...TO: Professor Sara Cutting FROM: Kiersten McCaffrey DATE: February 18, 2014 SUBJECT: Begin Business Plan for Potential Future Investment Background In the beginning of the semester you requested that I research a topic related to a personal decision such as a future goal. I am currently employed at a yoga studio and have a general understanding of the hard work that goes into running a small business. At the same time, I also directly see the benefits of owning a successful business. As a business management major, and someone who enjoys practicing yoga, I believe opening my own yoga studio is a potential career choice for me. Purpose of the Study Since I will not be finically stable upon finishing college, I would like to propose that I research more into the pros and cons of this topic to help me decide if this is would be a career choice I would like to pursue later in my life. In order to conduct this research accurately, I will plan to open a yoga studio in New York, New York. By deciding on a location, I can find information that is focused on a specific geographic location and become more familiar with the expenses, competition, and look more closely at the demographics. Scope of Analysis In order to run a successful business and have strong retention, I believe I should begin by exploring three important characteristics: 1. Research information about any potential competition such as, how long have they been opened, what prices they charge...
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...pizza shop with his crazy boss George Georgey. This average life soon disappears into a life of adventure when events occur that change Tyler's life for eternity. So here we begin, Tyler's first day at school senior year. The day begins full of excitement as kids rush through the main doors of Mobile Public High School. Students from all around the school are conversing with their friends and new members of the school full of joy after not seeing some of the faces over the long summer. On the other hand, Tyler's first day is long and tiring. He isn't as excited as all the others since he has to work at the pizza place for five hours after school. The day goes very slow and finally the clock strikes at 3:15pm. The bell rings and the halls become flooded with students who are rushing to go to pool parties and first day practices. Instead, Tyler gets in his old car donated from his grandmother and drives ten minutes downtown to get to work. The second he arrives, his boss George Georgey erupts with anger “Tyler! What the hell man! I needed you here forty-five minutes ago!...
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...entrepreneur with a small business or potentials who wants to become an entrepreneur and a start a business with what their passionate about. This book is introduce three sections about why most small businesses don’t work and what to do about it. This book also illustrates and shows statistics in America on how hard most entrepreneurs work harder then what their normally anticipated to do. The first of the book discussed, “The E-Myth and America Small Business,” part two illustrates “The Turn Key Revolution: A New View of Business,” part three “Building a Small Business That Works.” This book has elevated and stimulated my mind on the difficulties that a small business deals with challenges and help enhance on management and people skills. The Entrepreneurial Myth, introduce the entrepreneurial seizure which most people don’t realize when their experiencing the seizure. Inside a workers head they ask, what am I doing this for? Why am I working for this guy? “I know as much about this business as he does. If it wasn’t for me he wouldn’t have a business.” In the entrepreneurial seizure you make the assumption of wanting to start your business which is known as a fatal assumption. A fatal interference understands technical work of a business that you have developed and understand the techniques of that business. That technician is forced to operate the business, than do the work on him. When suffering with entrepreneurial seizure a business is not business but a place that is just...
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...The following is a highlighted summary of the book, Competing for the Future, published by Harvard Business School Publishing. The statements below are key points of the book as determined by James Altfeld and have been made available at no charge to the user. Competing for the Future By Gary Hamel and C.K. Prahalad Look around your company. Look at the high profile initiatives that have been launched recently. Look at the issues that are preoccupying senior management. Look at the criteria and benchmarks by which progress is being measured. Look at the track record of new business creation. Look into the faces of your colleagues and consider their dreams and fears. Look toward the future and regenerate success again and again in the years and decades to come. Now ask yourself: Does senior management have a clear and broadly shared understanding of how the industry may be different ten years from now? Are its headlights shining farther out than those of competitors? Is its point of view about the future clearly reflected in the company’s short term priorities? Is its point of view about the future competitively unique? Ask yourself: How influential is my company in setting the new rules of competition within its industry? Is it regularly redefining new ways of doing business building new capabilities, and setting new standards of customer satisfaction? Is it more a rule maker than a rule taker within its industry? Is it more intent on challenging the industry status quo...
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...Entrepreneur Reflection Paper DeVry University Professor Lawrence Zimmermann Small Business Management and Entrepreneurship Week 5 paper for course project 6/2/2012 DeVry University Small Business Management and Entrepreneurship Week 5 paper for course project 6/2/2012 Brewing beer and business have a number of parallels, from the fine point you have to take into consideration, to the larger end product. Stephen Moss Brewing beer and business have a number of parallels, from the fine point you have to take into consideration, to the larger end product. Table of contents Cover Page I Table of contents 1 Introduction 2 Main Body 3 Conclusion 4 There are many parallels to be made between being an entrepreneur and brewing your own beer. Every time you begin steeping your base hops in the bag, and adding each ingredient to your future batch of beer, you must consider your past successes and failures, the future planned taste, and how your customers are going to react to it. The same goes with being an entrepreneur. Every decision you make for business can have an effect for weeks and sometimes years to come. Every business decision you make is going to have an impact on your bottom line one way or another. While speaking with McClernon, owner and operator of Kinetic brewing company, he showed me that there is stress, loss, and challenge when owning and operating your own brewery. He also showed me that there is success, pride, and many great times...
