Week 10 EOC: My Plan

Throughout this quarter we’ve focused on the fundamentals of accounting and different aspects of running a hospitality centered business. Though I am an advertising major, I feel that many of the aspects of this class apply to all majors. My plan for the future is to graduate from this school and be hired from an intern position. I hope to get an intern at a bigger ad agency, SKG or R&R, however if that is not possible I will try to intern at a smaller agency. From that point I would work my way up the ladder gaining as much experience as possible. If a better opportunity arises from another company at any point in time I will probably apply myself to that. After a good amount of time and a good amount of experience I will create a business plan for a potential graphic design/media applications company. If I feel confident about the company I will seek opportunities with investors. While all of this is happening I will still be working, or at least hope to still be working. Running my company has never been a thought of mine because of the amount of sacrifices it takes, however from taking these classes I have learned about the benefits of owning a business. I am still lenient towards not owning a business, however my thoughts may change when I get experience in the workforce. Before I have taken these classes I thought owning a business was easy, my opinion has changed so much. Now I know how much it takes to own a successful business, however I have also learned that all that sacrifice makes it that much sweeter.  Throughout this quarter we’ve focused on the fundamentals of accounting and different aspects of running a hospitality centered business. Though I am an advertising major, I feel that many of the aspects of this class apply to all majors. My plan for the future is to graduate from this school and be hired from an intern position. I hope to get an intern at a bigger ad agency, SKG or R&R, however if that is not possible I will try to intern at a smaller agency. From that point I would work my way up the ladder gaining as much experience as possible. If a better opportunity arises from another company at any point in time I will probably apply myself to that. After a good amount of time and a good amount of experience I will create a business plan for a potential graphic design/media applications company. If I feel confident about the company I will seek opportunities with investors. While all of this is happening I will still be working, or at least hope to still be working. Running my company has never been a thought of mine because of the amount of sacrifices it takes, however from taking these classes I have learned about the benefits of owning a business. I am still lenient towards not owning a business, however my thoughts may change when I get experience in the workforce. Before I have taken these classes I thought owning a business was easy, my opinion has changed so much. Now I know how much it takes to own a successful business, however I have also learned that all that sacrifice makes it that much sweeter.  

Week 9 EOC: Book Question

With Dan and Lorelai creating a partnership with the Watershed restaurant there will be fixed costs. “Some fixed costs include items such as property and income taxes, insurance, occupation costs (rent or mortgage), interest, and depreciation.” (203). Along with fixed costs, there will be variable costs, “a cost that increases as sales volume increases and decreases as sales volume decreases.” (487). Some variable costs include: hourly wages, labor costs, credit card fees, supply costs and commissions. I believe that Dan and Lorelai can run the restaurant and make profit, however they won’t be blown out of the water with profit immediately. They will both have to commit to one plan, but I believe that plan is to combine their ideas. For example, buying the restaurant at a good price isn’t guaranteed. If they do buy at a good price, great but I still believe they should increase the sales as well as reduce the cost. If they can do that they will make a slow but sure amount of money to make a profit. If Dan and Lorelai were able to get investors that would help them out immensely. However, “All stakeholders who are affected by a business’s profitability will care greatly about the effective operation of a hospitality business.” (65). This could help the restaurant’s business and profitability, however at the same time they would risk damaging the business operations. I would say this is a good idea for them to make only is they weren’t too dependent on investors for the long run.