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Need and importance of budgeting and its practice
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Dale Morris was salesmen by trade and culinary hobbyist by night. Morris experimented with traditional home cooking and more exotic gourmet cooking; he was health conscience and read a lot about the health hazards of the American diet. Through his hobby he acquired an appreciation for herbs and spices. Morris created a low-salt seasoning mix, based on a nutritive yeast extract, which could be used to replace salt in most cases. Morris debuted his seasoning salt mix at Thanksgiving dinner in 1993, and it was a hit! From there while continuing and excelling at his day job, he perfected his seasoning salt mix over the next couple years. Morris test marketed his product through a church group while searching for ways to expand and commercialize …show more content…
With that investment he was able to get the product into the retail market by August 2002. In a short amount of time Morris was able to contract with food brokerage firms to place his product in a 10 state region. By 2004 his goal was to expand into additional markets and finish and market two new products.
Morris visibly has an understanding of how he wants to progress Nature Bros. Ltd., he has solid financial projections, which have been well thought out. However, I believe he needs to create a business plan in order to find the capital for the further development he is looking for. The business has been fairly successful and Morris fully understands the market shares and what percentage he will be focusing on. By creating a through business plan, prospective investors will have a clear understanding of where the company has been, how it has reached its current status and where Morris would like to take it.
I found this case study particularly interesting; in retrospect this class would have been extremely helpful prior to starting my husband’s business. I now see the importance of having a clear financial plan and projection, along with a strong command of your market share. My husband and I have been able to muddle through the areas were did not know or understand in running a business, but prior knowledge would have been a valuable
The Accounting Principles II portfolio project helped me become familiar with accounting practices used to complete routine financial tasks. This course helped me learn how to complete routine business transactions, discover and explain financial issues in companies and create and manage ledgers for employers. The Accounting Principles II portfolio project taught me how to manage companies’ journals, income statements, cash flow statements and closing statements in ledgers. The Bryant Stratton Online college program outcomes helped me learn about merchandising laws, rules and approaches used in corporations. These outcomes helped me learn and distinguish practices used to create, track and manage product inventories when I am completing tasks
All diseases and disorders are categorized by a set of symptoms, or signs that are indicative of certain diseases or disorders. Thus, symptoms are important when diagnosing a person. They serve as a communication tool between the clinical psychologist and the client. When detecting symptoms of a person, it allows the clinician to understand the client’s physical, emotional, and mental discomforts. Using the symptoms reported by the client, the clinician can then determine what the client’s clinical diagnosis is.
I would love to apply the lessons I am learning from the book and the class to every domain that interest me. What feels contradictory to me is that the book shows that to be a successful entrepreneur, one need to think twice and coldly calculate all his/her interaction which is the opposite of what I want to do with my family and the people around me. Going even further, it proves how hard it must to work with friends and/or family
was based on estimation, cost control, contracts and procurement. This class was very important for me as I got to know about gantt charts, logic diagram, price of estimate, Project Risk, Payback Period and risk analysis. Gantt chart is a graphic display of the output on a time scale. It also shows the amount of work done or production completed in certain periods of time in relation to the amount planned for those periods. I also came to know that Senior management must create a corporate culture that supports project management and demonstrates faith in the methodology. If this is done successfully, then project risk can be prevented. I also understand the importance of payback period. payback period is the exact length of time needed for
The case study on Kevin Miller is very challenging. Kevin Miller is White 5th grade student, and his parent are very supportive. Kevin has a problem with attention span; consequently, he I has been identified as a candidate for Greentree Elementary School Gifted and Talented Program. I will attempt to describe the issues related to Kevin’s moral judgement and self-concept; furthermore, I will make recommendations on his part.
Mr. Jones is 45 years old with a daughter who is 23 years old. Mr. Jones is divorced and is currently living with his parents and daughter. He is working for a construction company for nearly a year, according to him, he has an excellent relationship with his boss and his coworkers. He has some education, such as, finishing high school and knowledge and skill about trade work, but he never went to college. Over the years, he has used different type of drugs at various amounts, some example of drugs that he has used includes but not limited to cannabis , alcohol, crack and cocaine. He was recently involved with the criminal justice system, when a woman accused him of trying to rob her, however, the judge threw the case out because of lack of
Professor Lovelit upheld the School's policies when she found out two students had similar essays and had committed plagiarism. The disciplinary actions given to Reggie and Arnie were on point, and Professor Lovelit did not play a part in either of the student's failing grades.
Therefore, I hope that I can achieve many new valuable experiences as well as friendships through this class. As a student, I believe I have the responsibilities to pay attention in class, and contribute to the class as much as I can. Besides, I need to ensure that I finish homework before coming to class and seek for help when needed. My goal is to become a successful business woman, who has the opportunities to work with different countries and cultures around the world. I am confident that this class will help improving my analytical and organizing skills, which are helpful and beneficial for my career in the
The first thing, I learned is have weekly meetings with all project team and office staff to keep everyone involved on the project and status of things. So there’s no confusion or miscommunication of what one is supposed to be doing and how since it will be a time of explain, showing, and actually performing the tasks you need to do. The Second lesson I learned is before you estimate a job, take some time to figure out your profit and overhead you want to make in order to make sure your selling the job at the price that worth you doing it and not losing the job by giving the job away to the owner for free, since you under estimated the job. The final lesson I learned from reading this book is if you re in financial trouble don’t suffer, ask around and get somebody specialized in the thing you need help in and bring you out of financial trouble and work with closely to build that professional relationship, since they might need your expertise at some point so be in contact throughout the time when you in business. In conclusion what I liked abut the book is how it followed a story timeline and always made sure you understood the lesson they were teaching in each
Tanner is not giving good advice to his friend Jackson, because before you start investing in a stock mutual fund or in a Roth IRA, first you have to invest in yourself, get your degree. Education and knowledge is the best investment with the most return that you will get. Jackson has to follow the baby steps before anything, he has to stay out of debt, and making sure he has enough money to finish his education.
...o front line worker communication is a big key. No communication means death of a company from inside out. This class has shown many different way a company can be great or just ok. I all start from the top but it built from the front line. Where all the action is where the grunt work is first started. Management is a good tool to keep a company on its feet and to grow in to the future. I have learned that without a plan and a management team to execute these idea. Nothing get done.
I am taking this class so I can learn the techniques needed to be successful, when managing sales employees. I am also taking this class, to become much more confident with business analytics. I feel like when it comes to business analytics, that is my weak point.
We learned a lot of things in this course, but I think the most important lesson I learned is that it’s not easy to be an entrepreneur. I was surprised to hear in the first class that 80% of startups fail, but after reading The Art of Start and E-myth Revisited I understood why this happens more often than one might expects. Some people start their own businesses for the wrong reason and some start with wrong mindset. I’ve always thought that if someone has a brilliant business idea and hardworking they will succeed and grow their business. However, now I know that there are many things to consider before starting any business. In fact, there are many strategies that an entrepreneur could follow to achieve success, such as know your customers, work “on” the business, and how
This class helped me to become more aware of my weaknesses. I recommend this module to all students. The resources helped me to understand how I could become more effective and to realize my own strengths and weaknesses regarding my skills and working in a group environment. I found the Business Ethics principles an inspiring module. I think everyone should learn these principles.
Business finance has taught me how to manage risk and return as well as making capital investment decisions throughout the semester. Professor Schott has gone through each chapter carefully well making sure that each student grasps each concept before moving on. He has used many tools such as LearnSmart, lectures and homework assignments to make sure that us students have a good idea of the concept before giving us exams.