1. Describe two trends that you've noticed (either demographic, invention/technology, lifestyle, or style/entertainment) and explain how each one might generate a small business opportunity. (1-6 sentences. 4.0 points)
A line or curve on a graph that represents a pattern of progressive change in a condition, output, or process, or an average or general tendency of a collection of data points to move in a given direction over time.
Two trends are "boho" style, which can lead to the opening of a "ethnic" store, and "electronic music," which can lead to the opening of a new club due to the increase in clubbers.
2. Make a list of at least 5 business ideas that interest you. Then explain which one you think is the best opportunity for you. Give at least 3 reasons why this opportunity is better for you than the others. (2-6 sentences. 3.0 points)
"Five business idea that interest me are starting a pet sitting service, opening up a center that can provide extra care for the mentally challenged, starting an electronic repair shop, start a service that helps parents become effective advocates in their child's IEP meeting, start a day excursion company.
I think the best opportunity for me to start is the pet sitting service because it has a low startup cost and i love animals, and I can choose when I work and how many animals I have at one time. I can also work a job while doing this on the side or until this grows enough to support me."
3. Visit the Web site for a well-known company, and find the section that states its mission. What is the company's mission? How does the mission relate to the type of products the company sells? Did anything surprise you about the mission? Why or why not? TIP: If the company's Web site doesn't describe its mission, choose a different company. (1-5 sentences. 3.0 points)
The company website I visited was Bombas.com. According to the website, the companies mission statement is "to help those experiencing homelessness". The company sells socks, underwear, tee shirts, and slippers, and for every item you buy they give one pair to the needy. The mission relates because these are things that many homeless people need. This did not surprise me because the company is always advertising and expressing to need to help the needy.
4. Visit the Web site for a different well-known company, and find the section that lists the company's values. What are the company's values? How do they relate to the products the company sells? Did anything surprise you about the company's values? Why or why not? TIP: If the company's Web site doesn't describe its values, choose a different company. (1-5 sentences. 3.0 points)
The company website I visited was Microsoft.com. The core values listed include innovation, diversity and inclusion, corporate social responsibility, AI, trustworthy computing, respect, integrity, and accountability. Microsoft offers a whole range of products and services and all the values reflect the work the company is doing. This doesn't surprise me because the company expresses this throughout advertising and through other ways.
5. Do a SWOT analysis for the business idea you chose in question 2 above. Describe at least 2 strengths, 2 weaknesses, 2 opportunities, and 2 threats for that company idea. (1-8 sentences. 4.0 points)
Two strengths of Bombas are that they help the homeless and they have high quality products. Two weaknesses are that they lack information about supply chain and environmental impact, and they are at the premium price point of a sock. They have the opportunity to improve a major economical problem and to improve health of the needy in some ways. Two threats that they have are CelerSport and Tipi Toe socks. These brands also offer comfortable and high quality socks.
6. Make a list of at least 3 people you would want to give copies of your business plan to, and explain why you chose each of those people. (1-5 sentences. 3.0 points)
I would give a copy of my business plan to specific qualified and trustworthy people, that why I would receive significant feedback to improve. The first person I would consider is Robert Kiyosaki because as a business man, he is capable of evaluate my plan and give important feedback, things I would change or remain. The second person I would give a copy of my business plan is my father or my mother, because they are trustworthy, in case a lose the original plan they would give me the copy, they would be like a secure back-up. The third person would be my business mentor, because he/she is the person who is constantly guiding me through this plan, actually my mentor would always all copies needed. So, that's it, these three people would be trustworthy and qualified to keep a copy, because I would get significant benefits from them.
