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The GoVenture Business ExperienceAshli AllmondSmall Business Growth and Development10/3/2016My first business venture I choose to pursue was a record store called Take Me Away. Once upon a time, I had dreams of becoming a musician so this would have been my ideal type of business. I stationed my Small Deluxe business in a medium sized city in the United States with a population of approximately 500,000, similar to that of Sacramento, California. I figure that a music store would be best placed in an entertainment district, near movie theaters or a strip mall. I bought medium grade brand new equipment because in my past experiences, I have learned the importance of having a warranty. I chose to be a sole proprietor because I wanted complete control of my business and operations. I also like the idea of not having to deal with legal fees because formal paperwork was not a requirement. Sole proprietorships are also the lease expensive to get off the ground so I figured I would save on my startup costs. Once my business plan was finalized, I rounded up a small inventory and started my business. As a leader in the military, we have often been taught to keep your team happy if you want them to make you look good so I wanted to ensure I focused more on my employees than most of the managers I had worked for in the past. Initially, I hired 5 employees and one manager so that I could give each employee part time work for about $8/hour and my manager $10. I wanted for my salary to be about $4000 a month so I knew in order to do that I would have to keep the pay roll for the other employees as low as possible. This ordinarily, this may have been an effective strategy however my employees were not particularly pleased. After training them and adding a few hours, I finally raised all of their wages by a dollar in order to finally get my customer service and employee satisfaction up. In the time that I was focusing on my employees, my customer satisfaction was steadily decreasing due to low inventory and poor customer service. I ordered more inventory but the customers were coming in so quickly that as I was receiving it and putting in on the shelves, they customers were purchasing it. I choose to focus more on pleasing my customers and managing my inventory. I invested money in marketing research and R&D. I also choose to invest in sales to help customers have more of an incentive to purchase from me. Within 6 months of my business startup, my business was completely bankrupt. My gross profit was approximately $10,000 and my market share was about 20%. My operating cost were about $6300/ per month and my Gross revenue was about $2500 a month. Those were some pretty rough numbers! One reason why I think I didn’t do so well on my first venture was because I didn’t do enough marketing research. My store operating hours were from 9 to 5 Monday through Saturday however the peak flow hours for the entertainment district are evenings and weekends come 5 to 10 pm. This proved to be a major reason why my revenue was so low. As my store was closing, the customers market in the area was just making their way to the area. Another thing was my operating cost was extremely high. I had 6 employees making about $10 per hour and I barely had any customers coming in. When I did have customers, there was barely any inventory on the shelves to sell so I definitely didn’t need so many employees at the store. While I was highly disappointed with the dramatic downfall of my first business, I quickly mourned my loss and put my efforts towards a new business. This time, I choose to open a coffee shop. I wanted to explore the idea of a corporation so I choose to set this as my business type. While there were significantly higher legal fees incurred, owning a corporation meant that I would have a limited liability in the event the business went bankrupt or had a legal issue. Also, there was no personal tax liability towards me either since a corporation is taxes as a business separate from your personal affairs. This opened the option to use shares of the business as equity. I choose to still remain in a medium sized city but this time I set up shop in a residential district, similar to cities like Fresno, California. Being that operating hours was one of my biggest mistakes last time. I made sure to do my research on that first. The peak hours for the residential area of my business were about 8 am to 8 pm on Monday through Friday and on Sunday they were from 1 to 5 pm. My business operates from 9 to 7 Monday through Saturday. I just recently added hours to Sunday from 12 to 6 pm. I choose to only hire about 4 employees since this was not a high traffic area like an entertainment or industrial district are. I took out less loans and sold about 5% of the shares in my business. I am 30 days into my business and I would like to think I am doing much better around. I learned that it was important monitor daily operations as much as monthly so you can effective manage your inventory and ensure your maximizing profits by making sure your revenue generating enough overhead from your cost of sales.My gross profit is currently about $ $8000. My gross profit from the music sort was -$6794. I think that my number one issue from the previous business was my operating hours were not factoring in peak times for the entertainment district which was causing my revenue to stay pretty low. I have kept a pretty steady cash flow as well and I have been paying off my invoices in full so I don’t incur much more debt than the $55,000 I am currently paying off as well as my $20,000 in operating expenses. One of my goals for the next few weeks is to lower my operating expenses. Since I am a new business, I spent large amount of money on advertising, approximately $13,000. Now that I have begun to build a customer base, I will be able decrease my advertising expenses and allocated more money towards research and development and product innovation. I can also provide my employees with a benefits package. I would also like to increase the quality of my product. In order to do this, I have to monitor my inventory more closely because quality products take longer to arrive than economy products. Lastly, I would like to increase my profits and net worth. I have to pay off more of debts and ensure that I monitor my product quality as well as inventory in order to keep my customers satisfied. This will generate more customer loyalty. I will still incorporate some advertising expenses in order increase my customer base. It will always be important to ensure I reach new customers!
The Best Part of Waking Up

The Best Part of Waking Up

Question # 00408773 Posted By: bribri_09 Updated on: 10/18/2016 09:03 PM Due on: 10/22/2016
Subject Business Topic Management Tutorials:
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This is a difficult request but hopefully someone will be able to help me because I am super swamped in my other classes and I'm failing this one so I will need to be sure that the writer is seriously confident in their work. PLEASE DO NOT ACCEPT THE ASSIGNMENT IF YOU CANNOT GUARANTEE AT LEAST A B...


Please see the assignment below. Basically, I simulated running a small coffee shop via goVenture- Small Business simulator. I have attached my previous report  (my 4 week mark) , a few examples from other students and my financial statements to assist in this assignment. If I have any pivotal progress in the simulator this week, it is possible I will message you with updates but its not likely. The focus is more on human resources and marketing... I can also send those reports but for the most part, the writer is free to pretty much use their imagination. IF you need more data or anything PLEASE EMAIL ME directly to my personal email so I can assist. I appreciate your time!!

SIMULATION PROGRESS REPORT

In Week 7, you will submit your second comprehensive summary (4-5 pages) regarding your final progress report. If you are still in your original business, what lessons did you learn? If not, what went wrong? What improvements did you purposefully make that made a difference in your performance? For this report, focus on the areas we covered last: marketing and human resources. Again, did you improve in operating in alignment with your personal objectives you identified at the beginning of the game? What research can you find to support some of the issues you discovered? This paper should be APA formatted and should contain a minimum of 3 library-quality references.

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day_40_statements.pdf (151.09 KB)
day_3_coffee.pdf (152.43 KB)
The_GoVenture_Business_Experience.docx (16.76 KB)
Go_Venture_Sim_EXAMPLES.docx (21.53 KB)
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  1. neil2103
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