...will have to try again. If an entrepreneur can not recover from failure he will never succeed. To convince family and friends to support your idea it needs to be good and appeal to your family and friends. If they do not feel like they would use your product they are less likely to support it. In my opinion it would be impossible to keep the relationships professional because you are too close to them. I would buy a franchise to get used to running and managing a business before starting from scratch. Other funding options aside from personal assets would be a small loan from a bank or family member. I think that they do not tap into more resources because no one who is starting a business wants to start it with substantial debt. The opportunity that is most compelling is the ability to infiltrate a niche market that the big corporations can not adapt to quickly. The most intimidating threat is big corporations undercutting you by price and stealing your customers. A niche marketer is someone who does business in a niche market where there is not alot of competition. Three examples of niche marketers are exotic car makers, private airplane makers and high end cookware manufacturers. I would buy a...
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...Ownership Structures By Martha Linn Intro to Business in a Tech World Professor Timothy Hawley 2 July 2013 The four main types of business ownership are: 1. Sole proprietorship 2. General partnership 3. Limited liability company(LLC), and 4. Corporation These differ from each other in many ways: how many owners, risk and liability, the ease in which they are set up and dismantled, and the ways they are taxed. In the following paragraphs I will attempt to explain and provide examples of these four types. In the case of sole proprietorship, the explanation is self-evident. One person owns a business and is in total control of all of the decision making, the risk and the liability. Any income is taxed as personal income, and all costs are assumed by the single owner. An example of this would be my friend Jenalea Johnson’s etsy.com store Jena’s Jems. She makes beautiful hand crocheted items for babies and adults, photographs them herself, and then displays them in her online store. She is responsible for all of the merchandise, the picture quality, the shipping costs, and the complaints from customers, if there are any. And her profits, if she realizes any, are taxed along with the income she receives from her “day job”. A general partnership is slightly more complicated in that you have two or more people involved in the business. All the owners of the business share in the financial obligations of the business. This is a common occurrence in the...
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...Legal Forms of Business, The Start-Up Decision Jonathan Mendiola American InterContinental University On-line BUSN105-1201A-282 ABSTRACT The decision to pursue the form of a corporation to start his business is based on the facts provided. The product requires special technology that will be costly. Considering his lack of financial and management skills this would be the best way for his new invention to take ground. Legal Forms of Business, The Start-Up Decision Introduction John Doe (Inventor) has invented an appliance that will meet everyday consumer needs. Although he is skilled at inventing, he lacks the financial and management skills needed to manufacture and market his invention. Thus, he is faced with certain challenges in introducing this new and possibly valuable product. But, John Doe is convinced that his new invention will be more efficient and consumer friendly. Some of the challenges that are foreseen are, funding difficulties, and competition with other similar products currently in the market. His wife is concerned that his invention may not develop and his venture will take a significant amount of time away from his family. In addition, as it stands, the market, using special technology for his invention, is saturated and will have an annual growth of 2%. John Doe expects to see a growth in sales once the product has been accepted in the market place. Because of the diverse technology that is incorporated in this product, the technology...
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...Legal Forms Of Business Susan Greene American Intercontinental University Busn 105 5/4/13 Legal Forms Of Business Susan Greene American Intercontinental University Abstract The main purpose of writing this document is to explain all of the legal forms of business and to also explain the three different organizations that there are in a company and all of the similarities and differences that are in each organization. Being an inventor the first order of business is that he needs to apply for a patent so that he has all the right to the invention. After getting the patent in place this will allow the invention to be protected and it also give the inventor the exclusive rights to sell his/her product, license for any further distribution without the consent of the inventor. Next the inventor needs to take into consideration the type of business that I want and why it would benefit people every day. To be able to do this the inventor needs to know all of the different types of businesses and to then decide which one that would be best to use for starting out, and also what strengths and weaknesses each type of business has. The first one is Sole Proprietorship and it would be a good choice for a person that is looking to start out from scratch but there is a lot of risk to doing that. It’s really easy to start up and it usually incorporates a skill, hobby or mindset that an individual or individuals might have. (Editorial Board, 2011, P.44). Even...
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...Bus-101 Kevin Lentz 06/2013 Chapter 1 Rooftop Restaurant and Lounge will enter into a market with perfect competition. With perfect competition Rooftop Restaurant and Lounge will have an infinite number of consumers with the willingness and ability to buy our products at a certain price. It would also have an infinite amount of producers with the willingness and ability to supply the products at a certain price. Rooftop Restaurant and Lounge is a new fine dining restaurant and lounge located on LaGrange Road in Orland Park. Rooftop Restaurant and Lounge will target both fun-seeking as well as sophisticated diners looking for great food in a fascinating atmosphere. Our Rooftop will offer 360 degree views with a unique outdoor terrace. Rooftop Restaurant and Lounge will seek to earn 85% gross margins through an innovative and creative setting, a great menu, and the best service. Five Factors of Production: Start up costs and all financing of Rooftop Restaurant and Lounge will be funded by the owner Kevin Lentz. Rooftop Restaurant and Lounge would be situated on a busy intersection in Orland Park. This would be new construction: building Rooftop Restaurant and Lounge from the ground up. Rooftop Restaurant and Lounge would first have to hire a construction company to build the establishment. Once the building was complete and up to code, Rooftop Restaurant and Lounge would hire its staff and purchase inventory. Rooftop Restaurant and Lounge focuses on local...
