Pretend you are going to be an entrepreneur and you want to start your own business. You...

Pretend you are going to be an entrepreneur and you want to start your own business. You have a great idea, you are ready and willing to work. You just need--money. You will need $500,000 to start your business. But you do not have that much money. You only have $50,000 available from your life savings. What avenue or avenues would you pursue to gain the money you need to get your business started? Explain what would work best for you, and why you would pursue that option. You can tell what kind of business you would start, if you want to include that.

Expert Solution

Rahul Sunny answered 2 years ago

Classifying Costs Assume you are going to become an entrepreneur and start your own business. Think...

Classifying Costs Assume you are going to become an entrepreneur and start your own business. Think about your talents and interests and come up with an idea for a small business venture that provides a unique product or service to local customers. Pool Building Company a) What would the major costs of your business be? Try to classify the costs into the areas of direct materials; direct labor; manufacturing overhead; and selling, general, and administrative expenses. (Hint: Not all businesses...

Assume that you are going to start a small business of your own. Describe the business...

Assume that you are going to start a small business of your own. Describe the business and discuss the following: What costs you would incur; What competition you might experience; How you would determine the price you would sell your product; and, How much product you would produce?

Assume that you are going to start a small business of your own. Further, imagine that...

Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the business and its likely main competitors. How would you structure your advertising and customer service to differentiate your product/service? How easy would it be for new competitors to enter your market and erode your customer base or selling price? What...

s an entrepreneur, you want to start a business. You know that the first step is...

s an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan to organize all of your ideas. For this assignment, you will be submitting a business plan for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan should include the following: Introduction of the proposed business/executive summary The executive summary is often considered the most important section of...

1. If you were to consider yourself and entrepreneur, would you rather start your own business...

1. If you were to consider yourself and entrepreneur, would you rather start your own business or buy an existing one? Justify and explain your answer thoroughly. 2.. Given y our answer to question number 1, would you utilize a venture capital firm? Why or why not?

Question for the class: For those of you who want to start your own business, what...

Question for the class: For those of you who want to start your own business, what barriers have you encountered? In other words: why haven't you started your small business yet? What's holding you back? Give details of a scenario.

Imagine that you want to start your own business of selling burgers. You are however working...

Imagine that you want to start your own business of selling burgers. You are however working on a salary in some other cafeteria. You make a budget and see that you might have to incur the following expenses to run a cafeteria. __1. Imagine at least five variable expenses and five fixed expenses of your choice (can be more). __2. Imagine a Sales Price for your burgers. __3. Also imagine some basic drawings or salary for yourself as you are...

You want to start your own consulting business and believe it could produce cash flows of...

You want to start your own consulting business and believe it could produce cash flows of $5,600 this year, $48,200 for the following eight years (years 2 through 9), and $125,000 ten years from now. At the end of ten years you think you can sell the business for $450,000. At a 14 percent discount rate, what is this business idea worth today?

Pretend you are a producer and want to start a film company. You have a friend...

Pretend you are a producer and want to start a film company. You have a friend with an incredible life story. You have the idea to write a script based on your friend’s life that you hope to finance and produce by your company. You see a lot of potential in TV, film and maybe even mass media/video games. Other companies have approached your friend in the past and you know he has turned down offers for $10,000. Your friend...

Assume that you are a young, motivated entrepreneur, hungry to start your own company and reach...

Assume that you are a young, motivated entrepreneur, hungry to start your own company and reach great success. Of the following 4 entrepreneurial strategies, which one or combination of more than one, would you select in starting your business? Explain why you made that choice. (You may also explain the product or service that your company provides since that may influence the choice of your strategy) Growth Innovation Network Financing and Governance

Question