3.2 Management and Financial Feedback: Discussion
Overview
In Project 2 you researched financial and management information for your venture. Establishing a solid financial plan and a strong management structure are critical to the success of any new venture. Finances are arguably the most complex and challenging part of starting a business or developing a new concept for an existing company. In this discussion, you will explain your financing and management ideas for your venture. Your classmates will offer feedback on your ideas and suggest ways that you can improve your plans for your business. In turn, you will provide your classmates feedback on their business plans.
Initial Post
Refer to the articles from the previous Read & View assignment:
10 Financial Tips for Startup Entrepreneurs, Eric Bell, Under30CEO.com, n.d.
Managing People Is an Art: 32 Ways to Do it, Catherine Clifford, Entrepreneur.com, May 29, 2014
Discuss each of the following:
How do you propose to structure the management team for your venture?
Discuss the priorities of your top executives in the first 90 days and in the first year.
Identify your sources of funding.
Explain how your venture will make money. What is the expected pricing, and how many sales are needed each month to cover expenses? What is the profit forecast, when is the break-even point, and how will you ensure cash flow to continue monthly operations prior to achieving profitability?
Does your venture have multiple revenue streams? What are they?
Summarize the venture’s fixed and variable expenses.
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