A Business Plan For Nouveau Riche - 1694 Words

You Are An Entrepreneur! Ariel Keaton Professor Kenneth Guyette ACC 557 – Financial Accounting Abstract The paper presents a business plan for Nouveau riche. Nouveau riche Boutiqueis a fashion retail store located in Charleston, SC. It is a sole proprietorship and is managed by the owner. It sells fashionable clothing, shoes, purses and accessories. The business plan will also presents the projected sales analysis, projected profit and loss, and projected balance sheet in the next five years. Also, the two accounting principles is being discussed in this paper. The paper will differentiate the Generally Accepted Accounting Principles (GAAP) from the International Financing Reporting Standards (IFRS) and will choose what principle†¦show more content†¦The behavior of an entrepreneur is essentially rooted in its choices or self-determination that leads to realistic actions like developing a business plan, registering a business, lodging a patent application, acquiring resources (Mueller, et. al, 2012). A good entrepreneur should be proactive on its business venture. In todayâ₠¬â„¢s competitive marketplace, a business owner or an entrepreneur’s proactive behavior will help in the running of the business and planning for the future. A business plan is a very significant tool in start-ups. A business plan is like a road map. It provides a business owner with direction and guides a start-up entrepreneur in developing a business (Moskwa, 2014). A business plan should define what you’re going to provide the potential market. It should state the value of the business, its competitive advantage, the target market, and will the market of your choice be interested on what you offer instead of going to the competition (Moskwa, 2014). â€Å"nouveau riche† Business Plan Executive Summary Nouveau riche Boutiqueis a fashion store and online fashion retailer which caters to women of all ages. Nouveau riche Boutiquewill sell trendy, fashionable women’s shoes, clothing and accessories. The store will showcase the latest trends in fashion. It is an off-price fashion store, trendy yet affordable. Nouveau riche Boutique is a sole proprietorship in the name of Ariel R