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...Formula 4. Compound Interest 4.1 What is Compound Interest? 4.2 Compound Interest Formula 5. Compound Interest Tables 1. Future Value of $1 2. Present Value of $1 3. Present Value of an Ordinary Annuity of $1 4. Present Value of an Annuity due 5. Present Value of a Deferred Annuity 6. Conclusion 7. References Abstract The time value of money (TVM) is based on the principle that "a dollar today is worth more than a dollar in the future, (Mott, 2010, pp.31). Waiting for future dollars involves a cost -the cost is foregoing the opportunity to earn a rate of return on money while you are waiting" (pp.31). TVM was developed by Leonard Fibonnacci in 1202 and is one of the basic concepts of finance. One hundred dollars today has a different buying power than it will have in the future. For example, $100 invested in a savings account at your local bank yielding 6% annually will grow to $106 in one year. The difference between the $100 invested now-the present value of the investment-and its $106 future value represents the time value of money, (Spiceland, Sepe, Nelson, pp. 322). Time Value of Money: Simple Interest versus Compound Interest The time value of money is an accounting concept used for making decisions about Notes, Leases, Pensions and other postretirement benefits, Long-Term Assets, Sinking Funds, Business Combinations, Disclosures, and Installment Contracts. Also, time value concepts are important in...
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...Protocol to achieve financial independence -The Basics of Money and its accumulation- "You will never achieve wealth in spending money, wealth can only be achieved in saving money." -Helmut Ament- Why do we Fail with Money? We fail with Money and we don’t build wealth and financial security because we make a few key, consistent errors. These are common errors that are caused by our mental “hard-‐wiring” and our inability to calculate the long-term effects of our decisions. If you learn About these errors and you overcome them, you can take control of your financial life and Your financial success. If you don’t learn about these errors, you’ll keep making them, and you’ll keep going down a path of having less success with money, less control of your life, and less of a feeling of security and safety for yourself and others. If you want to get control of your financial life... and get control of your ENTIRE life... then you must educate yourself and learn how to do it. No one is going to do it for you. A Lot of people think that money is something you dont talk about, something bad. Some people think that people who have money are “bad people” and people who are poor are “good people.” Regardless of how you feel about money, what you think money is, or whether or not you think that people who have money are good or bad, it’s likely that you DO FEEL one thing: Most people feel like... Money controles their lives Every important decision is affected...
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...Continued Academic Success Samantha White GEN/201 10/01/2015 Tia McMillan Introduction Throughout a person's academic career, there are many good habits to have that will assist in the continued success of future endeavors. These include creating goals, understanding your ethical lens, being able to think critically, write formally, and knowing what resources are at one's disposal to put you on the right path. With knowledge of these habits and perfecting them to your learning level, continued academic success can be reached. Educational and Career Goals Some might not see the importance of making goals when discussing success. In all actuality, setting goals is one of the most important steps in setting out on a path towards success. In the Journal of Student Development it is said that "goals and self-responsibility represent the foundation upon which personal and academic success are built and all other academic and life skills are base" (Hughes & Marsh, 2000, para. 2). Setting goals can help lead to success by allowing you to focus on one thing at a time, and not get overwhelmed by the big picture. By knowing what you want, you can begin to focus on what steps you must take to get there. Personally, my career goal is to become a clinical psychologist. This requires a doctorate, and many years of schooling, licensing, and internships. While a good goal to have, it can be frightening to know that I have all of that ahead of me. In my case, I have broken it down simply...
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...large sum of money but only for a short period of time. What I really needed is to a find a person who would agree to give me a long-term loan (1,5-2 years) on the amount of about 8000-10000$ without any interest expense. One day Dmitry Kurukin, an international chess master called me and invited me on a business meeting. He told me that he had a business suggestion to me. I came to his office and he suggested me to take part in the distribution of some products. Briefly speaking it was a Networking Marketing (like an Amway). Moreover he showed me products and suggested to buy some of them and to sign some agreement according to which part of my future product sales will be his profit. I became very disappointed because I spend almost one hour to reach his office and he suggested me such a ”shirt” as Marketing Networking. I am not a student or a salesman to be suggested such a rubbish idea – I thought. Than I came down and began to think how to connect my wants with his ideas. I decided to ask what I wanted but in a very subtle way. I began by saying that it is an interesting idea but I cannot do it because I would be too busy because of my MBA and I cannot buy his products now because I lack money due to my all MBA expenses. But If Kurukin could...
