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Business 10th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell
Edition 10ISBN: 978-1259179396Business 10th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell
Edition 10ISBN: 978-1259179396 Exercise 7
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.
Are there any concerns in connection with starting a small business that Jack and Bruce have not considered?
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.
Are there any concerns in connection with starting a small business that Jack and Bruce have not considered?
Explanation
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There are a number of concerns in the bu...
Business 10th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell
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