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...An Inventor and His Struggles to Start His Business Troy Wollenbecker AIU Online Abstract Troy has an invention that he wants to start a business around. He finds out very quickly all the questions he needs to find answers to. Troy has a family and low net worth to get things moving. Troy also knows little about managing and financial responsibilities of running a business. These are all struggles Troy faces in the midst of inventing and patenting my project. Making the correct decisions is vital to the success of my business. After reading through the scenario at hand, I have come across some issues that need to be resolved. First, I need to decide on the structure of the business. Second, I am limited on funding for my start-up costs. Third, I am not skilled at business financials or management in business operations. Finally, the market is saturated and annual growth is only two percent. Over the next few paragraphs I will compare and contrast the different types of ownerships in business, and hopefully make a managerial decision on the scenario. Sole Proprietorship: This is a Non-Corporate form of ownership. Some examples of the advantages of this type of business ownership are easy to start-up, low cost, and it is very simple to structure. Disadvantages are that you are solely responsible for all the debt incurred by the business, and it is very difficult to sell in the future. Also, the success is often dependent upon the sole proprietor and his...
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...Homework - Week 1 Intro to Business & Technology Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why? Natural disasters cannot be predicted. Americans, as well as people in communities worldwide, are not prepared for these types of situations. The economic system is best able to cope and recover in the event of these types of natural disasters. The free market system is the most able because it involves a sector owning most resources. This leaves the government’s main function as facilitating and aiding economic activity. The government is focused on rebuilding investment in the private sectors. For example, the government would introduce ways of lending money, such as grants and low interest loans, which would help low sector get on with their main concerns. Their main motivation would be profit, which would be greatly aid regeneration. In 2011, a tornado tore through Joplin, MO. Economics Professor Dan Smith researched the effects of economic freedom on disaster relief surrounding the aftermath. He wrote in the News Tribune: “In contrast to other recoveries in which federal and state governments orchestrate recovery, policymakers allowed the free market, voluntary sector to guide recovery in Joplin, demonstrating how effectively economic freedom can help communities rebuild after a natural disaster.” (Smith, 2012). As one of our discussion topics this week was based on Wal-mart...
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...Economic Systems, Socialism, and Supply & Demand Patrick Domench Intro to Business and Technology Professor Armes DeVry University September 7, 2014 The best system to handle a disaster of epic proportions is Capitalism. We live in a Capitalist system now and we have been through many natural disasters that have rocked our communities and we have always pulled together and gotten through everyone so far. We have even been attacked in New York, one of the largest cities in the USA, and we were able to rebuild. In the free market system the private sector owns most of the resources, this leaves the main function of the government to facilitate and aid economic activity. This is particularly strong in a disaster type situation because the infrastructure of the economy would be disturbed, so in this case the government would be focused on rebuilding and encouraging investment in the private sector. The private sectors main concern is profit and this greatly aids regeneration. A Socialist system would not be best in an emergency situation and I refuse to speculate that it would be. Firstly, the question itself is academically dishonest. It presumes an answer to a postulation or theory, then demands the student to support the results of that theory with "proof". It's like a rhetorical question, but sinister in its intellectual pre-suppositions. Like asking "Everyone knows that Crisco is better than butter in making croissants, now you prove it"! Secondly, it is quite...
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...Editor's Challenge 1 The following e-mail message contains 30 misspelled or misused words. Print a double-spaced rough draft copy, and edit the message using proofreading symbols. When you finish your rough draft revision, correct the errors at the computer and print the message with a 1-inch top margin and single-space the document with double-space between paragraphs. Do not print these instructions on your final document. Submit mailable copy to me. If you have questions about e-mail messages, refer to your HOW 13 for clarification. Please use 12 pt. Arial font. Read HOW 13 Section 11, E-Mail Messages, Rules 11-1-11-5, pp. 344-352 From: Your Name To: Heather Martinez CC: BCC: Subject: Thanks for Considering ZyTec Software ___________________________________________________________________________ Dear Ms. Martinez: We are happy to learn from your recent massage that Brookline School is considering ZyTec Software Systems as it's source for educational software. Our softwear, which is being used successfully in many area work places and schools, is designed to be especially user friendly. When we sell a software system to a school, we take great car to insure that we provide suitable training for the school staff. Some companys provide a short training course for there school staff; however, we recognise that most questions arise long after training sessions are completed. Rather then providing the "hit and run" superfitial training that...
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...behavior. There a select few employees that are praised for good behavior; meanwhile the remaining employees are working hard to get the job done while meeting the needs of our clients. It’s discouraging to see no reward for loyalty and productivity. Several of my co-workers are not motivated by this technique and find is repulsive that the same people receive positive reinforcement. On the opposite spectrum is that negative behavior is addressed more often than positive behavior. I am self motivated and do not feel the need to be recognized, but find it unfortunate that only a select few receive positive reinforcement while others are displaying the same behavior and receiving no acknowledgment. 3. If you were to run your own business, what motivational technique(s) would you use? Why? I would use the management by objective and job enrichment motivational techniques. I think the management by objective technique can be effective as it involves the manager and...
