MNE3701 Assignment 3
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 27
September 2024
CONTACT:
, MNE3701 Assignment 3 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 27 September 2024
Having acquired sufficient knowledge and skills on
financial management for small business, you must
demonstrate practical competencies in constructing
financial statements and in conducting feasible financial
forecasting. As a new entrepreneur understanding
financial management and accounting, forms an integral
part of running your small business. In addition, you
should also be able to forecast the financial outcomes
that could result from your decision. The projections of
business’s profits, its assets and financial requirements,
and its cash flows are essential in determining whether
your business is economically viable. Having acquired
sufficient knowledge and skills on entrepreneurship and
small business management, you must demonstrate
practical competencies in financing the financial or
capital needs of your business, building customer
relationships, developing the product and managing the
supply chain of your the business. Think of any business
you would like to start and answer the following
questions: QUESTION 1 With reference to practical
examples, critically discuss how you would finance your
business. Motivate why you choose specific ways of
financing over others. (10)
To answer this question, think of a specific business you want to start, as the type of business
will influence how you finance it. Here’s a structured approach to critically discuss financing
options, using practical examples:
1. Identify the Business Type
Let's assume you want to start a small clothing boutique. This choice of business will shape
your financial needs, such as inventory, shop rental, marketing, and staffing.
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 27
September 2024
CONTACT:
, MNE3701 Assignment 3 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 27 September 2024
Having acquired sufficient knowledge and skills on
financial management for small business, you must
demonstrate practical competencies in constructing
financial statements and in conducting feasible financial
forecasting. As a new entrepreneur understanding
financial management and accounting, forms an integral
part of running your small business. In addition, you
should also be able to forecast the financial outcomes
that could result from your decision. The projections of
business’s profits, its assets and financial requirements,
and its cash flows are essential in determining whether
your business is economically viable. Having acquired
sufficient knowledge and skills on entrepreneurship and
small business management, you must demonstrate
practical competencies in financing the financial or
capital needs of your business, building customer
relationships, developing the product and managing the
supply chain of your the business. Think of any business
you would like to start and answer the following
questions: QUESTION 1 With reference to practical
examples, critically discuss how you would finance your
business. Motivate why you choose specific ways of
financing over others. (10)
To answer this question, think of a specific business you want to start, as the type of business
will influence how you finance it. Here’s a structured approach to critically discuss financing
options, using practical examples:
1. Identify the Business Type
Let's assume you want to start a small clothing boutique. This choice of business will shape
your financial needs, such as inventory, shop rental, marketing, and staffing.