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...Managerial Appl of Info Tech SUBJECT OF COURSE PROJECT: The Development of an e-commerce page within an independent record label’s website. BUSINESS PROBLEM STATEMENT: In today’s age of digital downloads, mobile computing and Wi-Fi hotspots the music industry’s business model has completely changed. No longer is it viable to have only a wholesaler distribute a label’s music to records stores and department stores with music sections. Also, consumers are more interested in purchasing single songs (singles) rather than entire albums but retailers only like to carry albums since they return a larger profit than singles. Retailers carry singles of specific artists only. Because of the service fee charged by the distributor the aforementioned scenario continues to eat into the revenue of the company. NAME OF COMPANY OR ORGANIZATION: ACME Record Label, LLC GENERAL BENEFITS IT WILL PROVIDE THE ORGANIZATION: Indie artists and bands as well have had the fair share of opportunity to be published, heard, and bought online. Developing a company’s own e-commerce platform enables music sharing to be more accessible and affordable to company and consumers since songs can be purchased individually as opposed to the old school buying of the whole album in order to hear that one song. This individual song retail packaging has proved to be more profitable to the artist and the record label than the more difficult selling of the whole album. Also, the fee administered by...
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...than anything else? As I am beginning this essay, for first time I really tried to imagine my own supervision style and the nature of my relationships with various supervisees. How I talk, how I sit, what interventions I bring, who would be my supervisees...the list is endless. I can't predict the future but certainly I would like to fill my supervision tool box with material from other supervisors enriched by my own learning and experiences....
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...International Business Communications Professor: Jason Sheedy IP4 By: Bonnie Sternberg September 5, 2015 Your fast-food franchise has been cleared for business in all 4 countries (United Arab Emirates, Israel, Mexico, and China). You now have to start construction on your restaurants. The financing is coming from the United Arab Emirates, the materials are coming from Mexico and China, the engineering and technology are coming from Israel , and the labor will be hired locally within these countries by your management team from the United States. You invite all of the players to the headquarters in the United States for a big meeting to explain the project and get to know one another. In preparation for the meeting, you want to avoid cultural silos, while ensuring all parties engage with each other. Answer the following questions in preparation:. 1. What do you know about these cultures—specifically their economic, political, educational, and social systems—that could help you in getting them together? 2. What are some of the contrasting cultural values of these countries? As you begin to plan, you are concerned about some of the language barriers, particularly the fact that the United States is a low-context country, and some of the countries present are high-context countries. Furthermore, you only speak English, and you do not have an interpreter planned at this time. 3. What strategy would you use to begin to have...
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...by a set of private individuals, but instead, it is viewed as now being owned by those individuals as well as by members of the public (or shareholders). This ownership is acquired by shareholders through the purchase of shares in an Initial Public Offering (IPO) or even after an IPO. “An Initial Public Offering (IPO) may be defined as the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately owned companies looking to become publicly traded.” The principal participants in the IPO process are the company’s management, board of directors, counsel, independent accountants, and pre-IPO stockholders; the managing underwriters, research analysts, and underwriters’ counsel; and, of course, the SEC just to name a few. A private company may decide to go public in order to raise additional capital to fund its business and or take advantage of an investment opportunity which will not only benefit the company but also its shareholders. There are many sound reasons for private companies wanting to go public. For instance, equity capital obtained from an IPO is considered a permanent form of capital since there is no interest to be paid on the equity, and it is not repayable like debt. Therefore, funds generated by a public offering are considered a relatively safe form of capital for a business. Going public can also allow a company the freedom and flexibility...
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...months you will be making one of the biggest adjustments of your life so far. Moving away from home, living on your own, and going to college are all very different and new experiences that you have never encountered. Everyone says college is the time of your life, and you need to make the most of it. I can remember being a Junior in high school thinking about how time was flying by, and I am now about to be a Junior in college. You will be faced with many decisions, some harder than others, and you will have to make many choices. My first big decision was to join Phi Mu. I was not sure I wanted to join a sorority initially, but after I went through the recruitment process I realized how it really was going to be a great opportunity for me. I am so happy with my decision, and I think you need to join a sorority too because I know you will love it as much as I do. I know you are a bit hesitant about joining a sorority because you still want to be friends with your high school friends. I also understand that you prioritize academic clubs over social fraternities. Furthermore, the idea of your grades dropping is also holding you back from participating in a sorority. Allison, I understand you are happy with all the friends you have now, and you do not think you need to meet anymore people. Based on my experience, those girls that have been friends with you since the first day you met in eighth grade will continue to be your friends whether you participate in Greek life or not. Joining...
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...nineteenth century, few people retired, because they simply could not afford to do so. As white – collar jobs replaced a predominantly agricultural economy incomes rose and people had more money with which to retire” (Cullinane and Fitzgerald, 3). People began living longer and found that they had more leisure activities from which to choose from. In the United States, the invention of social security and company pensions greatly contributed to the ability of Americans to retire from the work force. RETIREMENT PLANNING Retirement Planning is an attempt to figure out how much money you need to save each month in order to have a comfortable retirement. It is an attempt because retirement planning requires you to try to predict the future. Nobody really knows what kind of return their investments will return over the next 20 or 30 or 40 years. What will happen with inflation? Will Social Security still exist when you retire? It is impossible to predict any of these things with total certainty. However, it is possible to look at the past and make some educated guesses. That is the goal of retirement planning. You make a basic and fundamental assumption that the...
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