N100 Business And Management :Entrepreneurship Assessment Answers
Task 1
M2 - Analyse the personal development needed to run the business successfully.
Undertake a personal “skills audit”, highlighting the business skills you already possess and identifying those skills that you need but currently lack.
The skills might include any technical/operational knowledge you have relating to products/services, management skills, recording and checking performance of business, personal selling, administration, previous experience, strengths and weaknesses etc.
Consider the cost implication of any training or development
Task 2
?You will need to consider the impact of these legal and financial aspects.
uidance to achieve M3,
You will need to assess the implications of legal and financial aspects on the business
Task 3
In a word document, prepare a outline business plan for your chosen business and create a formal report. This should be related to a business event which is intended for the launch of your business
Describe the business you’re running and create a launch event for it.
The launch event will be for hours duration and describe the following
Where it will take place
What types of activities are expected.
The outline plan should include basic financial and legal information, as well as a specific job roles, market research and other factors.
Task 4
D1- Present a comprehensive business proposal that addresses all relevant aspects of business startup.
In order to achieve D1, the learner will have to
Expand the outline of your business plan, drawing all your evidence together into a comprehensive business proposal that addresses all relevant aspects of the startup
Answer:
Introduction:
The new business idea in my mind is the personal and beauty industry. I intend to start a state of the art barber parlor specifically for gentlemen in my neighborhood. It will have also a nail spa, tattoo section as well as body piercing section. My main aim is to offer all high-class grooming and services in one shop in a favorable gentleman’s atmosphere that will be masculine and therapeutic for the convenience of menfolk in my neighborhood. In addition, we will have a mobile barber unit whose aim will be to meet needs and wants of our customers at the comfort of their homes, hotel rooms or offices in the neighborhood. The proposed name for the business shall be ‘STYLES STUDIO’. I came up with the name after inviting my family and friends at a naming tea party. It is a unique name that means exactly the kind products and services that my business will offer that will be specific and personal to the customer, stylish and latest trends and technology that will be a notch higher than all in my neighborhood that men and small boys will enjoy.
The Styles studio parlor will offer new, stylish and trendy haircuts that will also have hot lather neck shave with a shoulder massage, hair coloring, highlights, and corrective toner as well as hair and scalp treatments. It will also offer the traditional straight razor shaves, hot towels, and balm treatments. It will also have a nail spa where manicure and pedicure section, in addition to the new state of the art tattoo and body piercing spot. The business will be a sole proprietorship (Wisdom J 1997). This type of ownership will be of much benefit as it will offer me the following:
- Sole and complete control and decision making of the business with no outside interference of how the business is being run
- It will bring me higher profits as there is no sharing of the profits
- It is simple to start as it requires little paperwork thus minimum legal costs
- It has few formal business requirements
- Information regarding this kind of business can be kept private, different from that of a limited company that has to be public upon registration of the business.
Most important advantage of a sole proprietorship is the ease and speed of making decisions while meeting the needs and wants of the customers. Being a new business venture it will receive its share of competition and rejection from other existing businesses.
Task 1 (P3 & M2) (Factsheet or Table)
Skills that is required to run and develop my business
Being the sole owner of the business means I will be working with a variety and product manufacturers and daily dealing with customers as well as staff. I will be required to have a range of skill some of which I have whilst lacking in some other areas that will need further development (Jacobe, D 2006). Skills required for effectively running and developing my business include:
- Customer service:this skill is crucial and will help me to interact and deal with people. Great customer skills will enable me to convince my customers to buy my services as well as get feedback from them.
- Marketing:it consists of data and information to the potential customers. Since my business is a service shop, I can use social media platforms, leaflets, and posters for promoting my business.
- Financial:This skill will help me contribute to the business growth and profitability to sustain the stability of the business. It will help me in contributing to profit and business growth that will bring about financial awareness.it will aid me in making forecasts and results that are reliable to my business like understanding the balance sheets,
- Administration:this refers to the daily running of the business. Keeping accurate customers files, sales file, cash flow files, suppliers’ files among others will contribute to the effective running of my business.
- Management:this is dealing with people. Being the sole owner of the business, it will be my role to manage my business. I need to be good in critical thinking to be able to solve any problems that may arise and make whatsoever decision timely and appropriately.
