You Are an Entrepreneur!Student life does not generally afford a great deal of free time to pursue your personal interests; however,at one point, you may have considered turning a personal interest or hobby into an official enterprise.Today, you have finally decided to turn that hobby into a business but have realized that you need startupcapital from a lender or investor.To obtain funding, you need to convince a lender / investor that your business is more than a hobby. Youneed to demonstrate that you have a firm grasp of your business, the accounting practices that impactyour business, the controls needed to safeguard assets, and which accounting system will produceaccurate and relevant financial information.Write a six page business plan in which you:1. Describe the type of business you have created including:a. The product or service, and general staffing plan. Provide a rationale for your plan.b. The form of your business and the benefits it offers your particular business,c. A chart of accounts specific to your business, including a rationale as to the selection ofeach account. (Note: The chart of accounts is a blueprint of your business for thelender/investor. It should report the expected resources that you will consume in yourbusiness (assets), the sources of those resources (liabilities and equity), the sources ofrevenue, and expenditures that you expect to incur to earn those revenues. You maybuild a detailed chart that includes business units, divisions, product lines, etc.)2. Based on the form of your business, analyze whether or not you will be required to use GenerallyAccepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS)accounting methods and how the IFRS / GAAP convergence will impact your business. Suggesthow you will incorporate any changes into your books and records. (Note: You need todemonstrate to the lender/investor that you have recognized possible changes to GAAP that mayimpact the accounting and reporting of your accounting events.)3. Prepare a pro forma balance sheet and income statement providing the assumptions made andsupport the valuations assigned.4. Considering the value of assets (assigned per your balance sheet) used within your business,recommend two (2) specific internal controls that you will implement to protect your companyâsassets and resources, justifying how each will provide assurances to management. (NOTE:Safeguarding assets and protecting personal data are paramount to ensuring the viability of abusiness. Demonstrate to the lender/investor that your assets will be safeguarded and customerinformation (if applicable) will be protected.)5. Based on the internal control recommendations that you made, suggest how you will implementeach within your business environment, indicating how challenges or resistances will beovercome.6. Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and otherregulatory requirements, on your business venture, giving considering to how you intend tocomply with the requirements and the general impact to decision making within your business.7. Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and otherWebsites do not quality as academic resources.
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