American InterContinental University
There’s an inventor that has a great idea to development a new household appliance. This new appliance will use a special technology and will fit the needs of every day consumers. The inventor believes this new technology will jumpstart sales growth and will be added in other products and make them easier to handle and use around the home. Although these future products are sure to generate significant sales, this inventor faces difficulties in the beginning stages as she has no management skills, very little financial skills, knows nothing about the manufacturing business and has little to no start-up capital. I’ll examine three forms of businesses to determine which form of business would be best for this inventor to form.
In the scenario, the inventor has an idea to market a home appliance that will meet the needs of every day consumers with hopes that the new technology added in this product will jumpstart sales growth. The inventor believes this new technology will be added in other products as well, making them easier to use around the home. It’s a good idea, however, this inventor faces difficulties before production can begin due to having no management skills, low start-up capital, very little financial skills and knows nothing about running a business or manufacturing a product. Based on the issues this inventor is currently facing, she’ll need to decide which form of business would be best for her business venture.
Forming and running a successful business is hard for any sole proprietor, partnership or corporation, but it’s even harder when you don’t have the funding, have no clue as to what you’re doing and you don’t know where to begin. Without having a significant amount of available resources to start the business, develop the product, market the product and distribute the product, the inventor will not be able to fund the project. Having... [continues]
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