Small Business Challenge

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T-Mobile 11:02 PM 51% A ereader.chegg.com C Solve the Dilemma The Small-Business Challenge Jack Gray and his best friend, Bruce McVay, decided to start their own small business. Jack had developed recipes for fat-free and low-fat cookies and muffins in an effort to satisfy his personal health needs. Bruce had extensive experience in managing food-service establishments. They knew that a startup company needs a quality product, adequate funds, a written business plan, some outside financial support, and a good promotion program. Jack and Bruce felt they had all of this and more and were ready to embark on their new low-fat cookie/muffin store. Each had $35,000 to invest and with their homes and other resources, they had borrowing power of an additional $125,000. However, they still have many decisions to make, including what form or organization to use, how to market their product, and how to determine exactly what products to sell - whether just cookies and muffins or additional products. Discussion Questions 1. Evaluate the idea of a low-fat cookie and muffin retail store. 2. Are there any concerns in connection with starting a small business that Jack and Bruce have not considered? 3. What advice would you give Jack and Bruce as they start up their business? page 165 C> T-Mobile 11:02 PM @ 1 51% - ereader.chegg.com C Solve the Dilemma The Small-Business Challenge Jack Gray and his best friend, Bruce McVay, decided to start their own small business. Jack had developed recipes for fat-free and low-fat cookies and muffins in an effort to satisfy his personal health needs. Bruce had extensive experience in managing food-service establishments. They knew that a startup company needs a quality product, adequate funds, a written business plan, some outside financial support, and a good promotion program. Jack and Bruce felt they had all of this and more and were ready to embark on their new low-fat cookie/muffin store. Each had $35,000 to invest and with their homes and other resources, they had borrowing power of an additional $125,000. However, they still have many decisions to make, including what form or organization to use, how to market their product, and how to determine exactly what products to sell - whether just cookies and muffins or additional products. Discussion Questions 1. Evaluate the idea of a low-fat cookie and muffin retail store. 2. Are there any concerns in connection with starting a small business that Jack and Bruce have not considered? 3. What advice would you give Jack and Bruce as they start up their business? page 165 G ..... T-Mobile 54% 10:54 PM Touch to return to call 23:37 III. e ereader.chegg.com page 135 Solve the Dilemma To Incorporate or Not to Incorporate Thomas O'Grady and Bryan Rossisky have decided to start a small business buying flowers, shrubs, and trees wholesale and reselling them to the general public. They plan to contribute $5,000 each in startup capital and lease a 2.5-acre tract of land with a small, portable sales office. Thomas and Bryan are trying to decide what form of organization would be appropriate. Bryan thinks they should create a corporation because they would have limited liability and the image of a large organization. Thomas thinks a partnership would be easier to start and would allow them to rely on the combination of their talents and financial resources. In addition, there might be fewer reports and regulatory controls to cope with. Discussion Questions 1. What are some of the advantages and disadvantages of Thomas and Bryan forming a corporation? 2. What are the advantages and disadvantages of their forming a partnership? 3. Which organizational form do you think would be best for Thomas and Bryan's company and why? Build Your Business Plan m
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Running head: SMALL BUSINESS CHALLENGE

Small Business Challenge
Institution Affiliation
Date

1

SMALL BUSINESS CHALLENGE

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For many entrepreneurs, starting a business is one of their biggest achievements.one
of the greatest challenges that face small or large business is one of maintaining it. The idea
that Jack and Bruce have of starting a retail store that sells low-fat cookies and muffins is a
good one (Buttars, 2014).The two will need to do more research on the available market and
the best location for the retail store. The chosen location will have a huge impact on the
success of the business in the long term since all locations are the same. Before starting out it
would also be good for them to have other people taste the product and give them feedback
that would help them in making the final decision.
There are several concerns that Jack and Bruce have not looked at before starting their
business. Jack and Bruce need to know that getting a clientele that would appreciate their
product might not be easy (Buttars, 2014).They have also not considered that the amount of
money they have might not be enough and they, therefore, need to identify another source of
income. They will also need to determine if they will start with a single store or multiple
stores and how many locations they will be in.
I would advise Jack...


Anonymous
I was struggling with this subject, and this helped me a ton!

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