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AB 209 AB/209 AB209 Unit 1 Assignment Envisioning a Business (Beauty Salon) (Kaplan)
In this Assignment you will be asked to use your imagination. Either invent a business or use your currently owned business. You may not use an existing company from the Internet. Every week, you will discuss different aspects of that business. Think of a business that you might like to own. This does not need to be anything you will actually start, so it can be just a dream. It can also be something you think you would like to do sometime in the future. This can be a retail or service business, independently owned or corporate. You will use this imagined or real business throughout this course, so choose wisely as you will be required to use it for ten weeks. In Unit 1, you will describe how best to organize your business. After completing your Learning Activity, you will need to choose the best business entity that suits your needs. Will it be a sole proprietorship? A partnership?A corporation? If incorporated, what type? Your choice will be based on what you have read in the text starting on page 200 and continuing through 211 and then practiced in your Learning Activity. You will need to choose the company type, and describe why that would be best for your dream or real business. Complete all the checklist items below before submitting your minimum 1-page APA formatted and citation styled response (include an additional title and references page) to the Dropbox. Checklist: Describe the following: The business you have chosen, real or imaginary. This MAY not be a business that already exists if you are not the owner. The type of legal entity you believe would work best for the business and the stakeholder obligations involved. Why your choice is best in this particular case. Why each of the other business types would be less satisfactory. Describe the drawbacks to your chosen business entity and how you might deal with those.
Young people who run businesses have particular advantages.
Heading up any organization is a thrilling privilege, especially when it’s your own. Young entrepreneurs today have a wealth of opportunity at their fingertips, and with practices like remote networking, borderless resourcing and even crowdsourcing, creating a business and achieving success in the marketplace is a real-world possibility. So what's the best way to build a great business as a young person? Here are my tips.
1.) Surround yourself with experts
As a leader, you should never settle for “just anyone.” When it comes to building your leadership team (and your greater business), seek out passionate and forward-thinking people who are experts and leaders in their field.
Learn as much as you can from them and gain their input and advice on every big decision you make – from product to strategy to operations to finance, and so on. In the long run, these people will help shape your company culture and direction and they’ll turn you into a stronger leader.
2.) Stay on top of tech
Technology is becoming the driving force in a growing number of new industries and is rapidly taking over existing industries. As a leader, it’s imperative that you (and your team) keep up with tech trends and stay on the frontline of new developments – anything that crops up that can make your product better or deliver further innovation should not be ignored.
In Australia, for instance, this is particularly critical in the retail sector. Retailers, writes John Riccio from professional services firm PwC, “need to innovate if they are to remain relevant to the connected consumer.”
As a result, many retailers are being pushed by consumers to offer more accessibility and better services via various technological means, and the ones who don’t are likely to fall quickly behind - and many already have.
3.) Only take calculated risks
Hamdi Ulukaya, who founded Chobani and won Ernst
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Magazine: 5 Great Tips on How to Start a Local Salon Business