On successful completion of this assignment, students should be able to:
- prepare a financial plan with budget line items,
- prepare pro forma financial statements,
- identify alternative sources of financing for a new venture, and
- compare the roles of banks, government and venture capital in financing.
In this unit you will understand the importance of a financial plan based on your best knowledge of how your enterprise will start and operate for its initial period. More importantly, this plan will help you determine how much money you will need to launch your business and operate it.
Submit a paper that addresses the following.
- identify the legal structure for your organization.
- Selecting the appropriate legal form of your business is an important first step. You should examine the legal obligations of your business and the need to meet laws and government regulations. These may encourage you to adopt a legal structure that reduces your liability exposure.
- Choose the organizational structure for your firm
- Identify which structure you will use (refer to the unit notes) functional, process, product, and consumers. Explain why you have made this choice and include an organizational chart identifying key employees and their responsibilities.
- What are the processes and technology that you will need to create your product or service?
- Now is a good time to think about the processes and technology that your enterprise will require, including the structure of your work. What are the job tasks that will need to be accomplished? How much of each process will each person control? Will one person take the process from beginning to end? Will the tasks require special competencies? What will the “jobs” look like? What CRM
- Prepare an Organizational Chart showing the lines of authority and responsibilities