...Description of the business Décor is a family owned partnership business. The business is involved in the manufacturing of office furniture and commercial and residential hard surface work tops. Mission Statement Décor Products is committed to providing quality and affordable products and services to meet the evolving needs of our valued customers. Décor Products will “go the extra mile” to ensure that our customers are satisfied every time. Justification of the location Décor Products is located in Arnos Vale area. It is considered a relatively good location for a number of factors some of which are: •That area is rapidly becoming more commercialized •It is not in the mass confusion of town allowing for good parking facilities. •It is a relatively central location within the country making it easy to distribute goods. Selection of appropriate labour At Décor Products the labour force is made up mainly of semi-skilled and skilled labour. Persons employed are operations manager, salesman, accounts clerk, receptionist, secretary, accountant, workshop manager and joiners. Skilled joiners are necessary to produce the quality finished goods as referred to in the mission statement. Sources of fixed and working capital Things such as: commercial office building, motor vehicles and office equipment are funded by jointly by Bruce Barrow and First Caribbean International Bank. Working capital comes form the sales of products manufactured. Role of the entrepreneur The...
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...exercise. DESCRIPTION OF THE BUSINESS JAMAICAN TINGS “PREPARING AND DELIVERING DELICIOUS MEALS TO YOUR DOOR” DESCRIPTION Jamaican Tings is a sole trader business that will be located at 3 Knutsford Boulevard Kingston 5. John Doe is the owner of the business he works as an accountant. Jamaican Tings will be engage in the production of tasty meals and beverages to customers. It will be align with secondary and tertiary sectors of the economy. Jamaican Tings will register with the Companies Office of Jamaica as Sole Proprietor Business, the Inland Revenue Department and the other Statutory Agencies required by Law. All workers will have to be certified under the Ministry of Health and obtain a Food Handlers Permit. GOALS * To be the leading restaurant in the corporate area by 2016 * To expand the business to other major towns in Jamaica by 2017 * To provide well prepared meals and beverages to our customers at affordable prices MISSON STATEMENT To offer quality and value to our customers; providing them with meals and beverages that are affordable and of the highest quality. With our well trained and dedicated staff we aim to satisfy all our customers need. JUSTIFICATION OF LOCATION Jamaican Tings will be located at 3 Knutsford Boulevard, Kingston 5. This location is ideal for the following: * Close proximity to the New Kingston Financial Sector market; close to the Kingston Business Hotels Tourism Market; and close...
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...Entrepreneurial Leadership By: David Pruett Dr. ABCDEF Contemporary Business - BUS 508 Date A good leader has the same characteristics as a nurturing parent. That approach encourages the entrepreneur to be a genuine leader, who cares for and develops his or her employees, much like a parent wants the best for their child. During my nineteen years of being of working and climbing the company ladder, I have had very few bosses that made good leader, but each one taught me something as I was promoted into a leadership position. Leadership is a process through which an entrepreneur is able to influence employees to achieve the objectives of the organization. Rarely can an entrepreneur make a company succeed by him or herself. The entrepreneur needs to able to identify staffing needs, properly fill them, and lead their team to success. To be an effective leader, an entrepreneur must be able to build trust and confidence among employees and communicate effectively with them. Leaders can build trust by working hard, by maintaining a constant message, and by showing employees they are fully committed to achieving the company’s vision. Effective communication is equally critical to a successful leadership. Precise and clear communication with employees will engrain the company’s vision and goals over time. Other keys to entrepreneurial leadership include: * Seeking self-improvement. A great leader always seeks to become even better. * Accepting responsibility...
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...Setting Up a Business By Osmond Vitez, eHow Contributor * * * * Print this article Entrepreneurs are the individuals who start new businesses in the economic marketplace. These individuals may start businesses for a variety of reasons, including working for their own self-interest, making more money, improving their local community or enhancing their quality of life. While entrepreneurs may face a number of issues when starting a business, they usually have the psychological resolve and positive outlook to overcome these issues. Other People Are Reading * Help With Setting up a New Business * How to Start an Entrepreneur Cosmetic Business 1. Facts * Entrepreneurs usually offer the vision, goals and objectives for their start-up companies. Goals and objectives oftentimes are simple during the early stages of the company; goals typically include building a strong customer base and making enough money to break even. As entrepreneurs continue to establish their businesses, the importance of goals and objectives typically increases. Once employees are hired to work in the business, an entrepreneur must be able to translate the company’s vision and objectives to new employees. Function * Start-up companies usually require a business plan to begin its operations. Entrepreneurs are usually the individuals responsible for writing the business plan and developing specific information related to the start-up company. The business plan is often...
