Business Plan For Global Curios Admission College Essay Help

Executive summary

Global Curiosities will sell artifacts. Chicago, Illinois, in the United States has been recognized as the location of the principal store. The curios' suppliers will hail from Africa, Asia, and South America. At first, it will be a one-man operation. This indicates that the administration ideas and management philosophies of a sole proprietorship would be utilized. However, there is optimism that more investors will join. This is why this business plan is not only comprehensive, but also presented in a way that clearly illustrates the immense potential of the curio industry.

The management approach will transition to a partnership with shared duties when more investors join. The business's objectives include the distribution of curiosities to Americans, the financial stability of its investors, and the acquisition of a productive activity for after retirement. Appropriate tactics will be implemented to ensure the company can withstand national and international demand (Porter1980, pp. 29-30).

Organizational Formation and Objectives

Formation

Global Curiosities will be the company's name. At the time of formation, it will be organized as a sole proprietorship, with the ability to convert to a partnership upon the addition of additional partners. As a sole proprietorship, Global curios will be managed by a single person. This is the best option at this time (Pinson & Jinnet1999, pp.103-104). Family members are the primary alternative labor source. The company is anticipated to be functioning within three months. All legal standards that the state of Illinois expects businesses to meet prior to obtaining a license will be satisfied (Aaker1995, pp.71-72). The documentation covering all business-related information is expected to be finalized within three months. This documentation will adequately describe the organizational structure and operational theories. It shall be noted where the original capital came from. For the sake of clarification, the initial investment for the business will come from my HK$ 30 million in retirement benefits. In the documentation, the ability to add more members and transform the firm into a partnership will be made obvious (Miles 2003, pp.54-55). In fact, I intend to invite additional people to join me in pursuing this ambitious goal to investigate an underexplored business industry with great growth potential. I am prepared to share the anticipated wealth and huge potential of the curio business with others through an authentic, well-structured, and focused collaboration.

At the moment of membership expansion, the capital contributed by new members will represent the shares owned and, consequently, the profits to be realized at the end of each trading period. The purpose of this is to adhere to the fundamental capital norm in a joint enterprise.

Corporate Objectives

As with every profitable endeavor, this firm was founded with a set of objectives to be attained as a means of achieving its primary objective. The foundation of the Global Curios Company has the following primary objectives:

Delivering Unique Curiosities To The American People

The American market is larger than the American supply of curiosities. What does this signifier? This indicates that the size of the demand for curios in the United States is not entirely met by the current supply of curios. The human spirit is perpetually in search of novelty. In this scenario, the adage "a change is as good as a rest" holds true, as the American curio market is ravenous for foreign curios. The majority of available relics are representative of local heritage. It is therefore the mission of Global Curios to scour the globe in search of high-quality curios and provide them to the American public at affordable pricing.

Financial Safety Upon Retirement

The establishment of a firm is always motivated by a logical consideration. As I begin my retirement, it is imperative that I establish a solid investing strategy for my retirement benefits, so that my nest egg can support me for an extended length of time. Keeping the HK$30 million in a bank may be a smart idea, but it will diminish as I withdraw and spend the funds. Opening a firm, on the other hand, will allow me to produce a profit, which will not only make the capital last a bit longer but also generate additional income to help me meet my ever-growing financial obligations. Given that I am now unemployed, these obligations have the potential to be stressful. Having a successful firm, however, will allow me to avoid this financial strain.

The financial obligations that stand to benefit from the business include caring for a sick family member whose medication requires a large amount of money annually and covering the tuition expenditures of my law school sophomore son.

A Way To Maintain Myself After Retirement

If there are insufficient plans for how to spend this retirement period, the abrupt transition from worked to retired life might be problematic. Given that I am accustomed to a busy lifestyle, facing the reality of doing nothing after retirement is challenging. Then, what should I do to deal with this difficult time? The idea is to build a business that will keep me pretty busy so that I may transition into the world outside of official employment with reasonable ease. The concept of Global Curios will allow me to keep my mind and body busy so that I can avoid the health concerns associated with the sedentary lifestyle that most retirees lead.

Employment creation

The ultimate objective of this project is to generate employment for more than ten individuals. How will this be accomplished? I developed the idea with the intention of convincing other individuals to invest more funds in the firm. With additional funding, the business will transition from sole proprietorship to partnership. Increased capital will result in bigger activities, a larger market, and thus a greater demand for employees. More labor will necessitate the hiring of additional employees to help operate the business. In light of the difficult national and international economies, any possibility to create even a single job must be supported. This is especially crucial for our college-educated youth who are having problems finding employment. Note that this aspect of employment creation will occur more quickly if the capital base of the business is widened by more people contributing operating capital. At the individual level, it will take much longer for the business, which will be a sole proprietorship, to reach the requisite size to hire more people.

