Tom and his dad combined their love of baseball with a business venture.They purchased a small cart and began selling memorabilia outside of theirhometown stadium. Their first year went well, but the past two years havebeen quite a struggle. Due to poor economic conditions and the team'shorrible record, ticket sales at the stadium are down, which has significantlyhurt their sales as well. As a recent business graduate, you explain to themthatMultiple Choicethis type of business is always high riskbecause it is seasonal.social entrepreneurs are currently gettingmost of the attention.the business does not fill a sufficient needfor most people.environmental circumstances are dynamicand tough to control.

The given case states that Tom and his dad started a business venture of selling memorabilia outside…

Answered: Tom and his dad combined their love of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Pick a business that you know of (can be a small business in your neighborhood or a large corporation that makes a product you bought in the past), do a little research about it, and answer the following: Describe the goods or services the business sells and where it does business. What kind of model is this company using? (remember, a company could use more than one model; use the models described in the introduction above). What type of business is this (sole proprietorship, partnership, or corporation)? How did you find out? Describe how you researched information about this company.
CAN YOU PLEASE EXPLAIN WITH CALCULATIONS. THANK YOU VERY MUCH Sky is the owner of a small business called Sky's Skateboards. Sky, who grew up in a circle of avid boarders, started the business last year, initially adding cool designs to her siblings' and friends' skateboards. After a year of painting skateboards, Sky realized that her add-on design business was slowing down, but there was unmet local demand for custom designed skateboards. Many people had seen her designs and shown up at her doorstep looking for new skateboards for themselves, their kids, or their significant other. Over the holiday season, Sky had done some research and found she could order quality skateboards in basic colours (black, white, blue, etc) for $50 each. She expects to sell boards for $100 each after designing them. If a customer wants to request a specific design, she will charge a premium and sell the skateboard for $125. For the past year, Sky has customized used skateboards for $30 each (the…
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Instructions Write at least a three-paragraph document addressing the following points: Describe the 2 different types of risks and provide 2 small business examples for each. Compare the 4 options to manage risks. Contrast 3 common types of insurance in terms of a business's risks, including a specific example for each.
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SMITHFIELD'S CUSTOM FURNITURE It is 1901. Alicia Smithfield, daughter of the founder of Smithfield Custom Furniture, just inherited the company. She is the only surviving heir to the furniture empire her father built. Headquartered in upstate New York, the company has grown significantly over the past 60 years. Began in a shed built next to his log cabin, Jonas Smithfield's quality furniture developed a huge following among New York City's wealthiest residents. After being educated in the best business schools in Europe and America, Alicia has run the business side-by-side with her father for the past 15 years. When there were many issues confronting the business, a tree being felled took an unexpected route and brought Jonas' life to a surprising end. The company had just moved to a facility large enough to house its workers: 10 carpenters; 5 furniture designers; 5 wood finishers (varnish and dye experts); 10 machine operators to assist with the various equipment needed to cut the…
3) Ahmed and Junaid are two enterprising youth. They have passed out from a renowned University. They decided instead of doing a job, they will launch fresh vegetables in Pakistan. Having learnt of the future conventional foods, they decided to venture into cultivation of mushrooms. Mushrooms are known to be the best alternative food for vegetarians. For Ahmed and Junaid fundraising was a serious handicap for Mass Production. However, the first trial batch of mushrooms that they produced was bought by 5 star hotel in Karachi. Further, the hotel placed orders for supply of 20kgs every day. Ahmed and Junaid want to sell mushrooms in a very big way all over Pakistan. How will you guide Ahmed and Junaid in a) Product strategies? b) Brand Positioning? c) Brand Strategies?
Ali spent much of his childhood playing and working in his mother and aunts antique shop. His interest, involvement, and love of antiques led him to attend a school of art and design. Upon graduation, Ali decided to start his own antique shop and is in the process of completing his business plan.What are the questions that you would pose to Ali in order to help him select the form of ownership for his antique shop? What suggestion can you make to help Ali improve his business plan.
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