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Running head: SMALL BUSINESS IDEA PAPER
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Small Business Idea Paper Napoleon Melton, Jr. ACC/561 September 5, 2011 James Sullivan
SMALL BUSINESS IDEA PAPER
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Small Business Idea Paper Establishing a small business requires the cultivation of a business idea to a business plan that successfully outlines its unique product or service, the rationale for choosing the business organization in particular for the unique product or service, and the financial statements & implications associated with the formation of the business organization. In my small business idea paper, I will discuss my small business’s unique product or service and the rationale for my small business’s business organization formation. Small Business Unique Product or Service Spartanburg, South Carolina needs a diverse establishment in the downtown area that can cater to families, high school students, college students, young professionals, and adults as well as drive growth in the downtown area. Why? The Spartanburg area is more conducive for families and older adults than high school students, college students, and young professionals. High school students should have a place that they can hang out and have fun in. There are numerous bars for the college and the young professional crowd but are basically the same in terms of what entertainment they offer (predominately rock and acoustic acts). The downtown area has undergone renovations in the past couple of years, adding establishments such as Barnet Park, the Chapman Cultural Center, the George Dean Johnson School of Business (USCUpstate), the Spartanburg Marriott Hotel, and Wild Wings Restaurant. What type of establishment will work for the Spartanburg area? A restaurant and entertainment venue called Wowzerz! will best work for the area and cater to the aforementioned populations. Wowzerz! consists of four main areas: an entertainment game room area, an entertainment lounge, an event area, and a restaurant & bar area. The
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Small Business Idea Paper Napoleon Melton, Jr. ACC/561 September 5, 2011 James Sullivan
SMALL BUSINESS IDEA PAPER
2
Small Business Idea Paper Establishing a small business requires the cultivation of a business idea to a business plan that successfully outlines its unique product or service, the rationale for choosing the business organization in particular for the unique product or service, and the financial statements & implications associated with the formation of the business organization. In my small business idea paper, I will discuss my small business’s unique product or service and the rationale for my small business’s business organization formation. Small Business Unique Product or Service Spartanburg, South Carolina needs a diverse establishment in the downtown area that can cater to families, high school students, college students, young professionals, and adults as well as drive growth in the downtown area. Why? The Spartanburg area is more conducive for families and older adults than high school students, college students, and young professionals. High school students should have a place that they can hang out and have fun in. There are numerous bars for the college and the young professional crowd but are basically the same in terms of what entertainment they offer (predominately rock and acoustic acts). The downtown area has undergone renovations in the past couple of years, adding establishments such as Barnet Park, the Chapman Cultural Center, the George Dean Johnson School of Business (USCUpstate), the Spartanburg Marriott Hotel, and Wild Wings Restaurant. What type of establishment will work for the Spartanburg area? A restaurant and entertainment venue called Wowzerz! will best work for the area and cater to the aforementioned populations. Wowzerz! consists of four main areas: an entertainment game room area, an entertainment lounge, an event area, and a restaurant & bar area. The
References: BizFilings. (2011). S corporation vs. c corporation: Forming a corporation. Retrieved from http://www.bizfilings.com/learn/s-corporation-vs-c-corporation.aspx. Kimmel, P.D., Weygandt, J.J., & Kieso, D.E. (2009). Accounting: Tools for business decision Making (3rd ed.) Hoboken, NJ: John Wiley & Sons.