UNDERSTANDING BUSINESS (LL/ACCESS)
13th Edition
ISBN: 9781264671656
Author: Nickels
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 1.1, Problem 1.1AQ
In 1979, Geral Fauss took 5,000 oversized foam fingers to the Sugar Bowl in New Orleans not knowing if he would sell a single one. The former high school shop teacher created the now-famous fingers a few years earlier and they became a big hit with his students. Fortunately, the Sugar Bowl crowd liked them, too. He sold every last finger and launched a company that in still going strong. What risks and rewards did Fauss face when starting his business?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
why change is important for Thimble insurance company
What role does corporate social responsibility play in Ben & Jerry’s business model? Should Ben and Jerry have continued to operate Ben and Jerry’s as an independent company, rather than selling it to Unilever? What were the pros and cons of going forward with the sale? How can Ben & Jerry’s justify the concept of a triple bottom line—profits, people, and planet—to company shareholders?
Many small businesses are built around one product. What risks does this approach impose? How can small business owners minimize those risks? How can a small business develop new products?
Chapter 1 Solutions
UNDERSTANDING BUSINESS (LL/ACCESS)
Ch. 1.1 - In 1979, Geral Fauss took 5,000 oversized foam...Ch. 1.1 - Prob. 1.1BQCh. 1.1 - Prob. 1TPCh. 1.1 - Prob. 2TPCh. 1.1 - Prob. 3TPCh. 1.1 - Prob. 4TPCh. 1.2 - Prob. 1.2AQCh. 1.2 - Prob. 5TPCh. 1.2 - Prob. 6TPCh. 1.2 - Prob. 7TP
Ch. 1.3 - Prob. 1.3AQCh. 1.6 - Prob. 1.6AQCh. 1.7 - Prob. 1.7AQCh. 1.7 - Prob. 8TPCh. 1.7 - Prob. 9TPCh. 1.7 - Prob. 10TPCh. 1.7 - Prob. 11TPCh. 1.8 - Prob. 1.8AQCh. 1.8 - Prob. 12TPCh. 1.8 - Prob. 13TPCh. 1 - Prob. 1CECh. 1 - Prob. 2CECh. 1 - Prob. 3CECh. 1 - Prob. 4CECh. 1 - Prob. 1CTCh. 1 - Prob. 2CTCh. 1 - Prob. 3CTCh. 1 - Prob. 4CTCh. 1 - Prob. 5CTCh. 1 - Prob. 1DCSCh. 1 - Prob. 2DCSCh. 1 - Prob. 3DCSCh. 1 - Prob. 4DCSCh. 1 - Prob. 5DCSCh. 1 - Prob. 1PPTCh. 1 - Prob. 2PPTCh. 1 - Prob. 3PPTCh. 1 - Prob. 1VCCh. 1 - Prob. 2VCCh. 1 - Prob. 3VC
Additional Business Textbook Solutions
Find more solutions based on key concepts
Describe and evaluate what Pfizer is doing with its PfizerWorks.
Management, 13Th Edition
Define a project. What are five characteristics that help differentiate projects from other functions carried o...
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
The Warm and Toasty Heating Oil Company used to deliver heating oil by sending trucks that printed out a ticket...
Essentials of MIS (12th Edition)
10-10 What challenges do managers face in managing global teams? How should those challenges be handled?
Fundamentals of Management (10th Edition)
What Kinds of systems are illustrated in this case study? Where do they obtain their data? What do they do with...
Essentials of MIS (13th Edition)
10-10 What challenges do managers face in managing global teams? How should those challenges be handled?
Fundamentals of Management: Essential Concepts and Applications (9th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- If you are planning to proposed a business how are you going to make sure that your business will be profitable and will last for a lifetime?arrow_forwardImagine that you are an entrepreneur who is planning to start a lawn care business. What steps would you take in order to carefully assess the costs and benefits of your business before launching?arrow_forwardAs a future entrepreneur, picture your product without a brand name, displayed on the shelves of various malls and groceries competing with other products with brand names. How do you think will your product increase in sales? Will the consumer notice it or even remember it? Write answers in 3 sentences or more.arrow_forward
- Respond to this with 180 words. Mention any verifiable high performing and a reputable company (local, national, or international) that you are quite familiar with and reflectively justify that it is imaginative, creative, innovative, and entrepreneurial. Explain the differences, interrelationships, and interdependences between the imaginations, creativities, and innovations of this company as well as their connections and importance to entrepreneurship, and their influence on the profitability and sustainability of this company.arrow_forwardWhat is the importance of the "Leave no Trace Seven Principles?arrow_forwardMost people laughed when Evelyn Ringler explained her product idea—a solar-powered vacuum cleaner. But the concept was practical and the technology used in the vacuum was the same as that used in many children’s toys. After setting up a demonstration booth in a mall in a Chicago suburb, Evelyn felt more assured than ever that her idea would be a hit. Consumers seemed receptive and offered helpful pieces of advice, such as how much they would pay for the vacuum, what colors they would prefer, and why they would not buy the vacuum. The vacuum itself was dome-shaped, something like a small saucer, with a filter bag on top and sensory nodes along the edges. After being charged in the sunlight, the vacuum could run for 10 hours, covering a floor area of 600 square feet. As the apparatus lightly bumped into table legs, chairs, and so on, the sensory nodes allowed the vacuum to move around the objects in various directions. This is the same type of technology used in the…arrow_forward
- The process of starting a new business can be difficult, especially when you are trying to break through the fear and confusion. We live in a world where we have an endless amount of opportunities, and it can be quite overwhelming to start looking at all the different options that are available to you. You may also feel like all business ideas have been done before and that you’ll never be able to come up with something that is unique and that would be successful. From the above scenario, we realized the challenge and opportunity in creating a new business venture in UNITEN. Using your own words, justify the following QUESTIONS: 1. Justify TWO (2) challenges to be considered when coming up with a new business idea in UNITEN. 2. Provide your own VISION and MISSION to start a new venture. 3. Describe ONE (1) passion in starting the new entrepreneurshiparrow_forwardWhat is a permanent and preventive action? What are 5 "W" help? Think about a problem in a specific business. Follow the 5 W to identify the REAL problem.arrow_forwardlook for an article of succes stories about a businessman or entrepreneur. what do you think are the reasons why they become succesful in their endeavor?arrow_forward
- Assuming you wish to be sponsored to start your own business, identify any viable and feasible business idea of your choice, and draft a comprehensive business plan for your potential business highlighting on the key featuresarrow_forwardKhalil quit his job as an investment banker to start Assi Rafts, a canoe and kayak rental business in Bekaa. Khalil was tired of the corporate life and was ready for a change. He bought a land, built his facility, and bought canoes, kayaks, trailers, and vans. He did no market research such as talking to potential customers before investing in the business. In the seven years the business operated, it never reached even half the revenues it needed to be successful. In the end, he closed the business after spending all his and his parents' savings. What function would a business plan play in Khalil's case? * Enhance his creativity Strengthen his research skills Attract lenders and investors he was in desperate need for to launch his business Serve as his road map on the O journey toward building a successful businessarrow_forwardif I'm planning to sell jewelry for my own produce products starting from scratch. To become successful what are the things I need to consider/list down your action plans.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill Education
Management (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSON
Business Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSON
Fundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON
What are administratve agencies; Author: The Business Professor;https://www.youtube.com/watch?v=dhAt9vBlv9A;License: Standard Youtube License
Linear Programming - Graphical Solution; Author: Don't Memorise;https://www.youtube.com/watch?v=qQFAvPF2OSI;License: Standard YouTube License, CC-BY