Discuss about the Accountant as a Consultant for Legal and Technological.
20th July was the first day of my spring semester and it was the time when I have already been doing three units in this specific semester counting TAC. After going through the learning guide for particularly TAC, I could understand that study procedure of this unit is entirely different from different other units as this study will go through different business units that have been done by me so far. Therefore, the first week lecture primarily focuses on the entrepreneurship and the important element of success for agreed conditions that need to be in the entrepreneurship to take place. In addition to this, lectures that I have attended include examples that are counted within the business experience of both Richard Branson since they stated their own experiences that included daily transport. Furthermore, the teacher also indicated that the criteria of analysis and explained the steps of evaluation over the complete semester. Thereafter, the teacher also recommended us the amount of capital investment. It was recommended that 375000 can be considered as the initial capital investment that can again be regarded as the starting point of the entire business plan. However, when essentially everyone thinks about products as well as services and intends it to be different from that of their rival’s. As such, there is high level of inspiration as well as commitment to carry out a business plan. However, during the closing of the lecture, many tutors also pointed out that there are certain particular part that needs to cover the assignment namely legal, technological as well as social. However, by the time when I reached my class John added more regarding entrepreneurship and illustrated the reason behind why this unit is needed for our future career path. Furthermore, I have also created a group, as a particular member and we have selected a specific leader of the specific group who can direct us during the entire process of the business. However, the week 2 of the lecture focuses on key components of entrepreneurship that are again divided by five different segments. Essentially, I believe that market opportunity as well as adequate resources can be considered as the most significant area of discussion for the business of an entrepreneur. Nevertheless, all the chances are not pertinent chances and all the chances are not pertinent with the business of the entrepreneur. Again, suitable research can be considered to be significant area that are directly associated to the material as well as labour. Again, since I have been selected as managerial person in my particular group, I have the need to work with different segments very fittingly to operate with and make suitable decisions to purchase diverse products that are available in the business and lessen the overall as far as possible. Therefore, I believe that my entire group need to undertake this recourse for the overall business plan. Furthermore, we also indicated that the features as well as characteristics of the entrepreneur and illustrated that the two-innovation procedure, and majority of the time the entire incremental innovation have selected to enhance the existing business products. Thereafter, I have started taking up the tutorial class and I have gathered around 5 people. The entire group started thinking about business product and I started lending of money and business of pawnship. On the contrary, James have also illustrated regarding the entrepreneur and went through the entire case study and augmented the work process in the marker.
The week 3 concentrated majo0rly in marketing and the plan of business. I have gathered a clear idea regarding the primary as well as secondary research that need to be incorporated in the plan of the business for running the entire business. Again, another very crucial factor is the analysis of the competitive advantage using the porter’s five forces that helps in indicating of a new business. Essentially, based on the model I have gathered understanding that there is less danger as regards substitutes and comparatively higher threats as regards new entrants. Since we have selected that our new products will essentially be the money lending business that necessarily is not the exclusive, however can be considered to be very significant as well as effective in the market. Again, the week lectures also assisted me to acquire understanding regarding the legal areas as well as industrial environment that involves pest analysis as well as analysis of competition in the market. These discussions also make me aware of the way to make an appropriate business idea in a bid to subsist in the market. After particularly lecture podcast, I have received my tutorial and my teacher James has also begun his lectures on case studies concerning development of business plan and ways of improving the business plan. My teacher James also associated to real successor and mentioned about remembering the major role of a successor. Furthermore, James also added that things also took place all of a sudden without any kind of plan. Additionally, business cases are also vital to certain people who are engaged in their own family owned businesses and the planning of successor in business can be considered to be important for the clientele who are engaged with particular ideas. Our tutor John also listened to our product idea so that we could proceed with our designed business plan. During the week four, we started doing our primary research on similar type of industry segment such as hot water operating in the Australian market and framed questions about the sales figure and product. However, the primary research was successfully carried out by us with positive results. Moreover, the secondary research also assisted us to gain deep understanding regarding the conditions of the market that need to be encountered during the course of undertaking business activities. Essentially, the lecture podcast of this week emphasized on forecasting sales and being a person in the administrative segment this can be regarded as the most significant part. Our tutor illustrated in detail the sales forecast and the way of estimating the sales figure of a business for the initial first year. Furthermore, our tutor James also recommended us to carry out research on minimum three identical business or else to carry out research on any big business for understanding the process of reviewing and assessing sales and the way of using the same for our own application and drawing references. Besides this, he also suggested and taught us the way to utilize the promotional budget and way a customer actually gets to know about the product in actual fact. In addition to this, he also taught us about using the specific social media that need to be used for different targeted segments of customers. In essence, in this lecture podcast, I also got to learn about product and the way a specific product goes through a particular market as well as customer by means of effective marketing. Thereafter, I attended my tutorial and discussed with my group about our activity. Our group members started taking up their own component in their single individual segment. We also discussed in detail out views, things that need to be known for doing the individual part. Since I have selected the administration part I was assigned to carry out the analysis of the industry.
