Entrrepreneurship Paper

OMW

OMW was founded by a group of three college friends who have expertise skills in computer and mobile application development. They are Mr. Joel; the current managing director, Mr. Chris; the current chief financial officer, Mr. Anthony; the current chief of operations and myself, the current chief executive officer. We decided to build a company that would relate to the needs of the people in the middle and lower class parts of the society. The mobile application allows for one to rent a bike for as long as one likes. By scanning the QR code on the bike the bike is recorded as hired in our database and this allows us to be able to track it in case of any issues that may arise. The bikes can be hired for as long as one wishes and the rates are per day. The mobile app calculates and gives you exactly how much you owe the company. The bikes have no limitation as to the distance one can ride.

The company has a board of directors currently consisting of 9 members. The founding members of the company being in senior positions in the board with Mr. Joel being the chair of the board and Mr. Chris being the secretary. The other five board members are our main investors and their aid to the company financially and through their ideas is paramount. The voting rights of the board members are proportional to the number of shares.

The company has a hierarchical kind of organization with which means there is a trickle-down effect of power and authority which corresponds to an increase in responsibility as you go down the ranks. At the top most rant is the chief executive officer, Mr. Cyrus. Below him is the managing director, Mr. Joel, Mr. Chris; the chief financial officer, Mr. Anthony; the chief of operations. Below this rank are two assistants for each of the officers. The assistants are the direct supervisors of the staff and the staff answers directly to them. These assistants take direct orders from the senior officers and they are answerable to them as well. The other three senior officers, however, are not answerable to the chief executive officer but to the board of directors but they are supposed to be in constant consultation. Here is a diagrammatic representation of the organization

staff

Assistants

Chief executive officer &

Board of directors

Chief of operations

Chief financial officer

Managing director

Like any other company, there is a buy-out clause at the OMW. The buy-out clause was agreed upon by all shareholders spearheaded by the board of management. The clause states that one is allowed to buy out of the company within the first one month after the closure of the fiscal year. The clause also stipulates that the person buying out of the company should provide a three month written notice to the board of director through Mr. Joel. The person buying out of the company is to receive only 89 % of their investment share. Should a board member want to buy out of the company they will receive 80% of their investment share. In case a founding member wants to buy out of the company, the board will deliberate on the amount they will receive up to and including 100% of their share capital.