Monday, May 11, 2009
I Believe I Deserve. . .
I believe I deserve a grade of “A” in INDS430 not because of a cumulative average of assignment grades, but because of my proved demonstration of applied class concepts and future ability to apply such lessons. Acting as CEO of RandomRacing, I was required to use lessons learned from HTWAIP in dealing with my employees, budget and marketing components in managing finance reports, key components of an effective presentation, and most importantly, genuine passion for entrepreneurship.
Monday, May 4, 2009
Monday, April 27, 2009
Business Executive Summary
RandomRacing Motorsports Park is Maryland’s only full road track and first private racetrack with a 3-mile course, including a quarter mile straight and a separate triple skid pad. Park grounds will also include outdoor areas to work on cars and grill. In addition, eighty sectioned garage spaces will be available for “Silver” members, and twenty garage spaces with tools and lifts for “gold” members. The track will be open from April to November for members, Tuesday threw Sunday, (Mondays for certain events or holidays) and to automotive clubs, organizations, and alternative events upon reservation.
Future plans for RandomRacing Motorsports Park include the construction of clubhouse for members, fitted with lounges, bars, dining rooms, a pool, and a repair/maintenance/installation shop. The shop will also offer service to members and the general public alike for secondary sources of revenue and will also be an authorized performance parts distributor as well. Upon establishment, both the clubhouse and shop will be open year-round.
Keys to Success:
- RandomRacing is the only road course in Maryland.
- Membership fees are lower than that of standard golfing country clubs.
- Membership fees provide constant revenue, regardless of track usage.
Risk Factors and Solutions:
- Limited real estate conforming to noise and environmental standards
- Land is available in Western Howard County. In addition, extra funding will lead to numerous land purchasing opportunities.
- Expensive track construction and maintenance.
- Our consistent revenue sources will lead to high profits, causing RandomRacing to cross into the black in the fourth year.
- Safety issues and injuries may result in financial obligation or worse. -Full time EMS, waivers and legal team.
Member biographies:
Brian Bell, CEO of RandomRacing, is currently majoring in Interdisciplinary Studies with focus in business and film at UMBC. He has been building and racing cars as a hobby for five years, and originally started planning RandomRacing three years ago. In addition to cars and film, Brian is very passionate about music and has played competitive piano for 12 years.
Alex Witkin, CFO, will receive a Bachelor of Arts degree in Japanese American Automotive Studies from UMBC in May 2009. Alex has a vast knowledge of automotive performance products gained through over six years of involvement with the hobby, including independent observations of the operations of other similar facilities and three years running the current online iteration of Brainchild Customs. Their show car, a 2002 Subaru Impreza WRX, has won over 75 awards at the premier national import shows. It has also been featured on FOX news, SPEEDtv, in Import Tuner magazine, and has an upcoming cover feature in Super Street. The vehicle is currently being used as a marketing tool for Brainchild Customs and serves as a rolling showcase of the types of innovative ideas, products, and services that the business provides. The networking and relationships formed through this success with the Subaru will be a source of advantage for RandomRacing.
Patrick Halter, Marketing Director, is a part time UMBC student majoring in interdisciplinary studies with a focus in sports management. Moreover, he is a full time account executive for an industry leading promotional products company outside of Washington, DC. Patrick’s interests include fishing, boating, sports, and traveling. He is also not afraid to mention that he is a life long New Orleans Saints fan.
Shane Yap, Director of Operations, is also student at UMBC. Taking classes such as the American Entrepreneur in the 21st century gives Shane insight on how a new business can rise above and become successful. Also a member of the tennis team, he is able to work well with others and collaborate to get certain goals accomplished. Designing his own business, The Campus Laundry Service, Shane has gained valuable knowledge in producing a service to his customers, making them his number one priority.
Alex Broadwater, Director of Research & Development, is a senior and interdisciplinary studies major at UMBC. He recently concluded his wrestling career at UMBC as a 3X All-American and the school's first National Champion in the sport. Upon graduation, Alex will launch a music arranging and publishing company while coaching wrestling at Catonsville High School, his alma mater.
