Business Plan Review ResponseI need to respond to what is below in 250- words in APA format.The first entrepreneur that reviewed my proposed business plan is Timothy Hatcher. Mr. Hatcher owns a Service-Disabled Veteran-Owned Business (SDVOB) based in Front Royal, Virginia and currently has contracts with the government. Mr. Hatcher has been operating his small SDVOB since 2004 with employees scattered in areas where some would consider unfit to live in.The comments given that I believe that are worth mentioning are: have the appropriate business insurance policies, pay both federal & state tax on schedule and separate both accounting for each, and finance the money needed for the start up.Given the three comments, Mr. Hatcher reinforced his stance on the first two comments by stating that when operating a business, it is imperative that insurance policies are in place for the just in-case especially with my proposed targeted customers. In terms of taxes, focus on the U.S. tax payments first and then the host country. He further stated that these are the two of his most valuable liabilities that he had to face. And if I do not correctly put the best method of accountability in place, the business is subject to failure even if the revenue stream are very promising.With the given comments I had to rethink my existing business plan to ensure that I do not repeat the same mistakes. Maintaining accurate financial records provides proof of payments made (especially taxes & insurance) and tax deductions (Mariotti, & Glackin, 2016, p. 236).Summarizin
g, just when I thought I had every aspect of the business plan covered, having a second set of eyes and being open to criticism makes any business plan much more solid. Especially if the comments are coming from an established entrepreneur. As Paul had said But continue thou in the things which thou hast learned and hast been assured of, knowing of whom thou hast learned them (2 Tim. 3:14, KJV).References:Mariotti, S. and Glackin, C., (2016). Entrepreneurship: Starting and Operating a Small Business. (4th ed.). New York, NY: Pearson4 hours agoAnswer preview
Concerning the comments offered by Mr. Hatcher, I concur with them. It is true that when having a business plan, an entrepreneur ought to have policies of business insurance that are appropriate. The entrepreneur should also pay both the state and the federal tax on a schedule and should have an accounting for each of the charge. Also, the startup money should be financed. Usually, when operating a given business, the insurance policies are essential just in case anything may arise in the business. In the tax perspective, paying taxes to the federal or the United States is very crucial as well to the host country. Typically if an entrepreneur fails to consider the two aspects of insurance policies and tax payments, the business is usually prone to failure as these are some of the liabilities that Mr. Hatcher faced. The two issues highly cause the collapse of the business regardless of whether there is a promising stream of the revenue
APA 288 words
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