Business Description Submission Document

By: Michael Kushnir

My business idea is to provide marketing and design services

to Greater Toronto Area businesses.

Insert Date
6040 Bathurst st. #1204
Toronto ON M2R2A1
416-371-1603
torontocapital@gmail.com

Business Description Michael Kushnir

Table of Contents

Part 1 SELF ASSESSMENT...........................................................................................3

A. Entrepreneurial Profile.............................................................................................3
B. Business Knowledge, Skills, Experience and Credentials......................................3
C. Technical Knowledge, Skills, Experience and Credentials......................................3
D. Personal Fit..............................................................................................................3
E. Partners ( if applicable)............................................................................................3
F. Advisors...................................................................................................................4
G. Rationale for Self-Employment................................................................................4
H. Rationale for Self-Employment Assistance.............................................................4
I.

Statement of Household Expenses and Sources of Income...................................4

Part 2 BUSINESS IDEA ASSESSMENT........................................................................4

A. The Business Concept.............................................................................................4
B. The Business Opportunity.......................................................................................4
C. The Competitive Advantage....................................................................................5
D. The Business Approach...........................................................................................5
E. The Financial Potential............................................................................................6

APPENDICES....................................................................................................................6

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Business Description Michael Kushnir

Part 1 SELF ASSESSMENT

A. Entrepreneurial Profile
Complete Appendix 1 Entrepreneurial Assessment
Describe your intra/entrepreneurial background and profile.

B. Business Knowledge, Skills, Experience and Credentials

Complete Appendix 2 Business Knowledge, Skills and Experience Assessment
Describe the business knowledge, skills, experience and credentials that you have. In addition,
describe what business knowledge, skills, experience and credentials you lack and what you would
might consider doing about it.

C. Technical Knowledge, Skills, Experience and Credentials

Describe the technical
products/services.

knowledge,

skills,

and

experience

necessary

to

support

your

Describe, too, the extent to which you are capable of supporting your products/services with the
technical knowledge, skills, and experience necessary and the plans you might consider if you are
not capable.
List the certifications or qualifications, if required under law or regulation, to perform the proposed
business activity. Include a copy of your credentials as Appendix 3.
Include your resume with this application as Appendix 4.

D. Personal Fit
Explain how self-employment could be or could not be a fit for you.

E. Partners ( if applicable)
Provide your rationale for a partner(s). And, if you have a particular person(s) in mind, describe their
role in the business and the knowledge, skills, experience and credentials they bring to the role.
State the percentage of ownership and control you will have in this business venture.

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Business Description Michael Kushnir

F. Advisors
List below what you would want advice in. Name the individuals or organizations or institutions that
would provide the advisory support, list what area you would want advice in (e.g. legal), and list, too,
what specific advice you would require (e.g. contracts).

G. Rationale for Self-Employment

Provide your rationale for self-employment
Include your Employability Assessment / Return to Work Action Plan (completed with your
Employment Advisor) with this application, as Appendix 5.

H. Rationale for Self-Employment Assistance

Provide your rationale for self-employment assistance.

I.

Statement of Household Expenses and Sources of Income

Complete a Statement of Household Expenses & Sources of Income (Appendix 6a) to reflect your
household cash flow situation at this time. If the cash flow situation could distract you from focusing
on the business, develop a plan that would enable you to not only focus but stay focused on your
business; attach a second Statement of Household Expenses & Sources of Income (Appendix 6b)

Part 2 BUSINESS IDEA ASSESSMENT

A. The Business Concept
Describe your business idea. Also state whether it is a new start-up or if you are buying an existing
business.
List and describe your products/services in detail.
What are the features and benefits that are the most attractive to your prospective customer?
Describe how this business idea is a fit for you.

B. The Business Opportunity

Describe the trends that you have observed or read about in the marketplace. Quote your Sources.

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List and describe the problems (if any) that present themselves as business opportunities in your
industry or marketplace, and support your observations. Remember to quote your sources.
Describe how your business is a solution to the above problem(s).
Describe the customer needs or wants that your business is responding to.
Provide research findings that demonstrate that there is a demand for your products/service;
anything that suggests that your prospective customers are willing to pay for a similar product.
Remember to quote your sources.
If you have any confirmed prospects, please elaborate.
State the market potential within your target groups. Provide your assumptions or rationale or quote
your sources.

C. The Competitive Advantage

Complete Appendix 7 - Competitive Analysis. Name your key competitors and describe your business in
a competitive context as it pertains to such purchase criteria as pricing, quality, service, convenience,
value, etc.
Summarize their strengths and weaknesses; highlight opportunities and threats.
Describe the key competitive advantage you will have over your competitors; and explain why you
think your potential customers will buy from you versus your key competitors.

