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Book Review: First Timer’s Guide: How To Write Your First Business Plan by Boomy Tokan

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First Timer’s Guide: How To Write Your First Business Plan by Boomy Tokan is a fairly complete rendition on the construction of a business plan including what to do and how to accomplish this most important task. In the business plan, prospective operators of a business should cover such things as the structure, competition, staffing, financing, cash flow and the all important profit and loss.

In the presentation to prospective investors, the operators should cover the opportunities, business model (i.e. proprietorship, partnership…), expected revenues, finance and payback to investors. More importantly, there should be an explanation of how specific needs of customers will be fulfilled.

Tokan covers some very important areas of interest for business operators and their sponsors or investors. Examples of hot topics to cover are an industry overview, business niche, your customers, promotion, what other competitors do, why buyers should buy from you and how clients find your business.

The book describes a number of very important items which customers must know. For instance, what is the value of your service to customers and how does your service provide unique solutions unavailable elsewhere? A related issue is pricing because undercutting your competitors too much can be bad for everyone. Another important consideration is reaching the right target audience for your product because the proper target market for you will yield optimal sales levels, as well as loyal customers who really need your service.

First Timer’s Guide is an important resource for new business start-ups, their owners and investors. Without this resource, your business may fail to exploit fully the local customers who could make your business highly successful over time.

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About Dr Joseph S Maresca

I've taught approx. 34 sections of collegiate courses including computer applications, college algebra, collegiate statistics, law, accounting, finance and economics. The experience includes service as a Board Director on the CPA Journal and Editor of the CPA Candidates Inc. Newsletter. In college, I worked as a statistics lab assistant. Manhattan College awarded a BS in an allied area of operations research. The program included courses in calculus, ordinary differential equations, probability, statistical inference, linear algebra , the more advanced operations research, price analysis and econometrics. Membership in the Delta Mu Delta National Honor Society was granted together with the degree. My experience includes both private account and industry. In addition, I've worked extensively in the Examinations Division of the AICPA from time to time. Recently, I passed the Engineering in Training Exam which consisted of 9 hours of examination in chemistry, physics, calculus, differential equations, linear algebra, probability/ statistics, fluids, electronics, materials science/structure of matter, mechanics, statics, thermodynamics, computer science, dynamics and a host of minor subject areas like engineering economics. A very small percentage of engineers actually take and pass the EIT exam. The number has hovered at circa 5%. Several decades ago, I passed the CPA examination and obtained another license in Computer Information Systems Auditing. A CISA must have knowledge in the areas of data center review, systems applications, the operating system of the computer, disaster recovery, contingency planning, developmental systems, the standards which govern facility reviews and a host of other areas. An MBA in Accounting with an Advanced Professional Certificate in Computer Applications/ Information Systems , an Advanced Professional Certificate in Finance and an Advanced Professional Certificate in Organizational Design were earned at New York University-Graduate School of Business (Stern ). In December of 2005, an earned PhD in Accounting was granted by the Ross College. The program entrance requires a previous Masters Degree for admittance together with a host of other criteria. The REGISTRAR of Ross College contact is: Tel . US 202-318-4454 FAX [records for Dr. Joseph S. Maresca Box 646 Bronxville NY 10708-3602] The clinical experience included the teaching of approximately 34 sections of college accounting, economics, statistics, college algebra, law, thesis project coursework and the professional grading of approx. 50,000 CPA examination essays with the American Institute of Certified Public Accountants. Additionally, membership is held in the Sigma Beta Delta International Honor Society chartered in 1994. Significant writings include over 10 copyrights in the name of the author (Joseph S. Maresca) and a patent in the earthquake sciences.