During the lecture podcast of week five, we acquired a new idea and started discussing in detail about the start up venture, the source of capital for the new venture. We also discussed the category of business and the reason for acquirement of supplementary finances for the business as each dollar cost has the need to be mentioned in the financial plan of the business in order to make client understand about the cost of the business better. Our lecturer also started to explain about the sources of finances for business and the sources that are better for business. He also recommended that debt finances are better for business for the lower rate of interests and added that it depends mainly on present market and equity of the owner. It can be hereby mentioned that I discovered crowd financing model is also a significant part of demanding funds . However, we also learnt about the business capital, short term as well as long term funds along with debt. A finance person in our group helped me to understand the way to assist client based on present situation of the market. Moreover, the tutorial also provided us novel ideas and suggested the new ideas wherever it was required. I also learnt about the trend analysis, rate of growth and ways of analysing industry as that was my component in the group activity. This helped me to make sure that the research undertaken by me on the pawnshop industry was correct and he recommended that the graph that was drawn by me reflected the current segment. Furthermore, we too attended group meetings for checking out the progress in the research activity. During the lecture podcast of week 6, I have acquired deep understanding regarding both financial as well as non-financial plan for operations along with methods of strategic management for attainment for growth. Nonetheless, I attended the week seven tutorial and our tutor James began the tutorial as regards the ways of avoiding diverse fatal laws. I have mentioned before that as I have been in the administrative division, therefore the understanding as regards the elementary facets of accounting have a vital part of my activity. Although my tutor indicated towards few vital things namely sales, reason behind making journals for our clientele, way to do the costing as per needs of client, presenting the balance sheet, income statement as well as equity statements. Again, in tutorial, James began checking the progress and talked about government bodies along with regulatory issues for small business entity. We had a discussion regarding our company’s goods and service tax and as we had an idea that the profit of the company would exceed $75000 in a specific year. Therefore, James recommended us to get our business registered with ATO.
The lecture podcast of week eleven can be considered as the most crucial part of the business plan since James taught about the way of presenting a proper business plan. Particularly for my administration segments, I learnt about the important decision making regarding business locations, business requirements, products, management of staff and many others. Founded on a similar kind of business that has been operating in the Australian market I had to find out the cost which cannot be over approximated. The information presented in the business plan had the need to be presented in a clear and concise way with link to fitting references. Again, after attending my tutorial I went to James for discussing about the risks associated to small businesses and engaged in a brainstorming session to figure out the risks. However, on the other hand, the product of payday lending has been anticipated to have a higher rate of growth in the upcoming 5 years. As per the IBIS report, we are not going to encounter much risk, particularly during the hours of trading. During the lecture podcast of week eleven, majority of the topics were regarding the presentation that helped me ti understand about the professional business presentation and secure a good marks. Thereafter, I again went to the tutorial where James asked about the overall progression of the group and any kind of issues that might have arisen. Ultimately, our hot water business plan was submitted during week thirteen and we presented the plan in the following week.
In the end, I believe the way of teaching and guidance helped us to grasp the concept and made the entire unit very much easier for us to understand. The information provided to us assisted the students to increase their level of interest. I also learnt to work in a team, depend in the qualities as well as capabilities of my team mates and work on this activity. Furthermore, my skills of resolution of conflicts also increased manifolds and I learnt effectual ways of receiving constructive opinions.
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