This is an example that I made in my financial entrepreneurship class that demonstrates one of our businesses called the Salt Lake City Music Festival that we came up with for a class assignment. We projected costs of what it would take to operate and what kind of equipment is needed and maintenance. After we gathered the information that is needed to make it operating we then began to take what it will actually cost to go to the festival. By making a reasonable cost for ticket we knew that we would be able to keep up with competition of other music festivals but still be able to break even at the end. With our project numbers we knew that if we sold more than 360 tickets at $150.00 dollars we would break even. I liked being able to work with a break even analysis because its' formula is fairly easy to work with and it makes you take into account what it will actually take for your business to come out on top instead of in the hole, which it will also simulate if you will be.
This is a memo that I wrote to my Professor for my Business Communications class. The class was designed to help for composing resumes and memos as well as how to properly conduct presentations and act in a professional work environment. The memo contains self-initiated feedback after conducting a mock industry pitch for the company Skullcandy. It was a video recorded assignment and after the pitch was presented, we had to go back and evaluate ourselves on how we performed. There were some specific things and actions that we had to demonstrate to indicate to the directed audience if we are being closed off or being open and more comforting. In the memo I am describing how I was presenting myself throughout the entire presentation. By actually being able to see your presentation on a company and speaking in front of a class is very helpful. It makes it easier to spot certain things or ticks that you do unknowingly that you can than later fix rather than not having known about it before. It also helps to see how well you speak in front of a group. Through this process I can see if I am speaking loud and clear enough and ensure that I am not speaking at too fast of a pace. This makes me realize through watching the presentation that it is comforting to go back and look at what things I did well on and the things that I can improve. This class has really brought out my confidence for public speaking.
During one of my semesters at the University of Utah, I took a financial entrepreneur class where we worked on creating and building our own company. We decided to create a Salt Lake City Music Festival and this artifact describes our income statement. Much of what is provided are the data that we gathered up and put together as best we could with the information that we researched on. This gave us a good picture on what we needed to focus on. This income statement is focused over a three-month duration and it implied what the revenue, cost of sales, operating expense and overall net income would be. We had to really think of everything that we would need to get an actual operating music festival up and running. It helped out quite a bit having a projected income statement because it truly helped keep track of where money was going, how we did the month before to the previous month and if we are making any profits or losses. This gave us a better picture on what it actually takes to run a business and helped by actually seeing where the company is spending the most money and how you can improve on keeping control of it as well as demonstrating where you are earning money from and the differences the amounts are from month to month.