I need to respond to what is below in 250-300 words in APA format.
My fourth interview was with interviewee William Boyer, who is a financial advisor and has dealt with finances and investment management for over 30 years. After looking over my business plan, Boyer remarked that he thought it was very good and that I did a great job in covering the demographics and competitors in the area of South Central Pennsylvania. Boyer pointed out my expenses and the amount that my partner and I should invest in the business. He revealed that we should ideally have more equity invested in the company because ideally banks would want to see more assets/money before they would give us our long-term bank loan. Boyer also noted that I lacked a leasehold expense area which he noted would be very beneficial to have since most businesses at least have some improvements they need to make to the area where they rent.
He also noted how I should show how my business will mitigate its risks. Boyer also brought up payroll taxes and stated that about 11 percent of each month’s wages should account for payroll taxes. Lastly, he brought up other expenses like credit card expenses and repair and maintenance that I might want to add into my business plan finances. Consider that, “[b]efore people become entrepreneurs, they undergo a dynamic change process…starting with no intention to become an entrepreneur and ending with starting their own business,” (Klonek, Isidor, & Kauffeld, 2015, p. 44). When Boyer suffered severe health issues, he eventually was forced to become self-employed and he quoted James 1:12 concerning his experience, which reveals, “Blessed is the man who remains steadfast under trial, for when he has stood the test he will receive the crown of life, which God has promised to those who love him,” (ESV).
Klonek, F., Isidor, R., & Kauffeld, S. (2015). Different Stages of Entrepreneurship: Lessons from the Transtheoretical Model of Change. Journal of Change Management, 15(1), 43-63. doi:10.1080/14697017.2014.918049