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...parties to provide the past 2 years of business tax returns, and current year’s tax return. All owners with at least 20% ownership required guarantee, with a minimum of 80% of ownership represented. All loan documents must be signed at the local Bank of America centers. BofA offers secured loans so that borrowers can get a loan without securing against specific business or personal assets. CHASE: Chase requires all business to be for profit, have to be a small business defined by SBA. Business has to be done in the United States, have reasonable invested equity. All business must use alternate financial resources such as personal assets before apply for a loan. Company must be able to demonstrate a need for the loan, and loan funds can only be used for sound business purposes, and no delinquent existing debt obligations. DOCUMENTS NEEDED: The United States Small Business Administration (SBA) requires business owners to complete an application for business loans, “SBA Form 4” (www.sba.com). Small business loans require the same documents which are personal background application, resume, business plan, personal & business credit reports, tax returns, financial statement, and bank statements. BUSINESS PLAN: Leo Hirschfield started Tootsie Roll in Chicago 1896, the primary objective was to consume the US; Canada, and Mexico with their tootsie roll candies. The companies now sell its products in over 75 countries. This business proposal is being presented so that Tootsie...
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...which made her business a big success. In the last year, Jayne has added three bicycle-towed concessions to her business, spreading her popular products in strategic locations in the region. She utilized Facebook to promote her business, publish her daily menus and post the locations of her bicycle concessions. Jayne is gratified by her success, but she wants to expand her business to something more lucrative, implement a greater variety of food products and services, and increase her competitive edge in the region. When a restaurant space became available 20 miles from her trailer concession location but close to a mall and the suburbs, and nearer to her local food producers, Jayne jumped at the opportunity. She hired professional business consultants to help set up her restaurant; however she knew she must also consider her financial, HR and management needs as well as her ethical and potential social responsibilities. Growth Strategy Jayne should create a thorough business plan, clearly identifying the goals of her business expansions to include her executive summary, proposed business, industry analysis, mission statement and core values, management plan, goods and services production processes, marketing and financial plan (Exploring business, 2014, p. 40). In creating her business plan Jayne made strategic decisions in functional areas of management, operations, marketing accounting and finance, thereby reducing her risk of failure (Exploring business, 2014, p. 39)...
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...Home-Based Business Pitfalls Kaplan University CM 107 Imagine investing all your hard-earned money to start a home-based business, and the unexpected happens. Everything is lost: money, business, and self-confidence. Some people who start home-based businesses do not plan efficiently when beginning their business. Operating a business is not as easy as new owners think. Some new entrepreneurs have no prior business experience, and have no knowledge of support programs that could help a business succeed. New home-based business owners do not realize they can receive help from government-funded programs for training courses teaching strategic planning, financial support, marketing skills, and much more. Home-based business owners are not aware of the support they can receive to help with all aspects of running a business. When entrepreneurs seek advice, they tend to go to accountants, lawyers, family, friends, and other business owners. These sources may be helpful, but they may not be reliable. Home-based business entrepreneurs are unfamiliar with the importance of educational training in management, including knowledge of law and regulations the government requires before start-up of a new business can begin. Shameem Ali, (2011) a DBA candidate of Victoria University in Melbourne, Maine, conducted a study to develop an understanding of home-based businesses. Home-based business owners were interviewed, and they found that most of the new owners...
