Business Name

In this slide, I have provided a detailed introduction to the presentation which I will be going to present. The presentation is about the creation and management of a new small business that provides a solar energy-fueled charger. Solar energy-fueled products become the new trends in the solar energy industry. There are varieties of products are there nowadays, which make the economic life of an individual better. Because of the utilization of solar energy customers and businesses are both saving money. The solar energy industry is expanding very rapidly in today’s century. And they are easy to use and energy-efficient products become more preferable. In the next slide, I will discuss mentioned the business name and a short detail about it.

In this slide, I have mentioned the name of the new business that will be based on the solar energy industry. As solar energy become the most preferable source of energy because of its cost-effectiveness and ease of installation. Here, the name for the proposed business which is considered is “Charger Tech” because of the nature of the business and products it will provide to the customer. This name will make it the customer easier to understand about the whole is about. As the name itself suggest “Charger” produces charger for the devices, and “Tech” because it uses solar energy fueled technology. Charger Tech is a medium-sized business that will provide products. In the next slide, I will discuss the mission statement for the business.

In this slide, I have discussed the mission statement of the new business Charger Tech where various aspects are addressed. The goals of this business are to make a product that will save energy. Charger Tech follows a customer-centered approach that will benefit the business more. The reason for choosing the name is that it will provide a charger that will run on solar energy. And the purpose of choosing this mission statement is that solar energy is the new trending adoption. Because of the use of electronic devices, the use of solar-powered chargers is in demand. In the next slide, I will discuss how I will draft the mission statement of this business.

In this slide, I have discussed how I will draft the mission statement of this business. Here, for drafting the mission statement of Charger Tech there is certain consideration that I will consider such as:

• Must keep the mission statement concise and short
• Do not write the statement in an essay format
• Must think for the long-term
• Must include all the essential points of the business
• Change the statement was necessary to make it meaningful

This addressed consideration will help to make my draft of the mission statement for the investors. In the next slide, I will discuss the three legal forms of business.

Mission Statement

In this slide, I have discussed the three legal forms of business that seem to be appropriate for the business Charger Tech. The three legal forms of the business are sole proprietorship company, partnership company, limited liability company. The majorities of small and medium-sized businesses prefer sole proprietorship because this is owned single person and that person generally has the daily responsibilities to take care of. The partnership business as the name suggests is the business whose ownership is shared between two or more people of a single business. Whereas, the limited liability company is the new type of business structure that is hybrid and is permissible in almost every state. In the next slide, I will discuss the advantages and disadvantages of the three legal forms.

In this slide, I have discussed the advantages and disadvantages of the three legal forms of the business such as sole proprietorship company, partnership company, limited liability company. They are:

• Pros: Least expensive and easiest form of ownership to organize.
• Cons: At a loss in raising funds as well as sometimes limited to using the funds from consumer loans and personal savings.

• Pros: Easy to establish but time quite a good amount of time be invested in developing the agreement among the partner.
• Cons: Partners are individually and jointly liable for the actions taken by other partners.

• Pros: Corporations could raise their funds with the help of sales of stock.
• Cons: The incorporation process needs more money and time than the other forms.

In the next slide, I will discuss the six factors which are essential for a successful business.

In this slide, I have discussed the six factors which are essential for a successful business. These factors play a very important role in developing and establishing a new business and having competitive advantages. They are:

• Creation and Maintenance:this is the effort that is associated with maintaining and forming the entity
• Continuity:this is the stability or continuity of the organization upon the provided occurrences of the business.
• Ownership and Control:this is the control and ownership rights of those who are involved with the business.
• Personal Liability:this is the potential for the personal liability of an individual involved with the business.
• Compensation and Division of profits:this is the division and compensation of the profits among the owners of the business.
• Taxation:this is the taxation of the earnings of an organization and the distribution of its profits to the owners.

In the next slide, I will discuss the best legal form of business that will be preferable for Charger Tech.

In this slide, I have discussed the best legal form of business that will be preferable for Charger Tech. The most appropriate legal form of business is Sole Proprietorship because here the business will be owned by only one person which is suitable considering the business scenario. The business will be in complete control and appropriate decisions will be made concerning the law. The profit from Charger Tech flows directly to the person’s tax return. In the public and law’s eyes, the person will be the same as the Charger Tech. In the next slide, I will show an organizational chart for the proposed business.

