Assignment 1 You Are An Entrepreneur
Assignment #1: You Are an Entrepreneur
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.
1. Describe the type of business you have created including:
a. The product or service, and general staffing plan. Provide a rationale for your plan.
Having worked years with my stepdad in his business creating pieces of furniture, it inspired me to create my own business. Wood Arts is a small business based in North Miami, Florida and was founded in 2014 by me, Jalyll Suarez. Wood Arts specializes in creating custom wood furniture and stylish carvings. The furniture includes tables, chairs, cabinets, book shelves and desks. Our company consists of 22 employees who are assigned to different areas in the whole company.
The company is led by a general manager, followed by two assistant managers, a human resource representative, a marketing agent and an accountant. Our company’s operating hours are Monday through Saturday from 8.00am to 8.00pm. The business is closed every Sunday to allow employees to rest and get ready for the week ahead. The general manager is responsible for the overall management of the company; he oversees all the activities and ensures all employees work towards achieving the common goal of the company. The general manager also ensures that policies, procedures and government regulations are implemented. The
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.
1. Describe the type of business you have created including:
a. The product or service, and general staffing plan. Provide a rationale for your plan.
Having worked years with my stepdad in his business creating pieces of furniture, it inspired me to create my own business. Wood Arts is a small business based in North Miami, Florida and was founded in 2014 by me, Jalyll Suarez. Wood Arts specializes in creating custom wood furniture and stylish carvings. The furniture includes tables, chairs, cabinets, book shelves and desks. Our company consists of 22 employees who are assigned to different areas in the whole company.
The company is led by a general manager, followed by two assistant managers, a human resource representative, a marketing agent and an accountant. Our company’s operating hours are Monday through Saturday from 8.00am to 8.00pm. The business is closed every Sunday to allow employees to rest and get ready for the week ahead. The general manager is responsible for the overall management of the company; he oversees all the activities and ensures all employees work towards achieving the common goal of the company. The general manager also ensures that policies, procedures and government regulations are implemented. The