Taking tortillas to Canadians

Axel Arvizu and Juan Manuel Roman, who have been friends since childhood, are now going to be closer than ever once they start up their business. The two friends that came from Mexico City had the idea of sharing their culture to Canadians. The business to be open will sell authentic traditional Mexican food, the tortilla. The two entrepreneurs had a hard time because they had no idea of where to start and what steps to take in order to successfully open up their business. Luckily for them, they met Brian Moreau and he introduced them to The Interactive Business Planner. The planner would help make sure that they have their plan organized and set. With their plan set, it was time for them to get their permits and license in order to run the business. On average an entrepreneur would spend about 7.5 hours searching requisite permits and licenses but Mr. Arvizu and Roman found a way to cut that time significantly. They had the help of site a called Bizpal which took them only 15 minutes to research.

http://www.financialpost.com/small_business/story.html?id=906553

When a new business just opens up, it is extremely important that it has good accountants keeping track of what journals and accounts are being affected. In the case of Mr.Arvizu and Roman, it is a food service business where they must be very well organized. This is where the Synoptic Journals come into relation with the article. Since they're selling food, they must have their supplier ship in fresh produce every couple of days or depending on how busy the store is. The transaction would be under the Purchases Journal. The way it would be recorded in the Purchases Journal is to debit purchases, debit gst recoverable, and credit accounts payable. Usually a store will pay its supplier at the end of the month with a cheque. The transaction would fall under Cash Payments Journal. Accounts payable would be debited and bank would be credited. Every transaction that has occurred must be recorded into the appropriate journal because it will be easy to look back if any errors or unbalanced accounts appear.

The accomplishment of these two childhood friends opening a business together is quite a story. I believe that this could be an inspiration for all the other young or old entrepreneurs wanting to open up their own business. The two friends in the article showed that if you have a plan, you should go out and try to finish the plan. They also talked about Bizpal, which was an online site that helped business get their licenses and permits. With Bizpal, it will save a lot of entrepreneurs a lot of time searching online to get requisites for licenses and permits. With opening your own business as an idea, I hope that I could do that when I'm older so I wont have to work for anyone but myself.

A one-stop store for auto buffs

About 20 years ago, Ted Wilkinson and his brother started up a one-stop store for everything an automotive fanatic would desire. This business was about selling vintage automotive magazines, shop manuals, clothing, but most importantly the best mint condition miniature models. Ted Wilkinson's store is one of a kind when it comes to selling old vintage items which especially attracts automotive and motorcycle enthusiasts. It would also explain his success in owning his own small business now running side by side with his wife, Lorraine White-Wilkinson. The reason for his success is not only for his store being one of a kind, but also for his love and compassion for automobiles. That was his reason for working so hard in order to make the business work. Some of the difficulties he had were finding suppliers and also there was construction which made it hard for his customers to come.

http://www.canada.com/vancouversun/news/business/story.html?id=04512417-9379-4436-9e35-27e59a63f325

The biggest connection between chapter 11 and this article would be inventory. With Ted's successful business doing $500,000 each year, it must be very difficult for him and his wife to keep track of inventory. As good as his business does, he must always be on top of his game in re-ordering inventory from his suppliers. In business, many customers want their item to be in store instead of them having to tell the manager to order it for them. This has resulted in some very loyal customers that have kept on coming back for 20 years. He also has uses the internet to benefit his business by posting up new featured items on his website. This would allow the possibility for many enthusiasts around the world to buy things online off of Ted's website. When people would order online, many accounts would have to be properly debited and credit to insure that it is a correct transaction.

Ted Wilkinson I believe has done a great job in starting and owning his own small business. I think that in order to be a good business owner, you must incorporate your passion and ideas into one big idea. That is what Ted has done. He had put together his love for automobiles and the fact that there are no other stores around like it. I think that Ted Wilkinson is a modern day entrepreneur because he is selling what many enthusiasts wants which are vintage collectible models of cars. What I also find amazing is how well his business is running with $500,000 in total sales with only 3 employees.