BUSN 491 week 7 response 2

I need to respond to what is below in 250-300 words in APA format.

The first entrepreneur that reviewed my proposed business plan is Timothy Hatcher. Mr. Hatcher owns a Service-Disabled Veteran-Owned Business (SDVOB) based in Front Royal, Virginia and currently has contracts with the government. Mr. Hatcher has been operating his small SDVOB since 2004 with employees scattered in areas where some would consider unfit to live in.

The comments given that I believe that are worth mentioning are: have the appropriate business insurance policies, pay both federal & state tax on schedule and separate both accounting for each, and finance the money needed for the start up.

Given the three comments, Mr. Hatcher reinforced his stance on the first two comments by stating that when operating a business, it is imperative that insurance policies are in place for the “just in-case” especially with my proposed targeted customers. In terms of taxes, focus on the U.S. tax payments first and then the host country. He further stated that these are the two of his most valuable liabilities that he had to face. And if I do not correctly put the best method of accountability in place, the business is subject to failure even if the revenue stream are very promising.

With the given comments I had to rethink my existing business plan to ensure that I do not repeat the same mistakes. Maintaining accurate financial records provides proof of payments made (especially taxes & insurance) and tax deductions (Mariotti, & Glackin, 2016, p. 236).

Summarizing, just when I thought I had every aspect of the business plan covered, having a second set of eyes and being open to criticism makes any business plan much more solid. Especially if the comments are coming from an established entrepreneur. As Paul had said “But continue thou in the things which thou hast learned and hast been assured of, knowing of whom thou hast learned them” (2 Tim. 3:14, KJV).

References:

Mariotti, S. and Glackin, C., (2016). Entrepreneurship: Starting and Operating a Small Business. (4^th ed.). New York, NY: Pearson