UNDERSTANDING BUSINESS (LL)
13th Edition
ISBN: 9781264632046
Author: Nickels
Publisher: MCG
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Chapter 5, Problem 1DCS
Summary Introduction
To discuss: The cost to start sole proprietorship,
Introduction:
When the right to use the name of a specific business is given somebody to sell the goods and services under the name in a particular territory, it is known as franchise. Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations.
When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative.
When the business is managed and owned by a person single handedly, it is known as sole proprietorship.
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Students have asked these similar questions
Develop a business idea not exceeding 500 words.
If you have an opportunity to start a business, what kind of business will you start?
Mention about:
(i) The industry and product/service you are interested in.
(ii) State why you are interested in that business.
(iii) Who will be your customers and competitors?
(iv) The initial amount you may require starting your business.
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.
REFLECTION:
If you're thinking about starting a business, most likely you have dreamed of one that
involves your interests. But, what does the market need or want? Do you know who
is buying what and how much, or how, where and why they are buying those goods
or services already? Determining the marketability of your start-up business is
typically done in the context of creating a business plan and performing an analysis
of your competition. It requires research into areas of marketability,
Chapter 5 Solutions
UNDERSTANDING BUSINESS (LL)
Ch. 5.1 - Prob. 5.1AQCh. 5.1 - Prob. 5.1BQCh. 5.1 - Prob. 1TPCh. 5.1 - Prob. 2TPCh. 5.2 - Prob. 5.2AQCh. 5.2 - Prob. 1MEDCh. 5.2 - Prob. 3TPCh. 5.2 - Prob. 4TPCh. 5.3 - Prob. 5.3AQCh. 5.3 - Prob. 5TP
Ch. 5.3 - Prob. 6TPCh. 5.3 - Prob. 7TPCh. 5.3 - Prob. 8TPCh. 5.4 - Prob. 5.4AQCh. 5.5 - Prob. 5.5AQCh. 5.5 - Prob. 5.5BQCh. 5.5 - Prob. 5.5CQCh. 5.6 - Prob. 9TPCh. 5.6 - Prob. 10TPCh. 5.6 - Prob. 11TPCh. 5 - Prob. 1CECh. 5 - Prob. 2CECh. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - Prob. 1CTCh. 5 - Prob. 2CTCh. 5 - Prob. 3CTCh. 5 - Prob. 4CTCh. 5 - Prob. 1DCSCh. 5 - Prob. 2DCSCh. 5 - Prob. 3DCSCh. 5 - Prob. 4DCSCh. 5 - Prob. 5DCSCh. 5 - Prob. 1PPTCh. 5 - Prob. 2PPTCh. 5 - Prob. 1VCCh. 5 - Prob. 2VCCh. 5 - Prob. 3VC
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