Financial Projections:
Random Racing presents investors with an enormous potential for future returns. The main reason for the assured financial success of Random Racing lies with the private membership dues, which total $5,100,000 annually. Although the business requires a large amount of start-up capital it is expected that the break-even point will come during year 4. Initial expenses in year 1 will be $18,545,168.22 and include the majority of all start-up and build out costs. By year 2 the business will show a profit of over $4 Million and debts will be paid off by year 4. In the break-even year, the business expects to earn profits of $632,971.74 and the following year over $5 million.
Future plans for RandomRacing Motorsports Park include the construction of clubhouse for members, fitted with lounges, bars, dining rooms, a pool, and a repair/maintenance/installation shop. The shop will also offer service to members and the general public alike for secondary sources of revenue and will also be an authorized performance parts distributor as well. Upon establishment, both the clubhouse and shop will be open year-round.
Keys to Success:
- RandomRacing is the only road course in Maryland.
- Membership fees are lower than that of standard golfing country clubs.
- Membership fees provide constant revenue, regardless of track usage.
Risk Factors and Solutions:
- Limited real estate conforming to noise and environmental standards
- Land is available in Western Howard County. In addition, extra funding will lead to numerous land purchasing opportunities.
- Expensive track construction and maintenance.
- Our consistent revenue sources will lead to high profits, causing RandomRacing to cross into the black in the fourth year.
- Safety issues and injuries may result in financial obligation or worse. -Full time EMS, waivers and legal team.
Member biographies:
Brian Bell, CEO of RandomRacing, is currently majoring in Interdisciplinary Studies with focus in business and film at UMBC. He has been building and racing cars as a hobby for five years, and originally started planning RandomRacing three years ago. In addition to cars and film, Brian is very passionate about music and has played competitive piano for 12 years.
Alex Witkin, CFO, will receive a Bachelor of Arts degree in Japanese American Automotive Studies from UMBC in May 2009. Alex has a vast knowledge of automotive performance products gained through over six years of involvement with the hobby, including independent observations of the operations of other similar facilities and three years running the current online iteration of Brainchild Customs. Their show car, a 2002 Subaru Impreza WRX, has won over 75 awards at the premier national import shows. It has also been featured on FOX news, SPEEDtv, in Import Tuner magazine, and has an upcoming cover feature in Super Street. The vehicle is currently being used as a marketing tool for Brainchild Customs and serves as a rolling showcase of the types of innovative ideas, products, and services that the business provides. The networking and relationships formed through this success with the Subaru will be a source of advantage for RandomRacing.
Patrick Halter, Marketing Director, is a part time UMBC student majoring in interdisciplinary studies with a focus in sports management. Moreover, he is a full time account executive for an industry leading promotional products company outside of Washington, DC. Patrick’s interests include fishing, boating, sports, and traveling. He is also not afraid to mention that he is a life long New Orleans Saints fan.
Shane Yap, Director of Operations, is also student at UMBC. Taking classes such as the American Entrepreneur in the 21st century gives Shane insight on how a new business can rise above and become successful. Also a member of the tennis team, he is able to work well with others and collaborate to get certain goals accomplished. Designing his own business, The Campus Laundry Service, Shane has gained valuable knowledge in producing a service to his customers, making them his number one priority.
Alex Broadwater, Director of Research & Development, is a senior and interdisciplinary studies major at UMBC. He recently concluded his wrestling career at UMBC as a 3X All-American and the school's first National Champion in the sport. Upon graduation, Alex will launch a music arranging and publishing company while coaching wrestling at Catonsville High School, his alma mater.
Financial Projections:
Random Racing presents investors with an enormous potential for future returns. The main reason for the assured financial success of Random Racing lies with the private membership dues, which total $5,100,000 annually. Although the business requires a large amount of start-up capital it is expected that the break-even point will come during year 4. Initial expenses in year 1 will be $18,545,168.22 and include the majority of all start-up and build out costs. By year 2 the business will show a profit of over $4 Million and debts will be paid off by year 4. In the break-even year, the business expects to earn profits of $632,971.74 and the following year over $5 million.
Sunday, April 12, 2009
Assignment 10: Final First Year Budget
Due to zoning laws, noise restrictions, and obvious safety issues, legal advising and company attorney(s) are a significant part of the budget. An accountant, whether under my company or from an accounting firm, is given a consistent salary (because honestly, I really dislike accounting).
