BNAY - Tiamuk, Challenge #7

Challenge #7 (Key Challenge 2): The Financial Plan

Using the business idea that you developed in challenge #4, you are going to create your financial plan for the first month you are in business.  These numbers will show if your business can make money. You can also use this section to convince potential lenders that your company can repay any money it borrows. There are three sections you must complete: start-up costs, financing, and income statement.

Start-up Costs

Your task here is to calculate how much it will cost to start up your business. Assume that you will require a business loan and the Ulnooweg Youth Business Loan is your only option.

The Ulnooweg Youth Business Loan is:

·         Available to Aboriginal business owners in Atlantic Canada under the age of 35

·         Can receive a maximum of $15000

·         The interest rate is fixed at 8.5 percent

·         The repayment schedule is monthly to a maximum of 5 years

Like most business loans, the borrower (you) is required to pay a percentage up front in order to get the loan – this is called a down payment. In this case, the down payment is 10%. If you decide to borrow $10,000, your down payment will be $1000. If you decide to borrow $15,000, your down payment will be $1500. As a result, when you determine your start-up costs, they must not be greater than $16,500 ($15,000 loan + $1500 down payment).

 

Start-up costs are the initial costs necessary to get a business up and running. They will vary depending on the nature of the business you are opening. Anything you plan to purchase before opening the business would be considering a start-up cost. Below is an example of the start-up costs for an insurance company.       

 

 

BNAY - Tiamuk, Challenge #6

My Tiamuk Challenge was: "In Nova Scotia there are five universities, all of which offer a business program.  Dalhousie University and St. Mary’s University offer what is called a Bachelor of Commerce Degree and Mount St. Vincent University, Cape Breton University, and Acadia University offer what is called a Bachelor of Business Administration Degree.  What I would like you to do is to take a look at all the websites for the various universities (links below) and let write a short description on the difference (if any) between the two programs.  Look at the courses you are required to take throughout the four years and see if there are any differences in the courses required to graduate and see if there are any differences in what you can do in regards to further education or employment.  You can also do some other general searches to find additional information on the differences between the two degrees.  Based on what you have found while reading the literature on the various schools, is there one university that you would pick over the other for your business degree, if you were to take one, and why?"

Dalhousie University (DAL); offers a Bachelors of Commerce Co-Op program for anyone who wishes to study business at DAL. In this program you are required to complete three mandatory co-op work terms in which you will gain valuable "real world" work experience and learn important skills which will help you in your future business career. This program is also accredited by the Association to Advance Collegiate Schools of Business (AACSB). By the end you will have the option of graduating with a general commerce co-op degree or declaring one of the seven major options.

St Mary's University (SMU); offers the Sobey Bachelor of Commerce program. The program provides students with a solid foundation in business and a wide range of specialization options (more than any post-secondary institution in Atlantic Canada) and extensive opportunity to get hands on work experience and interaction within the business community. You can also custom design your degree with the corporative education option and opportunities for international study. The first two years will be concentrated on building yourself a solid foundation of general business knowledge and skills, then you are required to peruse one of ten majors offered by St. Mary's. The co-operative education option is available to students who maintain a 3.00 GPA or higher. These students will complete three work terms in addition to degree requirements under supervision of a business co-op supervisor.

Mount St. Vincent University (MSVU); offers a Business Administration (BA) program where you can graduate with a BA and a major in either marketing, accounting, management or complete your BA without the intention of a major where you may minor in a branch of business and graduate with a BA of general business. Whatever route you choose will accompany you with quality learning experience and an exceptional knowledge of business. 

Cape Breton University (CBU); A Bachelor of Business Administration (BBA) from CBU'S Shannon School of Business is a highly desirable route. CBU offers a flexible program to help the student achieve their truest potential with whatever path they choose to Pursue within business. CBU offers intelligent, experienced staff and professors to help you get the best out of your Shannon experience! CBU also has great ties with the local Cape Breton business community which is a great asset to students attending the Shannon School of Business allowing for rich interaction between students, professionals, managers and business owners. CBU's BBA program presents students with the chance to develop an innovative program experience including core curriculum, elective courses and if they choose, a business concentration! 

Acadia University; Acadia offers a Bachelor of Business Administration program. Acadia presents their BBA program structure in 3 cores. The first (year one) is presented as "The Foundation", consisting of introductory level courses in a broad range of areas which prepare students with the tools and knowledge to proceed to the next level (year two) of the BBA structure which Acadia calls "CORE".
"The CORE is a rigorous, focused year of study where students are registered with a common class cohort in nine required business courses, representing the major functional disciplines.". CORE provides students with an exceptional understanding of the financial, marketing and operational realities of the business world. The third and final stage of your BBA experience (years three & four) with Acadia is the "Interest-Driven Learning" level. In the third and fourth years, students complete the remaining portion of their BBA and seek out different business and non-business electives to explore themselves and their interests while completing their major.

Bachelor of Commerce (Bcom.) Vs. Bachelor of Business Administration (BBA):

The BBA usually requires a major in a specific field or study of business. The BCom. normally provides students with some broadened business learning experience with theory and ideas based on "real life" business situations. By learning in a "real life" business setting the student os forced to think in such, rather than with a "text book" mind setting which in some cases can be much more beneficial. If you would ask almost any entrepreneur which has not attended an post-secondary institution, they will tell you that they've learned more valuable skills and theories pertaining to business and real life than they ever would have if they'd gone to school instead of becoming an entrepreneur. That could be said with anything, outside of business even. Even though working through the situation in a real life setting can be more valuable than working through the situation in a text book/classroom setting. Don't let that stop you from perusing a smart path with post-secondary education. If they had the opportunity, 9/10 of those entrepreneurs would have taken it.

Now personally I find it extremely hard to decide which is the better program or path for myself. A BBA presents an excellent education and mental tools to embark yourself unto the harsh business world. A Bcom. presents students with a bit less of a "text book" education and more hands on experience, with co-op work programs where you actually get to experience real life work in local business community and are presented with real life situations and theory to contemplate, work through and emirs your mind in. Overall I'd say it all depends on what you (the student) are looking for. Are you looking for a great business education in a classroom setting, or are you looking for a more hands on, self-experience workplace setting? Both programs offer the potential for the development of an excellent future business leader, it just depends what you want from your post-secondary business education. I do not know what I would choose, they both seem awesome to me! I love the idea of a co-op program but I also love the education that a BBA offers. I am undecided.