Industry Analysis: Past, Present, and Future Local, Regional, and Global Competition

The business of curiosities has not begun today. Therefore, it would be misleading to argue that this enterprise represents an innovative step. In the past, Americans had to rely on locally produced trinkets or purchase them when traveling abroad, primarily to African nations such as Kenya and South Africa. There were few establishments selling oddities, and there was little variety. Regionally, the curio industry is still largely untapped, with countries such as Mexico exhibiting little interest in the sector. On a global scale, I can speculate that Europeans were and continue to be more curious than the majority of the globe. How will the future of the business of curiosities effect Global Curiosities? The future of the collectibles industry appears bright. The rise of the curios market will be propelled by the growing interest in African and Oriental art in the western world. It is not unfair to claim that the western world has few curiosities to offer. Paintings by ancient or medieval artists such as Leonardo da Vinci and Michelangelo are the only well-known works of art produced by the western world. These great artists' paintings are the only important works of art that the vast western globe has to display to the world. In contrast, the Oriental globe and the African continent include a range of curiosities. Kenyan curio artisans, for instance, are renowned worldwide for the caliber of their craftsmanship. The Kisii district of Kenya is renowned for its curios made of soapstone, while the Makonde people of Tanzania are famed for their high-quality curios. With appropriate initiative, these two locations can serve as a significant supply of items, while the western world will function as a market for curios. Market identification is vital to a company's success, and Global Curiosities's management will execute this process with care (Pearce & Robnson2008, pp.32).

Competition

It is difficult to conceive of a commercial industry that lacks rivalry in the modern world. There are more than twenty-seven curio shops in the Chicago area, where I aim to place the company. However, this is a minor quantity when compared to the size of Chicago. This indicates that there will be rivalry, but it will not be intense enough to hinder company. The other viewpoint of rivalry in this industry is that of suppliers. The development of Global Curios will be required to conduct business with more established European curios merchants that have been in the sector for a long time and so has business experience. These dealers are in a better position to provide suppliers reasonable prices. In order to develop a foothold in the industry, Global Curios will need to make daring business decisions early on.

Administration

At the outset, the business will be managed by a single individual. However, the door is wide open to more investors. The first operational and managerial theory will be sole proprietorship, with one person making all the choices and the labor coming from this one person, with or without the support of family, friends, or a few employees. In addition to the simplicity of decision-making as a result of the absence of many competing and conflicting voices and the sole ownership of all earnings by this individual, this management philosophy includes drawbacks, such as the absence of additional views in decision-making. This can result in poor decision-making. Other drawbacks of this management approach include a limited labor supply, the individual bearing of losses, and a small financial foundation.

Will this managerial approach endure forever? No is the answer to this question. This is due to the fact that the company is attracting more investors. The new investors will provide the company with a new identity and, as a result, a new management style. If it becomes a partnership, the management will fall on the shoulders of the partners rather than a single person. In this scenario, most decisions will be made collectively, and capital will increase. There will be more ideas, which will benefit the business. However, the decision-making process will become more time-consuming and difficult as more deliberation becomes inevitable.

Organizational Design and Personnel

The business will begin as a sole proprietorship, as described elsewhere in this business plan. The Chicago main store will be managed by either a family member or an employee, while the business owner will be responsible for sourcing curiosities from across the world. It will be the job of agents in the various providing nations to select and reserve quality curios. These agents will be paid by the business owner. One agent in the South American continent, one agent on the African continent, and one agent on the Asian continent will suffice for the beginning. The expansion of the business will necessitate the hiring of additional personnel, whilst contraction will inevitably result in layoffs.

If further capital is injected into the business, the aforementioned organization will take a different path. The increase in capital will necessitate more purchases from suppliers, necessitating more agents at the various supplying locations. The Chicago curio business will also require one or two full-time employees. This will change to include more stores in the Chicago metropolitan area and other cities and states around the nation. As the company expands, the management will hold strategy meetings to determine the optimal technique to enter new markets and launch new goods.

Product/Service Planning

The plan for introducing curiosities to the market will include the implementation of extremely competitive rates. This is due to the fact that this is a new firm that must attempt to attract clients in order to have a shot at capturing a portion of the market. Additionally, the following initiatives will accompany the product:

Oddity Handouts: These will be small pamphlets with in-depth descriptions of each curio. The pamphlet will be assigned a value, such as $15, but will be sent free of charge to any buyer who purchases the collectible. The pamphlet will contain information about the production method, cultural beliefs associated with the curio, the individuals responsible for its creation, and its purpose. As a means of providing the consumer with a complete picture of the curio, the booklet will also include color images of the curio from all angles.

Marketing Plan

The viability of a firm depends on how well its services or products are marketed. The following will comprise Global Curios' marketing strategy:

Purchasing Advertising Space in Newspapers, Magazines, and Journals: Space in the daily newspapers with a high readership in Chicago will increase the business's visibility among the city's people. Additionally, residents' favorite magazines will be considered for placement. Radio and Television: Radio stations with widespread distribution in the Chicago area will also be utilized for marketing purposes. The appearance of the Global Curios store will also be communicated to the public via television advertisements. This firm will benefit from these media's capacity to reach a large audience (Komenar1999, pp.25). Online Marketing: The concept of e-marketing has taken a mainstream position in the whole business of marketing (Choi & Whinston 2000, pp.12-13). Consequently, Global Curios will have a well-designed, publicly accessible website (Deitel, Deitel & Nieto2001 pp.34). The public will be able to view the stock of curios in

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