Description
Assignment 1: You Are an Entrepreneur!
Due Week 7 and worth 240 points
Student life does not generally afford a great deal of free time to pursue your personal interests; however, at one point, you may have considered turning a personal interest or hobby into an official enterprise. Today, you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor.
To obtain funding, you need to convince a lender / investor that your business is more than a hobby. You need to demonstrate that you have a firm grasp of your business, the accounting practices that impact your business, the controls needed to safeguard assets, and which accounting system will produce accurate and relevant financial information.
Write a six to eight (6-8) page business plan in which you:
- Describe the type of business you have created including:
- The product or service, and general staffing plan. Provide a rationale for your plan.
- The form of your business and the benefits it offers your particular business,
- A chart of accounts specific to your business, including a rationale as to the selection of each account. (Note: The chart of accounts is a blueprint of your business for the lender/investor. It should report the expected resources that you will consume in your business (assets), the sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product lines, etc.)
- Based on the form of your business, analyze whether or not you will be required to use Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the IFRS / GAAP convergence will impact your business. Suggest how you will incorporate any changes into your books and records. (Note: You need to demonstrate to the lender/investor that you have recognized possible changes to GAAP that may impact the accounting and reporting of your accounting events.)
- Prepare a pro forma balance sheet and income statement providing the assumptions made and support the valuations assigned.
- Considering the value of assets (assigned per your balance sheet) used within your business, recommend two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management. (NOTE: Safeguarding assets and protecting personal data are paramount to ensuring the viability of a business. Demonstrate to the lender/investor that your assets will be safeguarded and customer information (if applicable) will be protected.)
- Based on the internal control recommendations that you made, suggest how you will implement each within your business environment, indicating how challenges or resistances will be overcome.
- Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory requirements, on your business venture, giving considering to how you intend to comply with the requirements and the general impact to decision making within your business.
- Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Explanation & Answer
Please find the completed workLet me know if you have any concerns. Goodbye.
Running head: TOUR & TRAVEL BUSINESS PLAN
Tour and Travel Business Plan
Student’s Name
Professor’s Name
Course Title
Date
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TOUR & TRAVEL BUSINESS PLAN
Background
The world is becoming a global village, and doing international business is getting
easier. In the current world, being passionate sells, and can develop a Multinational
corporation. In this case, I use the idea developed from my passion of travelling. As a student,
and in such a tender age, I have not had sufficient chances of exploring the world, but it is in
my wish list. Many people wish to visit many world destinations, and there are destinations
where large numbers of potential tourists, as well as real time tourists, wish to travel to. It
only means that there is a wide clientele base to a well-established, or superbly developed,
Tour and Travel company. This gives my Idea airing grounds.
Main idea
The main Idea is to come up with a company. The company should do thorough
research in the trends of world tourism. The findings should provide a basis of identifying the
tourist destinations, most preferred hotels around the destinations, travel arrangements and
other services circulating the tour destination. The company should get contacts of this
business and make a marketing contract (the main business is marketing this businesses). The
company should also identify the major source of tourists. A way of luring them towards
using our tour guide services should be identified. Specific timing of travels should be done,
for instance, Canadians might preferred travelling during winter, with best destinations being
the equatorial zones or countries within the Tropics of Capricorn and the of Cancer. Once
they chose us as the guides, our business should get an income from their departure to their
final destination, during their stay and also as they go back home.
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TOUR & TRAVEL BUSINESS PLAN
Income
A tour guide marketing firm should be in a deal with a flight or shipping company.
For every client we introduce, there should be some income for our company. When the
client reaches their destination, our firm should introduce them to a travelling agency within
the country, with a contract signed between us and the travelling agency to secure some
income for our company. The tourist will be transported to a hotel, and we should ensure that
there is some business arrangement between our company and the hotel. The tourist will visit
their favourite destinations, and the destination will be benefiting from our marketing
strategy, and so we should also benefit from them financially. After the visit, the tourist
should be convinced to choos...