D. The Business Approach

State your target geographic area from which you will draw your customers. Provide rationale for
your plans
List and describe your target groups and construct your potential customer profile identifying their
needs and common characteristics)
Describe the promotional strategies that are squarely focused on your best prospective customers
which you will use to attract them, to increase their interest, to build loyalty, and to sell them. In your
description, consider: what; where; when; and how.
Outline the prices you plan to charge for your products/service. Provide a rationale for your plans
Describe the location of your business and describe the type of facilities you will need to have.
List the equipment and tools you need to have. List your suppliers.

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List the inventory and/or supplies you will need and where you will get them from. List your
suppliers.

E. The Financial Potential

Complete Appendix 8 - the Statement of Business Start-up expenses and Sources of Financing
If financing is required, describe the steps you have taken in obtaining it. Explain if and why you
think you will be successful.
Describe your short and long-term goals (in one year, and in five years).
Complete Appendix 9 - the Projected Profit and Loss Statement for the first year.
State your assumptions, notes and explanations behind your numbers.

APPENDICES
1. Entrepreneurial Assessment
2. Business Knowledge, Skills and Experience Assessment
3. Copy of Credentials for a Regulated Business Activity (If applicable)
4. Resume
5. Return to Work Action Plan (and/or Employability Assessment) from your Employment Advisor
6. Statement of Household Expenses & Sources of Income Current and/or Planned
7. Competitive Analysis
8. Statement of Business Start-up expenses and Sources of Financing
9. Statement of Projected Profit and Loss Year 1
10. Any other appendices

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Business Description Michael Kushnir

APPENDIX 1 Entrepreneurial Assessment

Successful entrepreneurs have entrepreneurial profiles that are similar. Their past
history; attitudes/behaviors; and objectives/lifestyles are similar.
The following entrepreneurial assessment is intended to help you assess your profile
relative to the profile of successful entrepreneurs. The questionnaire is taken from:
Good, Walter, A Self-Evaluation Guide to Starting a Business of Your Own, reproduced
by the Business Development Bank of Canada with permission from McGraw-Hill.
For each of the following questions, check the Rarely or No box for those questions to
which you normally would reply in the negative; mark the Mostly or Yes box for which
your answer is generally yes. Please answer each question.
Is your past history comparable to that of an entrepreneur?
#
1
2
3
4
5
6
7
8
9
10
11
12

Rarely or
No

Mostly or
Yes

Have you ever participated in the setting up of entities such as cooperatives,

community organizations, fund-raising projects, etc?
Did your parents or grandparents ever own their own business?
Are you between 25 and 40 years of age
Have you ever helped a family member start a business?
Have you ever been fired from a job?
Did you participate in school activities or sports?
Are you the oldest child in your family?
Were you expected to do odd jobs around the house before you were 10 years
of age?
Growing up, did you ever have your own paper route or work a job involving
regular hours and a tight schedule?
Are you often sick?
Were you a very good student?
Were you part of a group in high school?

Expected Answers:

To Questions:

Rarely or No
Mostly or Yes

# 10, 11, 12 _____

#19
_____

Number of times you have given the expected answer:

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Past History

_____/12

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Business Description Michael Kushnir

Are your attitudes and behavior comparable to those of an entrepreneur?

#
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

Rarely or
No

Mostly or
Yes

Are you a good loser?

Do you like being in charge of other people?
Do you worry about what others think of you?
Do you like to take care of details?
Do you blame others when something goes wrong?
Once youve decided to do something, are you the type of individual that lets
nothing stop you?
When a group is faced with a stalemate or is not making any progress, are you
usually the one who resolves the situation and gets the ball rolling again?
Do you often seek the advice of people who are older, or have more
experience than you do?
Can you evaluate the quality of your own work?
After a severed setback, are you able to pick up the pieces and start over
again?
Do you make suggestions to your colleagues about how things might be
improved?
Are you usually able to come up with more than one way to solve a problem?
Do you take risks just for the thrill of it?
Are you comfortable delegating tasks and responsibilities?
Do you believe in organizing your tasks before getting started?
Do you enjoy doing something just to prove that you can?
Do you find yourself constantly thinking of new projects?
Do you deliberately seek out a confrontation to get the results that you want?
Can you concentrate on one subject for extended periods of time?
Does personal satisfaction mean more to you than having significant amounts
of available money?
Do you try to find the positive aspects of a bad situation?
Do you enjoy tackling a task without knowing all the potential problems?
Do you persist even when others tell you something cant be done?
Do you enjoy being able to make your own decisions on the job?
Can you accept failure without admitting defeat?
Do you learn from past mistakes?

