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MFRD Assignment 1 Final Repaired)

MFRD Assignment 1 Final Repaired)

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Published by Daniel Nguyen

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Published by: Daniel Nguyen on Nov 04, 2010
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12/02/2014

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Table of Contents
A. Introduction.
 
Core businesses of Pine Furniture Public Limited (Pine Furniture PLC) are designing,manufacturing and delivering furniture to customer’s door at unbeatable prices. With its 20-year experience, Pine Furniture PLC would like to expand the business in Vietnamese market. Inorder to do that, the company will need to raise 15 million pounds by considering severalfinancial options. It has to find a suitable source of finance so that Pine Furniture PLC could runa success business in Vietnamese market. Besides, a cash budget must be carefully analyzed withthe aim of preventing risks for later process of the company. In addition, to any company or organization, a careless plan will lead to series of financial risk to the company. That will expresshow important the processes of making a financial plan for even a small company.
B, Contents.I, Task 1: Opening your own business – Hospitality and Tourism.
 Nowadays, opening own business is a recent trend among students in general and BTEC programs members in particular. To start their business, students have so many choices in themidst of variety kinds of business such as Food and beverage, Financial and accounting services,Trading, Production… To start a business is not easy for anyone, especially for a student, therewill be so many jobs to do including selecting source of finance, preparing capital, makingmarketing planning and lots of things else.In a bunch of kinds of business segments, it is very difficult for me to choose a suitableone. Meanwhile, I have to consider several factors to determine the feasibility of my concept business. The first factor is how the recent 2010 economic situation in Vietnam will affect thedevelopment my project. It is not natural that I choose Hospitality and Tourism sector for myfuture business. If a person wants to start his own business, no matter what kind of business is,the first thing that he has to do is researching and planning the business. This is a key point to besuccessful for any business owner because a well-written business plan is essential to startingand running a business. Business plans are required when applying for business loans or seekinginvestors. A good business plan describes in detail a business' mission and goals, and how thesegoals will be achieved. And the first thing to be mentioned in a business plan is confirming the possibility of the business itself by researching the marketing and current economic situation of the target market that owner want to start his career in. Towards me, I choose Hospitality andTourism sectors in Vietnam for many reasons such as Vietnam’s resources, Vietnam’s economicsituation in 2010, personal characteristics, chance of success… and many things else. The firstfactor is the economic situation of Vietnam in year 2010, this issue is playing a very important part in deciding the likelihood to be able to develop of a initial business. From year 2007 to2010, the world has suffered from the most serious crisis of finance. This crisis has beenresulting in the collapse of large financial institutions, the bailout of banks by nationalgovernments, and downturns in stock markets around the world. Almost every country wasaffected, including Vietnam, this country, from year 2007 to 2009, has gone through so many to2 |Page
 
financial problems due to high inflation rate and weak management. Yet in the 2010, Vietnamhas been showing a rapid recovery movement in many financial sectors such as GDP (grossdomestic products), agriculture, forestry, fishery and tourism. In my chosen sector, Tourism,there are many positive signs that confirm a business in this area will be very successful.Tourism is a potential land for starting business because of it speedy enlargement in bothquantity and stability. For example, international visitors to Viet Nam in 9 months of 2010 wereat an estimate of 3,731,900, rose by 34.2% against in the same period last year. Of which,visitors coming for tourist purposes went up by 43.3%; for business purposes by 39.8%; and for visiting relatives by 2%. Beside, Vietnam’s GDP is expected to reach $102.2 billion in 2010, rise6.7%, compared to the government’s target of 6.5%. Generally, GDP ratio of Vietnam is nowhaving an upward trend, promising gradual recovery in the next few years.(www.veer.vn)Overall, all of that information is obviously prove that Tourism industry in Vietnam is truly agold mine for who are willing to set the first step into business’s world like me.When I have chosen the right sector, the next step is to select a type of the ownershipsincluding sole trader, partnership and limited company. Being a student seems to be the biggest problem when deciding the appropriate ownership types. So what are the disadvantages of beinga student, who might be living with and supported by family? I will have to face up with twomains tribulations: difficulty in finding source of finance and lack of experience. Partnershipownership will be a perfect solution for my situation because of several advantages it brings:
Partnerships are relatively easy to establish; however time should be invested indeveloping the partnership agreement.
With more than one owner, the ability to raise funds may be increased.
The profits from the business flow directly through to the partners' personal taxreturns.3 |Page

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