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...Making Sense of Small Business Set-Asides in Government Contracting From the Viewpoint of a Contract Specialist with the Department of Veterans Affairs As a new contract specialist in the federal government, one of the first concepts we learn is full and open competition. Full and open competition is one of the fundamental principles of federal contracting. Healthy competition is the lifeblood of commerce. It promotes innovation, quality and savings. Contracting officers (COs) are required by law to procure supplies and services on a competitive basis. In 1984, the Competition in Contracting Act (CICA) was passed and introduced the phrase full and open competition into the world of government contracting (Nash, Schooner, O’Brien-DeBakey, Edwards 111). CICA requires that contracts be competed as full and open so as to allow any qualified company to submit an offer ((Blogger). This principle is echoed in section 13.104 of the Federal Acquisition Regulation (FAR). It states that the CO must promote competition to the maximum extent practicable to obtain supplies and services from the source whose offer is the most advantageous to the Government (Federal Acquisition Regulation “FAR” 322). While FAR part 6 implements CICA and addresses competition requirements it must be noted that there are three levels: full and open competition; full and open competition after exclusion...
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...CARIBBEAN EXAMINATIONS COUNCIL Caribbean Secondary Education Certificate CSEC ® PRINCIPLES OF BUSINESS SYLLABUS Effective for examinations from May/June 2008 Including 2009 amendments CXC 08/G/SYLL 06 Published by the Caribbean Examinations Council. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form, or by any means electronic, photocopying, recording or otherwise without prior permission of the author or publisher. Correspondence related to the syllabus should be addressed to: The Pro-Registrar Caribbean Examinations Council Caenwood Centre 37 Arnold Road, Kingston 5, Jamaica, W.I. Telephone: (876) 630-5200 Facsimile Number: (876) 967-4972 E-mail address: cxcwzo@cxc.org Website: www.cxc.org Copyright © 2006, by Caribbean Examinations Council The Garrison, St Michael BB14038, Barbados CXC 08/G/SYLL 06 2 Contents RATIONALE...........................................................................................................................................................1 AIMS ........................................................................................................................................................................1 GENERAL OBJECTIVES ......................................................................................................................................2 SKILLS AND ABILLITIES TO BE ASSESSED ........................
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...Entrepreneurial Leadership Task 1 Analyze and describe the founding leader, leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit. Task 1 Response At the age of 22, John Schnatter founded Papa John’s Pizza in 1984 (Cendrowski, 2009). Mr. Schnatter converted a broom closet at Mick’s Lounge bar into a takeout pizza restaurant (Cendrowski, 2009). The concept of the takeout pizzeria was conceived during his studies at Ball State University (Cendrowski, 2009). During this time, he wanted to build a pizza brand based on the principle of “Better ingredients, better pizza” (Cendrowski, 2009). Since the inception of the company, Papa John’s has developed a strong quality claim and devote consumer base taking the company from small beginnings to the third largest pizza chain in the United States (Brandau, 2009). As a leader, Mr. Schnatter believes in hard work and demands his employees produce a superior product. According to the Papa John’s website, Schnatter developed six core principles every employee from the lowest level on up must memorize and repeat daily (2011). The core principles are: Focus-Constantly deliver a superior Papa John’s pizza; Accountability-Do what we say we are going to do, and do it; Superiority-Demand “Best in-class” at everything you do; P.A.P.A (People are priority always)-Our success depends on how well...
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...Analyze and describe the founding leader(s), leadership style, and major business principles of a profit-oriented entrepreneurial approach in which the primary goal is to provide a product or service to consumers and to make a profit. According to Boone (2011), profits represents “rewards for businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services.” Entrepreneurship is the “willingness to take risks to create and operate a business to achieve success in the marketplace and earn those profits” (Ibid., pp. 6). Profits are the central focus of any business; a company could not survive without it; Leon L. Bean was one of those people. Leon L. Bean, named by Fortune Magazine, as “1of 200 best entrepreneurial for 2011” (Gale Encyclopedia, Und.). An avid outdoorsman, Leon Bean started out by creating a comfortable, functional boot for exploring the Maine woods. His idea came as a result of him returning from a hunting trip with cold, damp feet. While Bean had to refund money on “90 of the first 100 pairs of shoes, when the shoes developed cracks” (Ibid., Und.), it did not stop him; it led to the creation of “the Maine Hunting Shoe” which changed outdoor footwear forever and began one of the most successful family-run businesses in the country (Ibid., Und.). Treating customer well became a “hallmark of Bean’s business strategy; guaranteeing his product to give perfect satisfaction in every...
