- Topic: Business creation and management
- Style: Not applicable
- Number of pages: 5 pages/single spaced (2750 words)
- PowerPoint slides: 0
- Number of source/references: 1
- Extra features: –
You are to do the following:
Part I – Data gathering and compilation: (one page – single spaced)
a. Sit on a corner where there is an intersection of two paved streets (can be in a town, city, etc), where there is moderate traffic.
b. Over the course of 15 minutes at that corner, describe all activity that you see (cars, trucks, motorcycles, pedestrians, etc) and record it. Be specific in your observation. That is, if there is a blue car, a Harley-Davidson motorcycle, a mother with her two children walking down the sidewalk, note these things.
c. In a single page (single-spaced), describe the environment, the objects/people that are part of the environment. Basically, describe what is going on. Use qualitative and quantitative terminology.
Part II – Management input (one page single spaced):
You are managing a hot dog stand with wheels. After your observation period, you have decided to place your stand at this intersection.
a. Describe your method for placement of this hot dog stand. Be mindful of the other businesses (if any) that are at this intersection.
b. Detail the benefits/drawbacks of having a hot dog stand on this corner.
Part III – Evaluation (two pages single spaced):
In order to operate this hot dog stand, you must pay a fee of $200 per month to the city for space usage. There is an 8% tax that must be paid to the city for taxes.
a. Come up with a price for your product. Describe how you arrived at this price. Be specific.
b. What would be the volume of your product you would need to sell to make money? How did you arrive at this sales volume?
c. You are to devise a budget for one month of business. Please include all proposed expenses as well as your income based upon parts a. and b. above. Don’t forget to pay yourself, or pay your employee(s) should you not work the hot dog stand yourself.
d. How does math play a part in the management of your hot dog stand?
Expansion (one page single spaced)
a. You wish to expand your business. Besides selling hot dogs at your stand, you will also be selling pretzels and pickles (like those that you would see at a carnival). Describe how you would incorporate these additional items into your business.
b. What challenges/benefits could be realized by having additional menu items?