Expected Answer

To Questions:

Rarely or No
Mostly or Yes

# 13, 14, 15, 16, 17 _____

# 18 38
_____

Number of times you have given the expected answer:

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Attitudes and Behaviors _____/26

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Are your objectives and lifestyle comparable to those of an entrepreneur?

#
39
40
41
42
43
44
45
46
47
48
49
50

Rarely or
No

Mostly or
Yes

Do you prefer letting a friend decide your social activities?

Are you more people-oriented than goal-oriented?
Do your conversations discuss people more than they do events or ideas?
Are you prepared to sacrifice certain elements of your family life and take a
cut in pay to succeed in business?
When you begin a task, do you set clear goals and objectives for yourself?
Do you enjoy working on projects that will take 5-10 years to successfully
achieve?
When you think about the future, do you see yourself at the head of your own
company?
Are you likely to work long hours to reach a goal?
Do you have a savings account and other assets?
Do you prefer to make decisions on your own?
Do you feel good about yourself in spite of being the object of criticism?
Are you good at managing your time?

Expected Answers:

To Questions:

Rarely or No
Mostly or Yes

# 39, 40, 41_____

# 42 50 _____

Number of times you have given the expected answer:

Objectives and Lifestyle _____/12

OVERALL RESULT
Past History

_____/12

Attitudes and Behaviours

_____/26

Objectives and Lifestyle

_____/12
TOTAL _____/50

The closer your total score is to 50, the more your profile may correspond to that of a
successful entrepreneur.
This questionnaire cannot predict or determine your likely success in entrepreneurship.
However, if you have answered and scored the questionnaire honestly, it can provide
considerable insight into whether you have the history, attitudes/behaviors, and
lifestyle/objectives consistent with successful entrepreneurship.

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Business Description Michael Kushnir

Knowledge & Skill Area
Setting up a business
Choosing a location
Obtaining Licenses and permits
Choosing a form of ownership
Arranging initial financing
Determining initial start-up costs
Writing a business plan
Money Management
Borrowing money
Arranging financing
Keeping financial records
Cash flow management
Preparing a cash flow statement
Determining financial needs
Handling credit policies
Buying Insurance
Reporting and paying taxes
Budgeting and forecasting
Directing Business Operations
Negotiating with suppliers
Pricing and payment terms
Purchasing supplies/ materials
Purchasing equipment
Managing inventory
Managing administrative tasks
Serving customers
Sales & Marketing
Identifying customer needs
Developing a customer profile
Conducting competitive analysis
Developing product/service ideas
Deciding appropriate prices
Developing promotional strategies
Selling/cold calling
Advertising & promoting
Developing a prospecting plan
Writing telemarketing scripts
Public speaking/presenting
Networking
Identifying features and benefits
Managing People
Hiring employees
Supervising employees
Training employees
Evaluating employees
Motivating People
Scheduling workers

Very little
Knowledge and
Understanding

Some Knowledge
and
Understanding.

Some
Practical
Experience

Solid
Practical
Experience

Expert
(in theory &
practice)

