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Chapter 4

MGT 3806 Chapter Notes - Chapter 4: Transfer Tax, Life Insurance, Sole Proprietorship


Department
Management
Course Code
MGT 3806
Professor
M I K E M A D O R E
Chapter
4

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Chapter 4: The Business Plan
GETTING STARTED ESTABLISHING THE BUSINESS
ADVANTAGES OF ORGANIZING A BUSINESS FROM SCRATCH
Define nature of the business
Appropriate market
Size & extent of operations
Exact Physical Facilities
Building
Location
Equipment
Fresh Inventory
Employee Selection
Information System
Less Expensive
DISADVANTAGES OF ORGANIZING A BUSINESS FROM SCRATCH
Risks
Lacks historical information (trends/demands)
Time Requirement
Setting up from scratch
Bugs (Startup Problems)
Relationships
Banks
Suppliers
Professionals
Demand?
WHY DO WE NEED A BUSINESS PLAN?
About half prepare a full scale plan
91% have a time frame for goals & objectives
98% have something in writing for direction
2 Key Users
Internal gives focus & direction
External Lenders & Investors
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