6. James does not want to see a lawyer to start his business if he does not have to since he
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James Sinclair has recently graduated from college. Unable to find a job, he has decided to open
his own business. He is unsure about which form of business ownership is best for him. While
talking to James, you learn the following information.
1. He does not have much money in the bank. He will have to start making payments
against his student loans six months from now.
2. He has a few friends who are also unable to find a job. Each of them has a little money.
All of them are trained in the same field.
3. He has a lot of good ideas about how he wants to run his business. He does not want to
share his ideas or change them, and is not sure how he will work in a team.
4. He does not mind working long hours. Between school and work, he often put in 80 hours
a week when he was in college.
5. James does not expect to make a huge profit in his first few years. Like most entrepreneurs,
he is expecting to break even and then make a modest income. He hopes that he will make
enough to live off in the first few years.
6. James does not want to see a lawyer to start his business if he does not have to since he
does not have a lot of money for legal expenses.
Step by step
Solved in 2 steps
- A. Write a document with the following information: 1. What do you expect your job to pay when you start? 2. What benefits are musts for you? 3. What benefits would you like to have even though they are not musts? 4. Include the graph you generate in step B below. B. Create a spreadsheet and a graph of life vs funds For each year of your remaining life specify the amount you plan to save/invest/withdraw that year and how much you expect that amount to increase during the year (base on actual data – typical savings interest rate, typical stock market interest rate, typical CDs, typical…). Calculate how much your funds will increase/decrease over your life and create a life (x-axis) vs funds (y-axis) plot.Consider a small Oil production firm with 5 competing oil production projects, A - E. The table below shows the estimated long-term profit (Net Present Value) for each project as well as the amount of investment capital required to start the project. You have been contacted to help select the best combination of projects to maximize the Net Present Value subject to the capital investment limit of $32 million. Production Project A B C D E Estimated Profit (millions) 25 20 19 28 21 Capital Required (millions) 11 8 14 19 13 Formulate a Binary Integer Programming (BIP) model on a spreadsheet. Solver the model using Solver.As a result of its consultants' wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 1987, and the company has been headed by the founder's grandson, Jonas Smithfield III. He has run the company for the past twenty years. The company now has 247 retail stores. 220 stores are spread throughout the 50 states, and 27 stores are located in England, France, and Germany. Each country has 9 stores. In total, the company employs 13,000 people. Approximately 40% are manufacturing, distribution, quality control, design, delivery, administrative, and back-office work. Approximately 60% of the employees are in retail stores. It has been Smithfield Custom Furniture's mission to target the wealthiest segments of the market. The company does all its manufacturing in the United States at six facilities, recently modernized with the latest equipment. They use the finest and most exotic woods to make distinctive furniture for their clientele.…
- As a result of its consultants' wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 1987, and the company has been headed by the founder's grandson, Jonas Smithfield III. He has run the company for the past twenty years. The company now has 247 retail stores. 220 stores are spread throughout the 50 states, and 27 stores are located in England, France, and Germany. Each country has 9 stores. In total, the company employs 13,000 people. Approximately 40% are manufacturing, distribution, quality control, design, delivery, administrative, and back-office work. Approximately 60% of the employees are in retail stores. It has been Smithfield Custom Furniture's mission to target the wealthiest segments of the market. The company does all its manufacturing in the United States at six facilities, recently modernized with the latest equipment. They use the finest and most exotic woods to make distinctive furniture for their clientele.…As a result of its consultants' wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 1987, and the company has been headed by the founder's grandson, Jonas Smithfield III. He has run the company for the past twenty years. The company now has 247 retail stores. 220 stores are spread throughout the 50 states, and 27 stores are located in England, France, and Germany. Each country has 9 stores. In total, the company employs 13,000 people. Approximately 40% are manufacturing, distribution, quality control, design, delivery, administrative, and back-office work. Approximately 60% of the employees are in retail stores. It has been Smithfield Custom Furniture's mission to target the wealthiest segments of the market. The company does all its manufacturing in the United States at six facilities, recently modernized with the latest equipment. They use the finest and most exotic woods to make distinctive furniture for their clientele.…A recently hired chief executive officer wants to reduce future production costs to improve the company's earnings, thereby increasingthe value of the company's stock. The plan is to invest $76,000 now and $58,000 in each of the next 6 years to improveproductivity. By how much must annual costs decrease in years 7 through 12 to recover the investment plus a return of 13% per year? The annual cost decreases by $....