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...Entrepreneurial Leadership Tamia Sessoms Hopkins Dr. Prakash G. Menon BUS508 The Business Enterprise April 24, 2011 Entrepreneurial Leadership 2 The Abstract It takes the right leadership to inspire a team and an organization. Having a successful business depends on having a great leader who can provide guidance. This paper will discuss the hybrid/philosophy I created including the new definition of entrepreneurial leaderhsip presented in Understanding Entreprenuerial Leadership in today’s Dyanamic Market. I will also describe what type of leaders thrives in organizations. I will then evaluate the Small Business Administration and SCORE and explain which resource is most useful in businesses. Lastly, I will create a list of leadership best practices. Hybrid Theory/ Philosphy 3 In creating a hybrid theory/ philosphy, I had to put a considerable amount of thought into it and the result was everything in business is driven by people. I will begin by definining what is considered to be the new definition of entrepreneurial leadership. According to Fernard and Soloman (2003), Entreprenurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. With this being said, to be successful starting a business it will take continuous innovation and creativity because the mindset has to be “what is good for our customers today, will not be good for our customers...
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...Entrepreneurial Leadership Terrence A Reed Jr Professor Christopher Mc Grath BUS 508, Strayer University 7/21//2011 Q1. Create a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker. In your philosophy, be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. These three different people all had different beliefs on what they believed could make a business successful. These ideas were what they found to be important in their own pursuit of developing a business. Their beliefs concentrated on areas such as practices of leadership, entrepreneurial leadership, beliefs that they have developed that were successful. Steve Case had developed a belief which made him successful in his business practice. He believed in a system that he called the three P’s, they concentrated on: People, Passion and Perseverance. This believed you should have the right people in place with the same creative passion. These workers must be willing to overcome any obstacle they encounter. Next we will discuss the beliefs that James Kouzes had developed that made him a success. First off, he believed that leadership pertained to anyone who leads people regardless of their position. These are practices that he felt a leader should perform, they are Model the way, Inspire assured vision, Challenge the process...
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...studies and researches over the past fifteen years, and new definitions of entrepreneurial leadership have been formed. They include characteristics such as; innovators, risk takers, transformational, visionaries, problem solvers; and having the ability to operate in dynamic markets. While the aforementioned characteristics of entrepreneurial leaders have been agreed upon by many, I believe that it’s the people that have had the biggest effect within the discipline. Case (2010) and Kouzes (2008) both stated how important people are in an entrepreneurship. Their theories spoke of how important it is to align people around the company’s priorities, empowering employees, setting the example at the top, and showing care and concern for the business and its’ people. Because more people are obtaining higher education than ever before and the use of information technology provides for instant research and quicker patents, I believe that the people will continue to drive the changes in entrepreneurial leadership. We are the most important resource in any organization. Defining Leaders An organization’s development can depend on what levels of leadership are present and how they are administered. Transactional leadership involves leaders that have exchanged benefits with subordinates where they provide rewards for expected efforts and use punishment to help reach goals. A good organization where this quality would thrive would be an accounting firm where salary is largely depended...
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...bottom line objective other than returning profits to their owners. Within the realm of for-profit businesses, analysts break it down even further into business purely out to make a profit, or “socially responsible” businesses, meaning that in addition to making money, proprietors are also out to make a difference in society by contributing profit resources to the community, protecting the environment, or developing programs to further more abstract social agendas. One example of a purely for-profit company is Crystal Clear Technologies (CCT) based out of St. Petersburg, Florida. CCT was founded in 2002, by Crystal Culbertson after she finished her tour as a Logistics Specialist in the United States Air Force, and was designed to help streamline the procurement process for the military [ (Joyner, 2011) ]. She has been described as extremely persistent and has an extensive knowledge of the contract and procurement rules pervading this line of work [ (Trigaux, 2011) ]. In 2011, Crystal Clear Technologies made it on Inc. Magazine’s Top 500|5000 list as #1 in Government Services, #1 in Tampa and #5 on the overall list of companies and Ms. Culbertson was listed as #1 for women entrepreneurs [ (Joyner, 2011) ]. The company currently has contracts with the Air Force and Department of Defense and is trying to develop business with the Army. CCT’s product lines are as follows: professional services, which consists of procurement...
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