Tasks 1. To become more familiar with the childrens music instruction market, do some preliminary research to find out how big this market is, who the main companies are in the market, what the best-selling services are, pricing and marketing strategies, etc. If you do not want to focus on your own geographic area, pick one to focus on for this and future tasks. Write a two- to three-page paper (double-spaced) with your findings, citing at least two references. For example, Australian Institute of Music offers childrens music lessons as part of their music courses (www.aim.edu.au/short-courses-music-lessons/young-aim). You can also include a paragraph or two with your teams personal experience in this area, if applicable. 2. Prepare a stakeholder register and management strategy for the project. Include all project team members and make up names and information for at least one spouse, one potential financial backer, and one local competitor. Assume that you and your three friends are all team members, and you each invest $10,000 into the business. Your mother, a retired business professor, has decided to provide a substantial loan ($30,000), so she will be the sponsor. You still need to figure out how to get an additional $30,000 for the first-year startup costs. Use the templates provided on the LMS, and review the sample. 3. Prepare a team contract for this project. Use the template provided on the LMS, and review the sample. 4. Prepare a project charter for the New Business Venture Project. Assume the project will take one year to complete and cost about $100,000. Recall that the main project objectives are to prepare a business plan, get financial backing, handle legal issues, develop marketing materials, find a rental place for the music academy, purchase/develop curriculum, hire staff, and open for business by one year from now. Your project team will not get paid for the hours they put into this project, but once the business opens, they will be compensated. You will incorporate the business and hire a lawyer to help with this and other legal issues. Use the template provided on the LMS, and review the sample. 5. An important part of starting any business is preparing financial projections. Although you will prepare a more detailed financial analysis when you create your business plan, you still want to do rough projections at this stage. Prepare a spreadsheet that can be used to determine the profit potential of starting this business. Include inputs for the initial investment cost, number of customers in the first month, customer growth rate/quarter, average monthly fee per customer, fixed and variable monthly operating costs, and variable costs per customer. Use the most likely, optimistic, and pessimistic inputs as shown in Figure 1 to generate results for all three scenarios. For each month (Month 1-24), calculate your revenues (number of customers that month X monthly fee/customer) and expenses (fixed monthly salaries plus fixed monthly operative costs plus variable costs/customer/month X number of customers that month). Then determine the cumulative income each month. For example, the cumulative income in Month 1 is the Monthly Revenues Monthly Expenses for Month 1. The cumulative income for Month 2 is the Monthly Revenues Monthly Expenses for Month 2 plus the Cumulative Income for Month 1. The first month for the most likely scenario is filled in for you to check your formulas. Will you be able to recoup your start-up costs within two years in each scenario? If so, in what month? There is no template for this