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...Wells Fargo Vs. Competitors Amber Andersen Globe University / Minnesota School of Business Wells Fargo Vs. Competitors For this paper I have chosen to pose the question “Who are Wells Fargo’s main competitors and how are they competing? In doing so I will be discussing five different concepts learned through this course. According to the website by “Investopedia” the main competitors of Wells Fargo are the other three of the “big four” major U.S. banks that include: JPMorgan Chase, Citigroup and Bank of America. One way Wells Fargo sets itself apart from its competitors is by their use of Technology to increase profits and revenue. There are several different channels for banking services. According to the website “Market Realist” these channels include: branch, phone, mail, ATM and online banking. Of these different banking services available, servicing customers through branch banking actually costs a bank the most money. Next comes phone banking and then ATMs in terms of their servicing costs. Due to the low maintenance cost, online banking is the cheapest mode for servicing customers in the long run. Wells Fargo looks to optimize its use of technology which will reduce the banks cost of operations therefore increasing its profitability. How does Wells Fargo’s use of product development and business cycle defer from their competitors? “Market Realist” also states that Wells Fargo believes that by creating an enjoyable place of work, their employees in return will...
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...Business Now: Change Is the Only Constant Review Questions 1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Human resources, capital, natural resources entrepreneurship, and technology. its likely to increase because all of these factors continue to increase 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? It is a key to the economy all economies support it all of them can gain from it when a new Business is started Businesses can decrease the workplace environment and not pay all employees but it does provide more jobs 3. When did American business begin to concentrate on customer needs? Why? Around the relationship era because satisfied customers became advocates for a business spreading the word 4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses? Non profits are Business like but their primary goal does not include profits nonprofits are not in the Business for financial gain Businesses focus on things that will gain profit. The profit that goes to non profit orgs is used to better the community or charities in the Business case it goes to owners 5. What...
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...Business Principles Module 1 March 28, 2015 Darlene Trombka 1) What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Natural Resources, Capital, Human Resources, Entrepreneurship and Technology all play a factor in rapid change of pace. They are likely to increase because all of these factors are growing rapidly. It is said that it will likely accelerate over the next decade because of the economic stimulus package designed to not only create jobs, but also to build infrastructure. 2) What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? The role of entrepreneurship in the economy is to inspire new business ventures that support wealth building and future prosperity. Entrepreneurs create new business opportunities in all areas of industry; the support the growth and health of a country’s national economy. Without entrepreneurship, a country’s economy may lack innovation, employment opportunities and profits. People risk their time, money and other resources to start and manage a business. But they also give hope to a better workforce. A lot of peple who are unemployed now may find jobs that are more flexible and challenging working for a small business owner. 3) When did American business begin to concentrate on customer needs? Why? American’s started to focus on customer needs...
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...ASSIGNMENT ONE: CHANGE DUE Sept. 7, 2014 1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? (Your opinion, supported by reasoning, not just a list from the text) 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? 3. When did American business begin to concentrate on customer needs? Why? 4. What are the factors of production? (list with a definition) How can economies grow when one or more of the factors is weak? 5. What are the fundamental elements of the free market/capitalist system? What are the fundamental rights of capitalism? How can businesses thrive within this system? (Explain) 6. Describe the key principles of socialist and communist economic systems. Does more government control mean less economic opportunity? Why or why not? 7. Why do most countries have neither “pure” market nor “pure” planned economies? Is the trend toward the market end of the spectrum likely to continue? Why? 8. What is an ethical dilemma? (define) 9. Think of a time you faced an ethical dilemma at work, at school, or at home. Be sure to choose a situation in which you had to choose between two options, each with negative consequences for you or someone else. What values were involved? What choice did you make? What was the impact on each party involved? Would you make the same choice...
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...1. Review the marketing definition of product. Why do you think marketers define product so broadly? How does the definition of product affect quality? 2. Draw a goods and services spectrum, and determine where to place the following products along the spectrum: a nightclub, a new motorcycle, a designer shoe store, an Internet search engine, a new snowboard, and a photography class. What are the reasons for your choices? 3. List five examples of products that are commonly purchased as either business products or consumer products. How would the classification impact the marketing strategy? 4. Would it ever make sense for a firm to offer a new product line that they know would cannibalize an existing line? Explain your answer. 5. What are the three different levels of product innovation? Which is most common? Can a business survive long term with only continuous innovation? Why or why not? 6. What are the four stages of the product life cycle? How does product life cycle stage impact marketing strategy? Product Life Cycle Stage Key Marketing Strategies 7. How has marketing promotion evolved over the past decade? How has technology contributed to the changes? 8. Why are the key risks and the potential rewards of product placement in both movies and television? Do think this promotional tool will continue to grow? Why or why not? ...
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