Thursday, March 15, 2012
Factors that Affect Price
Above in the image I listed the 6 factors that affected Price and I think that Competitors affect price the least because I feel if you keep good customer service and keep your store clean and tidy you will when the interest of those customers.
I feel like supply and demand affect price the most because when it comes to picking a price for a select item you have to really think about how much the customers really want/need this product, and you also have to look at do you have the right resources to consistley keep getting the product.
Friday, March 9, 2012
Thursday, February 9, 2012
Tuesday, January 24, 2012
Chapter 8 Reflection Blog
In chapter 8, I learned a lot of valuable material that will help me in later life. I now understand why businesses/people get patents, copyrights, and trademarks. Patents are used to protect your ideas, while copyrights protect your inventions (music, books, etc), and businesses get trademarks so nobody can steal their logo/slogan. I also leaned about the laws that protect employees. Wrongful termination, firing somebody for the wrong reasons. Child labor law, having a child under the age of 16 work. Those are just a few I learned much more in dept. We also discuss the laws that affect the start- up of a business, license/permit, contracts, and location. Also in this chapter we were introduced to several entrepreneurs. This information was much needed for those of us who really want to be a entrepreneur, because when you have people under you, you have to make sure you follow all the laws so that you or your business can't be sued.
Thursday, January 5, 2012
The Big Idea Series #1
All the entrepreneurs in this series all shared a common goal. That goal was whatever you had in mind just go out and make something of it. None of these entrepreneurs were scared to give their idea(s) a chance and all of them ended up successful in the long run. to me I considered all of them still young even though some were younger than others. they also made a lot of money off of their first successful business.
A disadvantage of being a young entrepreneur is when your young you have a lot more people stay your not going to make it. And i think when your young that kind of talk can bring you down. Also being young you really don't have much of a support system except for your parents.
I found Cameron Johnson story more interesting then the others, because he started his first business when he was 5 years old and that's very young. I also found how he got his ideas kind of interesting because he got them by trying figure out his own problem. And he seemed to always have new ideas like everyday. He was also smart. He knew what worked for him and what didn't, so his story was more interesting to me.
I think Cameron Johnson and Ryan Blair will have much more years in their business just because the fact they both run online businesses. and to me people won't find another thing better than the Internet as of right now.
A disadvantage of being a young entrepreneur is when your young you have a lot more people stay your not going to make it. And i think when your young that kind of talk can bring you down. Also being young you really don't have much of a support system except for your parents.
I found Cameron Johnson story more interesting then the others, because he started his first business when he was 5 years old and that's very young. I also found how he got his ideas kind of interesting because he got them by trying figure out his own problem. And he seemed to always have new ideas like everyday. He was also smart. He knew what worked for him and what didn't, so his story was more interesting to me.
I think Cameron Johnson and Ryan Blair will have much more years in their business just because the fact they both run online businesses. and to me people won't find another thing better than the Internet as of right now.
Friday, December 9, 2011
Thursday, December 1, 2011
Partnership Agreement
Jahleel McGowan and I have decide to start a partnership. The name of our new business is Next Flight Athletes Sport Shop. The purpose of us coming together is to make sure all athletes have the necessities they need to perform at their greatest. We both plan to have this business until we both feel like its time for us to retire. We both want to remain limited so that no boundaries are cross and so that to much work is not put on the other partner. Like I said earlier, so a lot of work is not placed on a partner we plan to split keeping records of the business. Half of the year he keep the records and the other half I take of it. We both want to be equally responsible for any losses or profits our business. For all of the profits that our business get we split it 50/50 so no one is able to get greedy with the money. If one of us was to die in the middle of business we both agreed to allow somebody from the other family to come and take the place of their love one so that the business still go on and most importantly the other family still gets some type profit from the business. If any disagreements come about, we both want to sit down before/after hours and come to a reasonable decision that is best for our business. As for responsibilites of us both we want to be very flexible so that the business can run smoothly.
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