Intro to Business Unit 1 Assignment 1
Essay Preview: Intro to Business Unit 1 Assignment 1
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For this particular invention I do not think that a Sole Proprietorship is the best option, since the inventor has little money to start up a business and has no management or financial background education to help guide the inventor in the right direction.
A corporation isnt the route to take either since the inventor is an individual who isnt affiliated with any corporations at this time and doesnt have the money to start a corporation at this time either.
I think a partnership would be ideal for this project, so that the inventor would have someone else to help with the startup cost of the business project, and to have someone who understands the management and legal and economic aspects of the business world. I think that this is the best fit for this particular project.
From my understanding the inventor wants to make a product that makes using everyday appliances easier and safer for everyone who uses them. The inventor wants to improve upon existing products and make them easier and safer to use.
My management decision would be to do some research on some potential partners and to see which ones had a background in management and the legal and economic working of a business so that you have an advantage going into this project. I would make sure that the person wanted to help me with the project and not take advantage of someone who has little money to help startup a business.
The partnership is the best option because you have two people putting up money and two people that want to achieve this project and make money while doing it. The partnership would also help to eliminate some of the stress of taking a project of this size on by yourself; you have someone else to help with it. The partnership could have down falls, if the partners have different ideas and dont want to work together to achieve the best outcome for both partners to be successful and make the most money.
The partners also need to figure out what customer base that they want to focus their product to, if they want to market it to the older customer base or to market it to homeowners or people with small children or all of the above. I think they need to sit down and see which customer base will buy the most of their product and at what price that they are willing to sell the product at, once they agree on this they should be able to start marketing their product to the customer base that they have chosen and start making money and get their name out there so that other people want to purchase their products.