a) Your uncle just lost his job as a pilot in one of the airlines' companies due
Question:
a) Your uncle just lost his job as a pilot in one of the airlines' companies due to the recent effect of a travel ban worldwide. He finally says goodbye to the company that he served for almost 12 years. As he received some remuneration money, he was thinking about using some of the money to starting up his own business. However, he is still confused about which type of start-up business that he should open. Should he use his specialist experience as a pilot, or should he teamed up with his wife to open a more general business? He knew that you are taking entrepreneurship subject in the university, and he was asking you to clearly explain two types of start-up companies that are suitable
with both ideas that he is thinking about so that he can become more clearer with his decision. Please advise him.
b) Without proper management of funds and finances it is hard for any entrepreneur – large or small, startup or established – to be successful in business. In fact, financial management is at the heart of all business operations as it may either interrupt it due to shortage of funds or enable a smooth operation with a steady flow of cash. Finance management involves every aspect of dealing with and analyzing money in a business, from managing cash flow to tracking business performance and developing plans to ensure that the business makes the most of opportunities. Therefore, without a proper guideline set on how money is utilized, you will find financial management to be very difficult and it will not help your business achieve its objectives. Having guidelines for how money is managed, however, will ensure you have all the financial capabilities required to run your business smoothly and effectively.
That by itself is challenging but very satisfying if done properly and everything falls into its place.
Discuss in detail the TWO (2) main financial objectives of a start-up firm?
Expert Answer:
A start up refers to a company in the in initial stages of development My uncle having lost his job ... View the full answer
