LO8: Explain how to manage the growth and other challenges that arise from an entrepreneurial venture
LO9: Demonstrate knowledge of the fundamentals of entrepreneurship
Choose one to the three following scenarios to base your final Essay on:
- Option 1: In July of 1994, Jeff Bezos launched Amazon.com, initially as an online book retailer. In 2016, the company reported $136 billion in revenues. Your research assignment is to understand how Jeff grew this company so fast. Begin your essay by describing the key strategies that Jeff Bezos employed to grow the company during the past 23 years. Use credible sources and research to support and explain. Again, this is not an “opinion Essay,” it is purely a research essay within which you report findings from credible resources for the majority of the essay. At the end of the essay, draw your conclusion regarding the (a) strategies employed, (b) missteps that occurred, and finally (c) what future strategies you would recommend Mr. Bezos employ to continue growth.
- Option 2: Franchise Opportunities – For this option you will analyze both successful and failed franchises to better understand the dynamics involved with acquiring and operating a Franchise.
- Section 1: Research 3 failed franchised businesses and 3 successful franchise businesses and explain the differences; focus on why they either failed or succeeded.
- Section 2: Research and develop a list and short description of available franchises options in your area or region.
- Section 3: Select one franchise option that may be potentially interesting to you in the future. Describe the business of the franchise in some detail. Research and describe the criterion for being accepted as a potential franchisee. Include an explanation for why this business may be of interest to you.
- Section 4: Research and describe the legal, social, and ethical issues involved with owning a franchise of this type.
- Section 5: Summarize why a franchised business may or may not be of interest to you.
- Option 3: Interview – Select a local business owner or manager and conduct a personal on-sight interview to gain insight into the challenges, risks, and rewards for owning a small business
- Section 1: Completely describe the business you chose as your subject for this option including the size, employees and management organization, facilities and equipment, target markets, products and services provided, time in business, and region served.
- Section 2: Formulate and include in your essay the specific (open-ended) questions you will use to gain insight into the small business you have chosen for this project. Under each question, include a summary of the responses from the interviewee. Be sure to include the following in your interview questions: (a) business strategies for growth; (b) risks to the business; (b) competition environment; (c) options for growth, interests in expansion through new product or service offerings; (d) outside services employed; (e) employee hiring, retention, and training challenges; and any other factors important to the long-term viability of the business.
- Section 3: Investigate and discuss the legal, social, and ethical issues involved with owning a small business of this type.
- Section 4: Summarize your insights into owning and operating a small business of this type and in owning a small business general.
Please use the attached APA formatted Essay Template for this assignment. Be sure to properly cite your expert resources using APA 6th citations rules. Also, use proper APA referencing guidelines in your “References” (bibliography) section at the end of your papers. Your written weekly assignment paper should be 1200 to 1500 words and should include a minimum of 3 cited credible sources.