Personals skills contributions: The below-listed skills are very important in the daily running of my business:
|
Skills |
Do I possess the skill? |
|
Customer service and interpersonal skills |
Yes |
|
Planning and organizing skills |
Yes |
|
Flexibility |
Yes |
|
Administrative Skills |
Yes |
|
Managerial Skills |
Yes |
- My personal strengths:I am a very hard working and will give my all in any task to be done individually or as a team. Am persistent and love learning new skills. I believe that skills I have are very important in running the business/
- My personal weakness:I love doing things to perfection this thus spending so much time than necessary to accomplish a task
- Skills and abilities I lack:I lack the skills to run a business as this is my first time doing so but have worked in other businesses in a team
- Compensating my weaknesses:I will use the skills that I possess in customer service and improve on them. I will complete the Business course I am currently pursuing, this will enable be good at running the business
- What I intend doing on the missing skills:I will use the skills and abilities I possess to run my business efficiently to ensure it is I will work hard to be able to gain those skills and abilities that are a need and I lack them.
My training plan strategy
In order to address the skills gap, I have come up with in plan in training between Part 1 and Part 2 which involves outsourcing by hiring individuals or consultancies or by acquiring competencies.
Gap in Skills development of business core competencies
|
Needed Skills |
Plan(short term) |
Plan(long term) |
|
Artist/designer/ Barber/Beautician |
Hire artists/barber/beautician |
Hire experienced tattoo artist/barber /beautician |
|
IT skills |
Hire someone with IT skills |
Do 1-year course in ICT |
|
Marketing skills |
Hire someone to do marketing |
Do a marketing course |
|
Finance |
Hire accountant |
Work closely with accounts to gain financial skills for handling the business in the future |
Task 2 (LO3) (P4, M3) (Factsheet)
Legal and financial aspects that will affect my business start-up
Legal Liability:
As a sole owner of the business, there are few legal restrictions of forming it. All the financial information, profits, and decisions are made by me. I may have to take risk of my business as I lack unlimited liability of my business. If my business fails money owed to the creditors would be recovered from my personal assets through the courts. As the owner of the business, I will have the following legal responsibilities:
- Health and safety:the working environment must be safe for the workers as well as the customers
- Regulations:some of the regulations that will affect my business is fire and sanitation regulations of which I must make my workers aware of and adhere to them
- Regulatory bodies:there are independent regulatory bodies that observe the standards of a company of which I have toe a signatory to.
- Contract responsibility and duties:employers must have contracts and be aware of what they are entitled
- National/local laws:there are a number of laws that will affect my business of which I must be aware of and the consequences of breaking them. This includes working time regulation, national minimum wage, discrimination and protection of personal data.
- Trading Termsand Conditions: it is important to set out clear terms and conditions like prices, payment terms, and ways of payment whether cash or credit and the return of the product or complains of services not being a good period to protect the business from unreasonable customers and avoid facing legal complications like court matters.
- Trading standards:it comprises of consumer rights, fair trading among others to protect consumers. It is required by law to provide to the customers with satisfactory products and services
Financial Aspects:
Record keeping:
Spreadsheets/cash books: the records shows the cash flow in and out of the business
Petty cash and wages book: it helps me keep a record of how cash is spending within the business.
Requirements for start-up
Expense for start-up
License (Legal) £2,500
Office Stationery £500
Design, Logo and Brochures £1,000
Consultants- £4,000
Insurance £3,000
Rent £12,000
Equipment £17,000
Other £10,000
Total Expenses for start- up £50,000
Assets for start-up
Cash Needed £40,500
Inventory for start-up £5,000
Current Assets (other) £1,500
Assets (Long term) £0
Assets (Total) £46,500
Total needs £96,500
Start-up Funding
Total Funding Required £96,500
Total Assets& Liabilities £96,500
Total capital £96,500
Profit and loss sheet
Revenue statement for Styles Studio business for period ending 31st December 2017
|
Revenue Service Delivered
EXPENDITURES Wages and Salaries Telephone &Internet Services Electricity& Water Consumption Rent Insurance Adverts Fuel Stationary Tax Bank charges Miscellaneous NET PROFIT |
Budgeted £ 150,000
40,000 7,000 20,000 12,000 9,000 3,000 5,000 500 3,000 5,000 500 45,000 |
Actual £ 146,300
40,000 7,500 21,000 12,000 9,000 5,000 6,000 300 5,000 5,600 600 34,300 |
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