During the first month, construction is the primary usage of the first year budget. While the shop could be constructed in the first month and begin to generate revenue the second month, the track and clubhouse will take longer to construct and start business.
In the winter, clubhouse and track staff are cut in half because the main source of money would come from the shop that does regular maintenance for all customers (members or not) because winter is not racing season. Come springtime going through early fall (racing season), more staff are brought on to work in the clubhouse and on the track, and all three branches go up in profit.
Sunday, April 5, 2009
Assignment 9: Be a Leader (The Sequel)
Background Information:
Saturday April 4th was UMBC's New Student Day. The day before that, UMBC had a program where current students on campus host a potential out-of-state student. The program began on Friday at 3pm. The hosts met their students at the undergraduate admissions and orientation office, helped bring their stuff to our dorms/apartments, went to a seminar by Freeman Habrowski, then there were a series of events planned until midnight. The students then spent the night at their host's residence, and the next morning the hosts brought them to the RAC for New Student Day.
1) I went to the Admissions office on Thursday to get the "Host" t-shirt, schedule of events, and to sign a contract. By using HTWFAIP methods from earlier in the book, I found out that four of the hosts actually backed out and the woman in charge (Danielle) was having serious difficulties finding people to replace them. I offered to help her find people, and by praising their people skills, asking if they wanted to get more involved in extra curriculars, and giving them a good reputation to live up to, I got two of my friends on campus to not only get interested in the program, but within an hour after I left the office, they had both gone and me with Danielle.
2) The whole purpose of the hosting program is to show the prospective student different aspects of UMBC and campus life so that they will be more interested in attedending the university. While taking my student, Cangun (how sweet of a name is that?!), on a tour and to all the events, I talked about my freshman experience and the mistakes I made, asked questions about what he wanted to study and why UMBC, praised every effort to memorize information and directions, and asked which events he wanted to attend rather then forcing him to attend certain ones. And in the morning, he actually told me he was now set on UMBC!
Saturday April 4th was UMBC's New Student Day. The day before that, UMBC had a program where current students on campus host a potential out-of-state student. The program began on Friday at 3pm. The hosts met their students at the undergraduate admissions and orientation office, helped bring their stuff to our dorms/apartments, went to a seminar by Freeman Habrowski, then there were a series of events planned until midnight. The students then spent the night at their host's residence, and the next morning the hosts brought them to the RAC for New Student Day.
1) I went to the Admissions office on Thursday to get the "Host" t-shirt, schedule of events, and to sign a contract. By using HTWFAIP methods from earlier in the book, I found out that four of the hosts actually backed out and the woman in charge (Danielle) was having serious difficulties finding people to replace them. I offered to help her find people, and by praising their people skills, asking if they wanted to get more involved in extra curriculars, and giving them a good reputation to live up to, I got two of my friends on campus to not only get interested in the program, but within an hour after I left the office, they had both gone and me with Danielle.
2) The whole purpose of the hosting program is to show the prospective student different aspects of UMBC and campus life so that they will be more interested in attedending the university. While taking my student, Cangun (how sweet of a name is that?!), on a tour and to all the events, I talked about my freshman experience and the mistakes I made, asked questions about what he wanted to study and why UMBC, praised every effort to memorize information and directions, and asked which events he wanted to attend rather then forcing him to attend certain ones. And in the morning, he actually told me he was now set on UMBC!
Assignment 9: Revised RandomRacing First Year Budget
Due to zoning laws, noise restrictions, and obvious safety issues, legal advising and company attorney(s) are a significant part of the budget. An accountant, whether under my company or from an accounting firm, is given a consistent salary (because honestly, I really dislike accounting).
During the first month, construction is the primary usage of the first year budget. While the shop could be constructed in the first month and begin to generate revenue the second month, the track and clubhouse will take longer to construct and start business.
In the winter, clubhouse and track staff are cut in half because the main source of money would come from the shop that does regular maintenance for all customers (members or not) because winter is not racing season. Come springtime going through early fall (racing season), more staff are brought on to work in the clubhouse and on the track, and all three branches go up in profit.
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