“”You have to read the discussion of Week 5 to respond in discussions of weeks 6

“”You have to read the discussion of Week 5 to respond in discussions of weeks 6 and 7. For discussion of week 6 and 7 written short answer=======================================================================Week 5 – Discussion 1) Identify which of your interests you could shape into a business opportunity. Be sure to think big. For instance, if you love being with friends and listening to music, a club promotion business might make sense for you. Identify and discuss the steps you would need to take over the next few years to make your “dream business” real.I am very interested in opening an art gallery. I am an amateur painter and so very interested in opening a gallery where I can exhibit the paintings of contemporary artists. This has been my dream ambition and I have already started collecting I have already drawn up an extensive plan with a good friend of mine who already runs a photo shop about what I need to do to open a gallery. Since I studied at the local university at school of fine arts i have many artist friends who would lend their paintings to me. I am member of the local painting cub and putting my painting on an exhibition in the local club is no issue. I have been bequeathed a studio apartment by my grandparents and since it is in the vicinity of the local club it would make an ideal location for my gallery. I have some investments tied up which I plan to use for the interiors of the gallery. I have already tied up with local school of arts to host an exhibition of their students. Over the next five years I plan to hold exhibitions of famous artist especially of the river valley school because I am fascinated by this and use my studio apartment to make a painting house for budding painters. I am sure that this gallery for amateurs will kick off well because the town has no gallery for painters of this particular genre.2) With your “dream business” in mind, determine what major obstacles you would face and how those obstacles might be addressed. Provide specific examples.The greatest obstacle to my dream business is the marketing efforts that I need to put in to start off the exhibitions in my gallery. Since my gallery is not an upfront gallery and is not known by many people holding an exhibition of good artist’s may be the biggest hurdle that I can see as of now. I need artists to frequent my studio and put up their paintings for an exhibition, invite the media and the press and hold discussions on arts and painting. If I could get round to doing this then my gallery would become popular and much sought after but as I envisage this would be the toughest and the most challenging aspect of running the gallery. Good and famous artists may not want to hold an exhibition of their works in my gallery .I have to make them do so through some mutual contact and good Samaritans. I hope this obstacle can be slowly removed using my good offices at the local university and school of arts.3) Discuss whether or not you think ethical accounting practices are equally important for both public and private companies.Ethical accounting practices are very important for all businesses because accounting is the medium through which the internal and external stakeholders come to know about the business. Accounting practices through financial statements bring about the material aspects of all monetary transactions that are happening in the business. There are many stakeholders in a business and so their interests have to be safeguarded and investor’s money has also to be kept safely. The economic environment in which the organization operates has to bring in a commitment of integrity and honesty to all parties concerned and so it is very necessary that accounting standards and principles be strictly followed. These practices automatically lead to ethical practices of accounting as everyone looks at organizations as a means of protecting their investments hence no group of people can hold the investors’ money personally and to their benefit. So it is required that high level of integrity and responsibility be exercised in bringing good practices into value. Since there are many kinds of stakeholder involvement, everyone’s interest has to be protected and so ethical accounting practices are a must.4) Discuss the importance of having a proper accounting system in place and why it is important to understand financial statements.A proper accounting system brings into place the record of all material and monetary transactions that have occurred. There RE A gave set of rule which organizations have to follow according to GAAP and FASB regulations. These properly regulated accounting systems will help users of accounting statements to understand how to prepare accounting statements and financial statements. It is important to understand financial statements because it gives an entire picture of all that has happened in the organization and whether everything material has been reported. It also helps investors to understand if it is wise to invest in the organization and for regulators to understand if the firm has kept up all regulations. Accounting systems are as per regulations and in the accepted format for users to understand so if accounting systems are in place it make it easy for everyone to understand the nature of business and its financial working.========================================Week 6 – Discussion 1)Refer back to your “dream business” from Week 5. Determine the best way to finance the launch of your new company. Explain your rationale.2)Once you have your company up and running, discuss the major tools you will use to track your company’s progress and plan for the future. Provide specific examples to support your response.3)Review the ways in which markets are regulated and determine what additional steps could be taken to establish more confidence in the market. Give specific examples of how the additional steps would help.4)Analyze the strategies investors use to invest in securities and determine which would be most advantageous to you at this stage in your life. Explain your rationale.=========================================Week 7 – Discussion 1)Refer back to your “dream business” from Chapters 5 and 6. Briefly outline the basics of a marketing strategy for your product or service.2)Discuss the types of marketing research you would conduct in preparation for taking your company global.3)Again with your “dream business” in mind, briefly describe how you would differentiate your product or service from others in the market.4)Briefly describe how you would promote the product or service your “dream company” provides.”

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