FIDM Q4 Ownership & Finance class

I came out of the class in a daze. I almost bumped myself in the elevator door, even. I guess I was still processing in my mind all the work that is required in this class. I walked home in very slow pace, still thinking with every step, about the class and the things I learned.

Ms. Pender seemed really nice, she is a CEO of a big compliance company, who dealt with GUESS's big mess with sweatshops in 1990s, then she accrued clients such as GAP, Federated, Coca-Cola, Home Depot, and etc. (as fas as I understood).

We're writing a business plan in this class! A Full Blown 50+ page Business plan with financial planning and everything! WOW.
OK, so we received a business plan software and a text that goes with it, and although they say it's just plugging in information, a LOT of research is required. Which I don't seem to enjoy very much, because I don't like to read. (which is really silly, i know) When I got home, I shared with Bryan about the class, and told him that I really need his help with this class, to write our business plan! ^^* (Bryan LOVES doing research, and that's why we work great as a team! ^^*)

A partnership agreement is required and I learned something very valuable about that today: It should never be a 50/50 partnership. Just incase there is a never-ending argument, there must be someone with a Veto-power. So a partnership always needs someone with greater value to the company, which should be spelt out before launching the compnay. The Visionary/ Creative partner has more value to the company (heart of the business), rather than a "Bean-Counter" who is replaceable at any time. (i.e. Business/ legal/ accounting person). A partnership in this case of 51/49 would work.

Target markets and Competition must be researched depending on your product and industry, and these can be found in various(thousands) website links connected to the software, especially the Census Bureau.

This is as far as we got to in the 1st class. We're to write a business plan, based on our "CA Apparel Manufacturing Company." I will decided whether I need to change that to a VA or a NY company after further discussion with Bryan. ^^