Discussion 1: "Business Decisions"
Respond to the following:
• Identify a type of business you would like to own. Next, evaluate two advantages and two disadvantages of buying an existing business compared to those of starting the new business from the ground up. State your decision and explain your rationale.
• In buying or starting the business above, you determine that you do not need external financing. Discuss why you should write a business plan, and select one element in the plan that you think will be the most difficult for you. Next, identify three techniques you can use to overcome the challenges. Justify your selection of these techniques.
Discussion 2
Respond to student post below
• Identify a type of business you would like to own. Next, evaluate two advantages and two disadvantages of buying an existing business compared to those of starting the new business from the ground up. State your decision and explain your rationale.
The type of business that I would like to own is a Recreational Center. I want to be franchisee from the YMCA organization. Their goals are to get the community healthy and create awareness to be fit. The advantages of this business are that being healthy and being active is a trendy for all generations. If I can franchise with a well-known organization it provides the resources, marketing, and equipment to make this business well profit. The other advantages are that it creates an atmosphere of motivation to get healthy and it promotes different classes from dancing to swimming to all ages. The disadvantage is that membership is high, competition with other gyms, marketing different generations, meet corporation monthly goals and having enough professional staffs. I would like to do LLC or partnership to cover the cost and day to day operation be split. Also, to dilute organization goals and compromise with different duties and task.
• In buying or starting the business above, you determine that you do not need external financing. Discuss why you should write a business plan and select one element in the plan that you think will be the most difficult for you. Next, identify three techniques you can use to overcome the challenges. Justify your selection of these techniques.
The purpose to write a business plan beside monetary issues. Is to look over the aspect of duties, resources, marketing, goals, staff, training, assets, and liability. Business plan would identify any strength, weakness, opportunities, and threats. Also, to overlook on possible financial issues like budget cuts or met monthly goals. I think the most difficult thing about writing a business plan is projecting future income and meeting monthly goals. In order to overcome the challenges like meeting goals is to focus more on marketing, set low goals, and get sponsors to invest in the company.
Assignment 1: Creating an eCommerce Business
"Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition" (Scarborough & Cornwall, 2015, p. 106).
With this assignment, you have the opportunity to take your creative ideas to the next step and begin to develop a strategy that will form the foundation for a successful business.
Write a three to four page paper in which you:
1. Develop an idea for a prospective small business, and select a name for the company.
2. Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
3. Prepare a mission statement that encompasses the purpose of the business and considers its target market.
4. Identity the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
5. Include at least two references outside the textbook.
6. Your assignment must follow these formatting requirements:
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.
o The specific course learning outcomes associated with this assignment are:
o Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful small business.
o Describe and analyze the role of creativity and innovation as a competitive advantage of a small business.
o Describe the strategic planning process and develop a strategic plan for a small business.
o Describe and analyze the necessary activities and key decisions to start a small business.
o Use technology and information resources to research issues in small business management.
o Write clearly and concisely about small business management using proper writing mechanics.