Use the same business idea you used for Assignment 1 to complete this assignment.
Write a six to eight (6-8) page paper in which you:
- Choose the legal form of organization for the business, and support your choice.
- Determine the organization structure which is initially needed to get the business operating, including the number of people necessary to get through the first year of operation, their job titles, and short job descriptions.
- Propose at least three (3) methods to encourage the employees to work together and build an effective brand.
- Examine at least three (3) ways to satisfy each of the stakeholders in the business including the investors, the employees, the customers, and the community.
- Suggest a way to fund the business. Recommend how to attract equity investors.
- Analyze how much of the funding should come from debt, and how much from equity. Support your evaluation.
- Determine the type of technology that is required to innovate this business to improve the growth and profitability of the organization.
ANSWER:
Americans spend a portion of their earnings on tourism, domestic and international. They spend approximately US$500 billion on travel annually. Whenever a person is traveling, they desire the peace of mind and convenience so that they can maximize their enjoyment. More than half of the travel is for exploration and enjoyment. In that regard, travel companies have the potential of reaping increased demands if they built their brand and invest in customer service. A travel firm will recommend the best travel destinations to its customers, book for travel and the venue, and arrange for the transfers from airports to the hotel and the tour sites. However, a travel firm must invest in expanding its network by signing business contracts with hotels and tourism destinations across the world. That way, potential tourists and travelers will be attracted by the packages that the firm can offer and will use it to plan and book for their visits. However, a travel firm can only succeed if it has an appropriate legal setup, organizational structure, enough financial resources, and a motivated workforce.
LEGAL FORM OF ORGANIZATION
The travel firm should be registered as a limited liability company. The firm should be structured in a way that it is considered a different legal entity from the owners. The organizational structure should also allow for equity funding. A limited liability company is a continue reading…