You Are an Entrepreneur!

Write a business plan in which you:
1. Describe the type of business you have created including:
a. The product or service, and general staffing plan. Provide a rationale for your plan.
b. The form of your business and the benefits it offers your particular business,
c. A chart of accounts specific to your business, including a rationale as to the selection of each account, the
sources of those resources (liabilities and equity), the sources of revenue, and expenditures that you expect to
incur to earn those revenues. You may build a detailed chart that includes business units, divisions, product
lines, etc.)

2. Based on the form of your business, analyze whether or not you will be required to use Generally Accepted
Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) accounting methods and how the
IFRS / GAAP convergence will impact your business. Suggest how you will incorporate any changes into your books
and records. (Note: You need to demonstrate to the lender/investor that you have recognized possible changes to
GAAP that may impact the accounting and reporting of your accounting events.)

3. Prepare a pro forma balance sheet and income statement providing the assumptions made and support the
valuations assigned.

4. Considering the value of assets (assigned per your balance sheet) used within your business, recommend two (2)
specific internal controls that you will implement to protect your company?s assets and resources, justifying how
each will provide assurances to management. (NOTE: Safeguarding assets and protecting personal data are paramount
to ensuring the viability of a business. Demonstrate to the lender/investor that your assets will be safeguarded
and customer information (if applicable) will be protected.)
5. Based on the internal control recommendations that you made, suggest how you will implement each within your
business environment, indicating how challenges or resistances will be overcome.
6. Evaluate the impact of the regulatory environment, including the Sarbanes-Oxley Act and other regulatory
requirements, on your business venture, giving considering to how you intend to comply with the requirements and
the general impact to decision making within your business.
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