My Pawnshop
Course Project
Introduction to Business (GEB 1011)
Think of a small company you would like to start. Using this company, include the following components in your finalized submittal and use them as Section Headings for formatting your submittal. Put the Section Headings in BOLD. Then your responses in normal 12 point size type and write in complete sentences.
1) Provide an Introduction of your company. Include your main product and/or service. In what country and part of the world is your company located? Explain why your company is located there. With the economy struggling and more and more people loosing their jobs as a major source of income I believe that providing the service of small collateral loans would be a great idea for a business. In this economy the pawn industry is a business that is growing and taking a powerful jump in the economy. I believe that opening and place where people can get short-term loans against a collateral would be a very successful business. I would strategically pick locations in United States that really need this service the most. For example, low-income regions in Orlando such as Pine Hills, would be a good place to open a location. Last and more important, Make sure to set up shop where the local population is interested in buying your goods Choosing a location with a population that has supply and demand for the specific products I am selling.
2) Describe the form of business ownership you would choose for this company and explain why. Give at least three advantages and three disadvantages of your chosen form of business ownership.
The form of business ownership I would choose for my company would be Sole Proprietorship. A business owned and operated by a single individual -- and the most common form of business structure in the U.S.
The advantages with a sole proprietorship:
1. Ease and cost of formation: simply announcing you are in business and requesting any licenses and permits you
Introduction to Business (GEB 1011)
Think of a small company you would like to start. Using this company, include the following components in your finalized submittal and use them as Section Headings for formatting your submittal. Put the Section Headings in BOLD. Then your responses in normal 12 point size type and write in complete sentences.
1) Provide an Introduction of your company. Include your main product and/or service. In what country and part of the world is your company located? Explain why your company is located there. With the economy struggling and more and more people loosing their jobs as a major source of income I believe that providing the service of small collateral loans would be a great idea for a business. In this economy the pawn industry is a business that is growing and taking a powerful jump in the economy. I believe that opening and place where people can get short-term loans against a collateral would be a very successful business. I would strategically pick locations in United States that really need this service the most. For example, low-income regions in Orlando such as Pine Hills, would be a good place to open a location. Last and more important, Make sure to set up shop where the local population is interested in buying your goods Choosing a location with a population that has supply and demand for the specific products I am selling.
2) Describe the form of business ownership you would choose for this company and explain why. Give at least three advantages and three disadvantages of your chosen form of business ownership.
The form of business ownership I would choose for my company would be Sole Proprietorship. A business owned and operated by a single individual -- and the most common form of business structure in the U.S.
The advantages with a sole proprietorship:
1. Ease and cost of formation: simply announcing you are in business and requesting any licenses and permits you