- A young engineer is considering establishing his own small company.An investment of Php 100,000 will be required which must be recovered in 15years . It is estimated that sales will be Php 150,000 per year and thatoperating expenses will be as follows:Material Php 40,000 per yearLabor Php 70,000 per yearOverhead Php 10,000 + 10% of sales/yearSelling expenses Php 5,000/yearThe young engineer will give up his regular job paying Php 150,000 per yearand devote full time to the operation of the business. This will result indecreasing labor by Php 10,000 per year , material cost by Php 7000 peryear, and overhead cost by Php 8000 per year. If the young engineer expectsto earn at least 20% on his capital, should he invest ?Troy and Tristan have decided to open a competitive Cheer and Dance business. Troy’s expertise is in business. He has a degree in Business Administration with a minor in Underwater Basket Weaving. Tristan, on the other hand, has a degree in Sports Management and has been coaching the Tesoro cheerleading team, while his girlfriend, Beatrix, has been coaching the dance team. The problem is that no one has much capital to invest. In fact, both are having a little trouble figuring out how they will be able to get the startup capital for the business. Fortunately, there are no other competitive Cheer and Dance companies in the area. Unfortunately, the potential buildings they have found to lease costs over $7,000 per month and they expect that utilities and water will cost approximately $650 per month. Liability insurance is expensive as well, estimated to be $2,000 per month due to possible injuries. What type of business organization should Troy ad Tristan adopt?Second consulting is considering undertaking several proposed projects for the next fiscal year. The projects, the number of engineers and support personnel required for each project, and the expected profits for each project are summarized in the following table: Project 1 2 3 4 5 6 Engineers required 20 55 47 38 90 63 Support personnel required 15 45 50 40 70 70 Profit ($1,000,000s) 1.0 1.8 2.0 1.5 3.6 2.2 There are 175 engineers available and 150 support personnel available for these projects. Further, no more than 3 projects can be done. Formulate an integer program to solve this problem. Define the decision variables needed to model this problem. The objective is to maximize profit. Give the objection function. Write the constraints. What is the final answer? Explain in detail.
- Aaron is a young entrepreneur. He saw a business opportunity in making and delivering homecooked meals. His business is called Made For You. Initially, his target market was only students. However, his business grew quickly, and he secured a contract to provide daily meals for several retirement villages. Initially, he ran his business from his kitchen, but now he is leasing a property in the industrial area. The property consists of an industrial kitchen, a large storage room and a small office. He also owns a delivery vehicle. Aaron is in charge of all the administration and has employed four cooks and one driver.Aaron was so focused on operations that he did not focus on risk management. He has now realised the importance of risk management, and he has come to you with some questions. The key drivers to changes that require an integrated approach to the management of risks are globalisation; corporate governance; technology; and intangible assets. Briefly explain each of the…Aaron is a young entrepreneur. He saw a business opportunity in making and delivering homecooked meals. His business is called Made For You. Initially, his target market was only students. However, his business grew quickly, and he secured a contract to provide daily meals for several retirement villages. Initially, he ran his business from his kitchen, but now he is leasing a property in the industrial area. The property consists of an industrial kitchen, a large storage room and a small office. He also owns a delivery vehicle. Aaron is in charge of all the administration and has employed four cooks and one driver. Aaron was so focused on operations that he did not focus on risk management. He has now realised the importance of risk management, and he has come to you with some questions Aaron requires some information on the concept of risk. Q.1.1 Explain the difference between pure risk and speculative risk. Provide Aaron with examples that are applicable to his business and…Aaron is a young entrepreneur. He saw a business opportunity in making and delivering homecooked meals. His business is called Made For You. Initially, his target market was only students. However, his business grew quickly, and he secured a contract to provide daily meals for several retirement villages. Initially, he ran his business from his kitchen, but now he is leasing a property in the industrial area. The property consists of an industrial kitchen, a large storage room and a small office. He also owns a delivery vehicle. Aaron is in charge of all the administration and has employed four cooks and one driver.Aaron was so focused on operations that he did not focus on risk management. He has now realised the importance of risk management, and he has come to you with some questions. Aaron is aware of the importance of identifying risks. Q.1.1 Explain the difference between micro risks and macro risk identification. Q.1.2 Provide him with a practical, comprehensive example of how…
