Challenges into Opportunities

Paper Summary:

The paper deals with opportunities of starting a new venture and warns of the risks involved. The paper specifically addresses the essentials of business planning to serve as a road map for the start-up activities of a specialty restaurant. The paper covers the total spectrum of a marketing plan with financial tables. The paper warns that before making the leap from salaried employment to business ownership, the entrepreneur must intimately know the market and have done his homework.

Outline:
Introduction
Planning
Budgeting
Viability Testing
Target Costing
Financing & Accounting
Legal Structure
Conclusion

From the Paper:

"A business plan is the guiding document that establishes a venture's business objectives, strategy and approaches to achieving those objectives. It also serves as a tool for monitoring and controlling the venture's ability to attract internal financing or equity and debt from outside sources, which may not guarantee outright success but can certainly preclude loss of money arising from a misguided venture (Damary, 2002). The business plan basically ensures the viability of the enterprise, sets the legal foundation, identifies the source of capital, balances the projected costs, establishes the accounting procedures and sets the legal foundation. The legal aspect of the business is as important as the financials because this will protect an entrepreneur against any disruptive lawsuits in the future. Thus, the key elements of a business plan are a summary, market and competition analysis, and a description of its financials. Prepared as a written document, the business plan contains an executive summary of the whole venture, its key product, target market and competition, a description of the organizational setup, the management practices to be observed, operations and financing sources."

Sample of Sources Used:

• Bodie, Z., Kane, A. & Marcos, A.J. (2004). "Essentials of Investment." 5th ed., McGraw-Hill Irwin.
• Brausch, J.M. (1995). "Beyond ABC: Target Costing for Profit Enhancement." Financial and Management Accounting Committee, Articles of Merit 1995 Competition.
• Damary, R.G.C. (2002). "Key Concepts for Corporate Finance." Robert Kennedy College.
• Johnson, L. (2008). "Go It Alone with Style, Caution and Thrift." The Financial Times, 30 April 2008.
• Mansueto Ventures LLC (2006). "Raising Start-up Capital." NewYork.

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