Business Environment

You are an inventor who enjoys working around the home, cleaning, cooking, and doing minor home repairs and remodeling. You have little financial skills and no management skills. You have a great idea for a new kind of home appliance that meets everyday consumer needs. Your net worth is not very high so you have no idea if you’ll be able to “fund” this start-up. You know that currently there are similar products that meet the consumers’ needs, but those products are inherently dangerous. You know nothing about manufacturing other than that it costs lots of money to set up a plant. You are convinced that this new technology idea would be applicable in a wide range of other products. Your spouse, knowing how much time this venture will take away from family time, has asked you for an example of what you mean to make sure your idea isn’t some harebrained scheme. You mention the following as two similar ideas that were developed for one application but proved to have VERY widespread applications: a. The “clicker” was initially invented for use with TV’s, but now has widespread applications for a host of electronic applications, just like your technology could potentially do. b. The 3-prong power cord for electrical appliances was invented for higher quality appliances. Lower quality appliances have a 2-prong cord, which is a safety issue. Better quality power cords have the 3rd “ground” wire, so now it has widespread application, just like your technology could potentially do. Marketplace The market for your new product (which will use a special technology) is quite saturated with annual growth of only 2%. It is expected that the new technology in this invention will jumpstart sales growth as it will make it far easier to handle and use around the house. You fully expect that once this product’s acceptance is established, the technology can be leveraged into other products and/or markets. While each of these FUTURE products and/or market opportunities is sure to generate significant sales, there will be significant new investment required for each opportunity as well as some risk.

Based on the business scenario you have just reviewed, prepare a paper that reflects your knowledge of the legal forms of business.

Make a management decision regarding the legal form of business you believe would be appropriate to enable the firm to successfully address the business issues it is currently facing. Keep in mind that from a legal perspective, businesses are organized as one of the following: •Sole Proprietorship •Partnership •Corporation

Distinguish the differences between the major forms of business organizations and be able to know and identify the characteristics of each.

•Describe the basic environments (legal, social, economic) in which a business operates

 

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