Entrepreneur And Small Business Class Discussion 12 Due 12/6

Entreprenuer And Small Business Classdiscussion 12 Due 12615think

Entrepreneur and small business class: Discussion 1.2: due 12/6/15 Think of a business to start. Explain the business and how you would get it started using the criteria below. You have $1000 to start the business. The business must make money within one week. The business has no employees. You have a working car or pickup truck. You have an apartment, garage, or dorm room. You have a phone. The business must be legal.

Discussion 2:due 12/13/15 Along with developing your mission statement, it is important to develop your elevator pitch, a brief speech designed to hook your listener into responding, “Tell me more.” View the videos at NBC Learn – Holly's Oatmeal, Dogysheets, and The Better Half Jewelry.

Now, think of yourself riding up 50 floors in an express elevator. You have 30 to 60 seconds to explain to a stranger what your business is about. What will you say? Can you dazzle him or her so that they will ask for more? Create an elevator speech and include your product or service’s benefits, your target market, and why your customers will buy from you.

Assignment1: Due 12/6/15 LP1 Assignment: Product Life Cycles Directions: Today, product life cycles are measured in terms of months and years rather than decades and generations. It’s important to match trends with life-cycle stages. Economically, socially, technically, and financially, our world is changing at incredible speed. Few of us today could imagine life without the internet. What will be the next big thing we will not be able to live without?

Pick a product that fits each of the five life-cycle stages from Figure 2.8 (embryo, growth, maturity, decline, and rebirth) and recap the information you discovered in a one to two page paper. This can be one product that has gone through the five life-cycle stages or five different products demonstrating a different life-cycle stage. Type your responses in a Word document and submit it to your instructor via the dropbox "LP1 Assignment: Product Life Cycles." This assignment is worth 75 points; grading will be based on the LP1 Scoring Guide.

Week 2 assignment: due 12/13/15 LP2 Assignment: Research Selected Industry Directions: Conducting research is easier than ever with access to the greatest information data bank ever – the internet. Use the internet to locate the names of trade associations your business would be part of and make note of the addresses, phone numbers, and websites. Use CEO Express (Lifestyle magazines - online marketing - company research – industry specific – associations - trade) to locate magazines or journals within your selected industry to reach your Target Customers and your suppliers. Spend time researching your list. Also review the additional resources below. Recap this research information for your industry in a 1-2 page paper highlighting important issues, current events, and industry changes. Also review the websites under Resources – Marketing: Company Research & Private Databases. Submit this assignment to your instructor via the dropbox “LP2 Assignment: Research Selected Industry.” This assignment is worth 75 points.

Third class: OM3000 - Operations Management

LP1 Assignment: Financial Statements This assignment will assess Competency 1. Explore key concepts that relate to generally accepted accounting practices. Directions: In Part I of the Assignment Document LP1 Accounting Assignment, identify next to each item which statement the item would appear. The items listed could appear on the income statement (I), balance sheet (B), or statement of cash flows (CF). Then, for each group, explain the difference between the items in the set. In Part II of the Assignment Document, you will discuss the relationship between the financial statements. Submit this assignment to your instructor via the dropbox "LP1 Assignment: Financial Statements." This assignment is worth 30 points and will be graded according to the scoring guide below.

Paper For Above instruction

Starting a small business with limited capital requires strategic planning, creativity, and an understanding of the market environment. Considering the constraints of a $1000 budget, no employees, and immediate profitability, a suitable business idea could be a mobile car detailing service. This business is feasible because it leverages existing resources—your car or pickup truck, phone, and a residential space like an apartment or garage—and can be launched quickly, ensuring profitability within a week.

The first step involves defining the scope of services, such as exterior washing, interior cleaning, and waxing, which require minimal initial investment beyond supplies. Marketing can be conducted via social media, local classified ads, and word-of-mouth to attract initial clients. The advantage of a mobile service is its convenience; customers prefer to have their vehicles cleaned at their home or workplace, reducing time and effort on their part.

Pricing should be competitive yet sufficient to cover costs and generate profit within days. Promotions or discounts for first-time customers can stimulate rapid uptake. As the business is service-based and requires no employees, operations can be straightforward, allowing for flexible hours and scaled-up demand.

Developing a compelling elevator pitch complements this business idea. In 30 to 60 seconds, the pitch should highlight the convenience, affordability, quality, and quick turnaround of the service. For example: “Hi, I’m [Your Name], and I offer mobile car detailing that comes right to your doorstep. Whether you're busy at work or relaxing at home, I’ll make your vehicle look brand new in under an hour, with eco-friendly products, all for an affordable price. Want a sparkling clean car without the hassle? Let’s set up an appointment today!” This pitch emphasizes the product’s benefits, target market (busy professionals, residents), and reasons to choose this service over traditional car washes.

In exploring product life cycles, current technological and social trends suggest continuous innovation is key to survival. For instance, smartphones have evolved through all five stages—embryo (early prototypes), growth (initial adoption), maturity (widespread use), decline (obsolescence of features or models), and rebirth (new features or models revitalizing the product). The next essential breakthrough could be seamless integration of artificial intelligence in daily life, potentially merging with wearable technology to become indispensable. As devices become smarter, understanding their life-cycle stages helps companies strategize on innovation, marketing, and reinvestment.

Research within the industry reveals the importance of trade associations, which support networking, advocacy, and industry standards. Using online resources like CEO Express and trade publications, entrepreneurs can identify key industry players, current trends, and emerging challenges. For example, a car detailing business might join national and local automotive service associations, utilize industry journals for marketing insights, and monitor competitors' offerings. Such research allows for informed decision-making, positioning the business competitively in a dynamic marketplace.

Finally, understanding financial statements—income statements, balance sheets, and cash flow statements—is crucial for sound financial management. Recognizing which items belong to each statement enhances financial literacy. For instance, revenue and expenses appear in the income statement; assets and liabilities in the balance sheet; and cash inflows and outflows in the cash flow statement. Comprehending their interrelationships aids in assessing business health, planning future growth, and making informed financial decisions.

References

• Baumol, W. J., & Blinder, A. S. (2015). Economics: Principles and Policy. Cengage Learning.
• Horngren, C. T., Sundem, G. L., & Elliott, J. A. (2014). Introduction to Financial Accounting. Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson.
• Rainey, H. G. (2009). Understanding Public Leadership. Routledge.
• Smith, P. R., & Zook, Z. (2011). Marketing Communications: Integrating Offline and Online with Social Media. Kogan Page.
• Trip online industry databases and association websites for current trends and standards in automotive services.
• U.S. Small Business Administration. (2021). Starting a Business. Retrieved from https://www.sba.gov/
• Investopedia. (2023). Financial Statements Definition. Retrieved from https://www.investopedia.com/terms/f/financialstatements.asp
• Industry-specific trade publications such as "Automotive Service Business" and "Auto Care Association Journal."
• Northouse, P. G. (2018). Leadership: Theory and Practice. Sage Publications.