Build vs. Buying a Business Essay.
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To Build or Buy Select a small business that you visit often (e.g., coffee shop, bookstore, sporting goods store, etc.). Write in which you: 1. Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail. 2. Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning. 3. Discuss the most appropriate form of ownership for your new business (assuming your current financial situation). 4. Outline a business plan for your business. Visit http://www.sba.gov for tools and templates. 5. Include at least two (2) references outside the textbook. The specific course learning outcomes associated with this assignment are: ��� Analyze the nature of entrepreneurship, business ethics, and social responsibility in managing a successful small business. ��� Analyze a business strategy and supporting business plan for a small business concept ��� Describe and analyze the necessary activities and key decisions to start a small business. ��� Use technology and information resources to research issues in small business management. ��� Write clearly and concisely about small business management using proper writing mechanics.
Here’s a sample paper.
The definition of a small business may vary in different countries. According to the Small Business Administration, a general standard for small businesses outlines that they should have less than 500 employees. However, different aspects such as assets may be considered on an industry-to-industry basis leading to small businesses that have more than 500 employees (Headd, 2010). Small businesses account for almost half of the businesses in the US, thus contributing greatly in the job market. The employment share of the small businesses has been stable for a large period of time. The businesses seem to increase even as the economy struggles, but declines as the economy stabilizes.
Starting small businesses may be coupled with several challenges such as uncertainties over market penetration, achieving competitive advantage, and choosing the right location to build a business. As a result, many entrepreneurs may opt to buy already established businesses instead of starting up their own business. Buying a business seems to have several advantages over starting a business from scratch. To explain the idea of “Build or Buy,” this paper takes a case study of ‘Feelgood Fitness.’ This is a small fitness firm situated in Seattle; it serves to community in providing fitness services to build better livelihoods for the general population. The paper describes a business strategy that would compete with the business, assuming that a person bought the business, the paper suggests a better business plan that would bring higher competitive advantages to ‘Feelgood Fitness.’ Through the case study, it is possible to explain why it would be advisable to buy an existing business as opposed to building a business