ROLE OF THE ENTREPRENEUR An entrepreneur is a person who launches, or help launches a new venture or enterprise and accept full responsibility for a company’s output. M. J. S. Boutique has three (3) entrepreneurs. Each entrepreneur has to identify what resources will be needed to establish and run the business. Each entrepreneur has to create an initial outline study to determine whether the concept looks like a practical idea. Each entrepreneur has to acquire the necessary funds for the business.
Each entrepreneur has a specific part to play in M. J. S. Boutique though. Two (2) of the entrepreneurs design the clothes and choose colour schemes while the third entrepreneur handles all the finances of the business. GOVERNMENT REGULATIONS The entrepreneurs will have to register the company. Registration will take place at Registrar General, Ministry of Legal Affairs. Registration is important in order to gain legal access to operate and transfer any transaction in and out.
The business will be registered at the National Insurance Board to pay National Insurance Scheme (NIS) for all workers. NIS offers financial protection to the workers and their family against loss of income arising from injury on job, retirement, and death of the insured. The business will also apply for a Board of Inland Revenue (BIR) file number in order to pay our Corporation Tax and other Miscellaneous Taxes. ETHICAL ISSUES M. J. S. Boutique will meet all wants and needs of our customers. The wasteful fabrics will be taken to be recycled.
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Current economic research denies the innate characteristics of the entrepreneur. Rather than attributing economic growth and innovation to personality traits, economists would rather advocate a form of economic determinism: if an aggressive personality dominated an industry, economists try to explain the characteristics of the industry that made aggression a successful strategy. Economic models ...
JUSTIFICATION OF LOCATION The business will be located on #147 Charlotte Street, Port of Spain which is the capital city of Trinidad. It will be located not far from the port so there will be easy access to raw materials that will be imported from different countries and to east to export also. Also, due to Port of Spain being the capital, the business will have access to a large market. Charlotte Street, Port of Spain also has access to reliable infrastructure such as utility services, telecommunications and electricity and road transport. USE OF TECHNOLOGY
In this business, the use of technology will be important though it would be operated by humans. Besides sewing machines, there will be security cameras and computers to monitor both workers and customers and security scanners. The internet will also be used for the business’ website. This is beneficial to the business as sewing machines will reduce time and effort into creating designs and we can reach a wider customer base due to the creation of a website. SOURCES OF FIXED AND working capital We hope to acquire a loan of $80,000. 00 from Republic Bank Ltd.
This will be secured by the mortgaging of entrepreneur’s own homes which will provide the bank with collateral in the event that the loan is unable to be repaid. This will also be with the entrepreneur’s own savings of $280,000. 00. Fixed capital will be needed to make the necessary renovations to the building that is owned by one of the partners as well as to pay for advertising, raw materials and machinery. We hope to acquire working capital by an overdraft facility for $40,000 with Republic Bank Ltd. Working capital will be needed to pay salaries, rent, electricity and other utility bills.
LEVELS OF PRODUCTION The business will originally be on a domestic level of production. That is, the business will produce clothes for our community. But, if the business flourishes later on, the entrepreneurs hope to advance to a surplus level so we may export clothes to different parts of the world. SELECTION OF APPROPRIATE LABOUR Number of Workers Position Degree of skill Responsibilities/Duties 2 managers Full secondary education. Degree in business. Overseeing of workers. Taking customer complaints. Managing accounts. 4 seamstress
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As an indispensable part of BBA program, Department of Management studies, Jagannath University, all the students have to undergo project report program. Theoretical Knowledge is not enough for a business student. There is a gap between the theoretical knowledge and practical knowledge. Under this program the students are required to write report based on interview, discussion and study about ...
N. C. S. E. certificate. Experienced background in sewing clothes. Selecting the correct fabrics. Sewing the fabrics. Tracing the necessary pattern pieces. Making adjustments. 2 salesclerk Past experience in sales. Selling clothes and assisting customers. 1 cashier Past experience in sales or some kind or training to use the cash register. Receiving money from consumers and registering it in exchange for products. 1 cleaner Must be physically and mentally able to clean. Maintaining the overall appearance and cleanliness of the boutique.
Our staff will be expected to practice proper ethics when dealing with customers. All our staff will be important to successfully maximize production. QUALITY CONTROL MEASURES The best quality fabrics and the various colours of thread, sewing machines and other materials to be used in the manufacturing of clothes will be bought by the production manager. The inspection of the final products and making sure they are in good condition before dispatch will be the responsibility of the entrepreneurs will take this responsibility very seriously.
POTENTIAL FOR GROWTH Internal The plot of land located next to the business will be available for sale in the next year. If the business flourishes enough at that time, the entrepreneurs may be able to purchase the plot and extend our building, therefore, doubling our scale of production. External More stores will be open across the country to retail clothes. LINKAGES Backward Linkage We will buy fabrics, threads etc from local stores. This linkage will ensure a reliable supply with no disruptions to the product. Forward Linkage