In this slide, I have shown an organizational chart for the proposed business by considering the functional business structure. Here, in this chart there are three layers where at the top is the owner, at the middle layer is the human resource, and at the third, there are product management, sales and marketing, product development, service and support, and operations. All of these have been considered based on the type and product the business Charger Tech will provide. In the next slide, I will discuss the titles and reasons of the entities shown in the chart.

Drafting Mission Statement

In this slide, I have discussed the titles and the reason behind choosing the entity. They are:

• Owner:  Will manage the business
• Human Resource: Will manage the lower entities
• Product Management: Will manage the developed product
• Sales and Marketing: Will manage the sales and marketing
• Product Development: Will manage the product development area
• Service and Support: Will manage the part of the service
• Operations: Will manage the business operation part

In the next slide, I will discuss the titles and their tasks, and the reporting structure

In this slide, I have discussed the titles and their tasks, and the reporting structure will be shown. The titles and their roles are:

• Owner:  Monitor all the below level entities
• Human Resource: Manage the lower-level entities and run their compensations
• Product Management: Take care of the product department and manage the stock
• Sales and Marketing: Take care of the product’s sales part and ensure proper marketing
• Product Development: Take care of the development part where the charger will develop
• Service and Support Provide services and support to the customers
• Operations: Take care of the business activities and ensure proper operations are done

The reporting structure is:

• The lower-level entities will report directly to HR which is the middle level, HR will report directly to the owner which is the top-level, and the owner can take action or contact to any level.

In the next slide, I will discuss outsourcing the human resource function for the business.

In this slide, I have discussed the outsourcing of the human resource function for the business. Human Resource is referred to as the business division that is changed with screening, training, finding, recruiting job applicants. It also administers the overall benefit programs of an employee. Human Resources can be outsourced to provide benefits to Charger Tech in administration, payroll, and recruiting. The compensation is the most required and essential outsourced HR function for Charger Tech. The compensation function will take care of the business payroll and tax-related areas. In the next slide, I will discuss the pros and cons of outsourcing the human resource function for Charger Tech.

In this slide, I have discussed the pros and cons of outsourcing the human resource function for Charger Tech. They are:

• Provide expansive capabilities
• Logical & financially sound investment
• Integration of Latest HR technology
• Comprehensive benefits offerings
• HR experience and expertise
• Proper risk management

• Expense
• Perceived control loss over the business
• Lack of availability and access to the HR rep

In the next slide, I will discuss some essential factors and future considerations for the business.

In this slide, I have discussed some essential factors and future considerations for the business. It has seemed that if the business Charger Tech, then it would be benefited more if they follow the centralized organizational structure. This structure will make the owner always at the forefront of the business operation. The centralized structure will help to develop a wide operation view and tightly exercise financial controls. Such operational view and tight exercise will Charger Tech to go national as well as international. The authority for making a decision is concentrated at the top where the lower ones follow the instructions. In the next slide, I will provide a conclusion to conclude the entire presentation including some recommendations.

In this slide, I have provided a conclusion to conclude the entire presentation including some recommendations. The business Charger Tech that produces solar energy–fueled chargers will be highly benefited by the business. If the business considers the partnership company legal form approach, then it would be more appropriate as the load will be divided among the partners that will provide effective business. The functional business organization chart will help Charger Tech to understand its business structure clearly. Appropriate consideration of the aspects addressed will provide benefits in various ways to the business once developed.

References

Akhmetshin, E. M., Kovalenko, K. E., Mueller, J. E., Khakimov, A. K., Yumashev, A. V., & Khairullina, A. D. (2018). Freelancing as a type of entrepreneurship: Advantages, disadvantages and development prospects. Journal of Entrepreneurship Education, 21(2), 1528-2651.

Formosa, A. M. (2018). From a sole trader to a company: a legal and financial analysis (Master’s thesis, University of Malta).

Karpenko, L., Pashko, P., Voronzhak, P., Kalach, H., & Nazarov, M. (2019). Formation of the system of fair business practice of the company under conditions of corporate responsibility. Academy of Strategic Management Journal, 18(2), 1-8.

Obedgiu, V. (2017). Human resource management, historical perspectives, evolution and professional development. Journal of Management Development.

Rashidi, S., Esfahani, J. A., & Rashidi, A. (2017). A review on the applications of porous materials in solar energy systems. Renewable and Sustainable Energy Reviews, 73, 1198-1210.

Ugli, T. J. T. (2019). The importance of alternative solar energy sources and the advantages and disadvantages of using solar panels in this process. International Journal of Engineering and Information Systems (IJEAIS), 3(4).