 – Business Systems to have Smith Consulting create a summary of the business systems needed for effective management. Technical Team Bravo will begin with an overview of the current systems that exist in the areas of Finance and Accounting, Payroll and Human Resources, Information Technology, and Sales and Marketing. For each area covered, Technical Team Bravo will describe the business systems and subsystems used, identify who uses them, identify interrelations between business systems and subsystems, and include any noted disparities. Technical Team Bravo will conclude with a summary of suggestions for a systems plan to improve management (Smith Services Consulting Inc., 2011). Accounting Systems Riordan Manufacturing currently has six Enterprise Resource Planning (ERP) and Manufacturing Resource Planning (MRP) systems throughout four locations. These servers are accessed at the local level by 16 clients (PC’s.) The current challenge to management is the disparate systems and inconsistencies with respect to reporting capabilities and collaboration. Management needs to consolidate these systems into one Cloud-Based ERP/MRP solution that can handle real-time inventory management controls, and comprehensive, robust reporting tools...
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...Business Economics GM545 FALL TERM Chapter 15: Q14 There is a lot to be said about being a part of a national estimation or basic "guesstimation "in my mind. Any time there is a standard that is based on a calculation of how much the average versus the absolute, and then you are always going to have a situation where the guess may not be as all inclusive as needed be. When Richard Stone came up with the system to gauge how much is being spent in each household and funneling back into the market this was a "just-about" ingenious way to make sure we know what is going on in our economic basic structure. Coming up with a way to measure the expenditures of the Americans in comparison to other nations can be very useful when trying to figure out the needs that society may have and what it takes to fill the gaps however, this can take an unforeseen turn of events just as it did in the days of the great depression. The problem with accurate representation from a society that income fluctuates based on shortcomings in the ability to employ the employable is that income is never the same. There are businesses in this country that go unaccounted for and there are businesses that are being accounted for that is no longer in existence and this affects the estimation. If this information is not taken into account the numbers or end result will definitely be an inaccurate one. Just like in the days of the days of the Great Depression the information that was used to devise the...
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