1
1
1
1
1
1

2
2
2
2
2
2

3
3
3
3
3
3

4
4
4
4
4
4

5
5
5
5
5
5

1
1
1
1
1
1
1
1
1
1

2
2
2
2
2
2
2
2
2
2

3
3
3
3
3
3
3
3
3
3

4
4
4
4
4
4
4
4
4
4

5
5
5
5
5
5
5
5
5
5

1
1
1
1
1
1
1

2
2
2
2
2
2
2

3
3
3
3
3
3
3

4
4
4
4
4
4
4

5
5
5
5
5
5
5

1
1
1
1
1
1
1
1
1
1
1
1
1

2
2
2
2
2
2
2
2
2
2
2
2
2

3
3
3
3
3
3
3
3
3
3
3
3
3

4
4
4
4
4
4
4
4
4
4
4
4
4

5
5
5
5
5
5
5
5
5
5
5
5
5

1
1
1
1
1
1

2
2
2
2
2
2

3
3
3
3
3
3

4
4
4
4
4
4

5
5
5
5
5
5

APPENDIX 2 - Business Knowledge, Skills and Experience Assessment

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CURRENT
INCOME (LIST ALL SOURCES OF INCOME)
Salaries (net of deductions)
EI Benefits (net of deductions)
Self Employment Income (Current)
Rental Income
Pension
Other (e.g. Interest/dividends, Child Support, Alimony) describe Total Monthly Income
EXPENSES
HOME
Mortgage or Rent
Home Insurance
Utilities (Hydro/Heat/Water)
Telephone (incl. Cell Phone)
Internet & Cable
Property Taxes (if applicable)
BASIC NEEDS
Groceries
Clothing
Medication/Healthcare
AUTOMOBILE
Car Loan/Lease Payment
Gasoline
Parking Fees
Memberships/Licensing
Insurance
Maintenance & Repairs
INSURANCE PREMIUMS
Life, disability, health
FLEXIBLE FAMILY NEEDS
Childcare
Vacations
Entertainment (incl. DVD rental)
Fitness Clubs/Memberships
Education Tuition/Training Fees
Restaurants
Household Cleaning
Lawn/Gardening/Snow Removal
Household Repair/Maintenance
OTHER DEBTS

Monthly
(You)

Monthly
(Partner)

Annual

Business Description Michael Kushnir

Credit Cards, Loan/Line of Credit Payments

Total Monthly Expenses
Total Monthly Surplus (Deficit)

APPENDIX 6a - Household Expenses & Sources of Income - CURRENT

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PLAN
INCOME (LIST ALL SOURCES OF INCOME)
Salaries (net of deductions)
EI Benefits (net of deductions)
Self Employment Income (Current)
Rental Income
Pension
Other (e.g. Interest/dividends, child support, alimony) describe Total Monthly Income
EXPENSES
HOME
Mortgage or Rent
Home Insurance
Utilities (Hydro/Heat/Water)
Telephone (incl. Cell Phone)
Internet & Cable
Property Taxes (if applicable)
BASIC NEEDS
Groceries
Clothing
Medication/Healthcare
AUTOMOBILE
Car Loan/Lease Payment
Gasoline
Parking Fees
Memberships/Licensing
Insurance
Maintenance & Repairs
INSURANCE PREMIUMS
Life, disability, health
FLEXIBLE FAMILY NEEDS
Childcare
Vacations
Entertainment (incl. DVD rental)
Fitness Clubs/Memberships
Education Tuition/Training Fees
Restaurants
Household Cleaning
Lawn/Gardening/Snow Removal
Household Repair/Maintenance

Monthly
(You)

Monthly
(Partner)

Annual

Business Description Michael Kushnir

OTHER DEBTS
Credit Cards, Loan/Credit Payments
Total Monthly Expenses
Total Monthly Surplus (Deficit)

APPENDIX 6b - Household Expenses & Sources of Income - PLAN

APPENDIX 7 - Competitive Analysis

FACTOR

Importance to
Customer

Competitor A

Competitor B

Competitor C

(Name)

(Name)

(Name)

Products
Price
Quality
Selection
Service
Reliability
Stability
Expertise
Company Reputation
Location
Appearance
Sales Method
Credit Policies
Advertising
Image
Note:
In the first column, estimate the importance of each competitive factor to the customer. 1st = critical; 5th = not very important

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Business Description Michael Kushnir

FACTOR

Importance to
Customer

Competitor A

Competitor B

Competitor C

(Name)

(Name)

(Name)

Other columns: Rate the competition from 4= Extremely Strong; 3=Strong; 2=Weak; 1=Extremely weak.

APPENDIX 8 - Statement of Business Start-up Expenses

Business Start Up Items

Start-Up Costs

TOTAL START-UP COSTS

SOURCES OF FUNDING
Personal Savings & Investments
Line of Credit (Specify if personal or business)
Term Bank Loan (Specify Lender)
Small Business Loan Financing Program
Loan from Family/Friends
Partners Investment
Other
TOTAL INVESTED FROM ALL SOURCES
Personal Assets Transferred to Business "Capital In-kind" (describe below)

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Business Description Michael Kushnir

TOTAL CAPITAL IN-KIND CONTRIBUTION

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APPENDIX 9 - Statement of Projected Profit and Loss

Income

TOTAL REVENUE
Cost of Goods Sold
GROSS PROFIT
Expenses

Total Expenses
NET PROFIT before Taxes &
Owner's Draw
Owner's Drawings
NET PROFIT After Owner's
Draw, Before Taxes

Insert Month/Year
Month Month
1
2

Month
3

Month
4

Month
5

Month
6

Month
7

Month
8

Month
9

Month
10

Month
11

Month
12

Total

Business Description Michael Kushnir

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