Name: Marquis John
Candidate #:
School: Speyside High School
Name of Subject: Principle of Business
Centre #: 160551
Territory: Trinidad and Tobago
Date Submitted:
Title: Establishing a Business (Production)

DESCRIPTION OF THE BUSINESS
Mission Statement
At Signature Cuts Barber Shop our mission is to provide a quality service while successfully satisfying the needs of our clients. In an effort to obtain and maintain a satisfied clientele, we offer a variety of products and services.
As a leader in the Scarborough area, we will continue to support the community and our youth through our constant involvement, as well as our various self enhancement seminars and scholarship funds.
Through continued teamwork and positive relationships with our clients, we are committed to professional haircutting and quality service.

The name of this business will be Signature Cuts. This will be a sole trader business. The owner’s name will be Mr. Marquis John. The purpose of this business will be to provide barbering services to customers. The objectives of this business will be to earn income, provide an essential service and employment. E.g. of haircuts (Mohawks, Taper fades, plaits {Men and women} or any haircut that a customer will request.

JUSTIFACTION OF LOCATION
Signature Cuts will be located at #7 Piketon Street, Scarborough Tobago.

(1) Infrastructure: It will be a suitable place for the business since it provides easy access to the building and adequate parking space for costumers.

(2) Transport access: It will be easy to get transport to and from the business.

ROLE OF AN ENTREPRENEUR
Mr. John’s role as an entrepreneur will be creating, forming new ideas, organizing the business by keeping records of sales, documentation & create a structure, planning by identifying targets, objectives and goals.
Mr. John’s qualities will be risk taking by taking a lot of risks, passionate about the business and very hardworking by working extremely hard towards this business
As an entrepreneur Mr. John’s functions will be marketing, purchasing and producing.

SELECTION OF APPORPRIATE LABOUR

The selection of appropriate labour for the business will be (2) Barbers in different fields: - (1) Regular barber (2) Stylist. There will be (3) barbers of these categories (1) Semi-skilled (2) Skilled (3) Un-skilled.
The duties of each worker at this business will be to satisfy customers provide a quality service while successfully satisfying the needs of our clients. In an effort to obtain and maintain a satisfied clientele, we offer a variety of products and services. The working hours are 10am-7pm on weekdays and Sundays and on holidays those working hours will be 8am-1pm. The people that would like to work at this business should have at least two years experience and should be able to 1) Execute simple yet complete haircut to customers in hectic rush hours. 2) Keep customers satisfied and coming back to receive this service. 3) Always be able to complete facial cuts on both men and women (eyebrows, eyelashes)
The recruitment procedures that will be used to select workers are to put up flyers around town and villages so that interested people can see them and come to be interviewed for the job. This type of labour is necessary because it is suitable for the owner of the business and the employees also.
Manager

Ma
Hairdresser
Barber
Barber
Cleaner

LEVELS OF PRODUCTION
The level of production that will be used in this business will be Domestic production. The business will be involved in providing services for the local market. The size of production will be small scale. Mr. Marquis John intends to produce approximately 10% and the percentage will increase significantly as the business progresses.

TYPE OF PRODUCTION
This business will be involved in tertiary production. Tertiary production will be offering the haircutting services to each customer that will be partaking in the services of this business. This business is tertiary production because they provide a service to customers in need of this service. Signature cuts therefore involve itself in tertiary production by providing a service to customers.
Method of production – Job/Unit one haircut at a time.

LINKAGES
Signature Cuts has backward linkages. This business will be linked with “Wahl Barbering Ltd”. They make the specified equipment for Signature Cuts and mail them to business “Hair stores equipment” which sends the product directly to “Signature Cuts”. One benefit that will be obtained by this business will be goods coming directly to this business rather than going to the store to buy the machinery.
Wahl Barbering Ltd
Signature Cuts
Backward linkage

Ethical Issues
False Advertising
False advertising often defined as any advertising or promotion that misrepresents the nature, characteristics qualities or geographic origin of goals and services.
If services are being advertised by “Signature Cuts” and it will not be offered by the business, the business will have a lot of dissatisfied customers which will ultimately give the business a bad reputation and it can lose customers. This will ultimately lead to the loss revenue and determine if the business will be successful or fail.

SOURCES OF FIXED AND WORKING CAPITAL.
The capital which will be used in the development of this business will be obtained from a small business financial institution in the sum of Fifty thousand dollars. ($50,000) to be paid within twelve months.
The fixed capital will be obtained from a supplier or Hair Stores Equipment and material such as, Outliners, Trimming machine, Scissors, razor blades, machine oil, Chairs, Aprons and desks for employee equipment etc. ($30,000) approximately.
The working capital will be used by purchaser. E.g. (Raw materials) this will be in the form of ($ 20,000 apx) Twenty thousand dollars and the balance will remain in the bank.

QUALITY CONTROL METHODS
This business (Signature cuts) will be producing top class, affordable haircuts. Two quality control measures that will be used are: (1) To have a suggestion box placed in this business to receive the views of customers (2) Observation by which a critic will be called to check on the progress of the business and the machinery used.

USE OF TECHNOLOGY
The two types of that will be used in this business will be (1) The computers for storing information, employee records, supplier records, use of equipment and tools (2) Television to entertain waiting customers. The computer will be used to record data to benefit my business for future use and the television will allow entertainment that will let the customers to await their turn.

POTENTIAL OF GROWTH
Signature Cuts will grow both internally and externally. Two ways in which this business can grow internally: Upgrading with new and improved trimming machines. This business can get more workers to expand the workforce. To expand externally this business can open new branches in the rural areas around the island. They can also merge with larger and well known barbershop on the island or regional areas thus increasing profits and customers on a global scale.

GOVERNMENT REGULATIONS
Signature cuts will become a huge business that will be obligated to pay taxes because the more profit this business makes the more tax, this business will be obligated to pay therefore putting a strain on this business.

TABLE OF CONTENTS
Topics Pages
Description of business 1
Mission statement
Justification of location 2
Selection of appropriate labour 3
Sources of fixed and working capital 4
Role of the entrepreneur 5
Type of production 6
Level of production 7
Quality control measures 8
Use of technology 9
Potential of growth 10
Government regulation 11
Ethical Issues 12