Principles of Business Assignment

Assignment # 3 Entrepreneurship and Small Business (refer to chapters 5 and 6) Chapter five describes the various forms of business ownership and introduces the topic of small business. The Small Business Administration is a tremendous resource for would be entrepreneurs. Research their resources for business plans and financing. Explore business plans and government resources for small business at: The Small Business Administration (Links to an external site.)Links to an external site. (Links to an external site.)Links to an external site. Lets take a look at one of the worlds most prolific franchisers, McDonalds. How much does it cost to buy a franchise and how is the organization structured. Follow their links for franchise information. Interested in owning a McDonald's! Check out their site at: McDonalds.com (Links to an external site.)Links to an external site. Assignment Questions: Everyone is a bit of an entrepreneur. What business have you always dreamed of starting? What would be your plan if you decided to actually start the business? What would be your competitive advantage? What do you think will be the growth areas of our economy in the future that entrepreneurs might want to capitalize on? Review the costs of becoming a McDonald's franchisee. How much does it cost to buy a McDonalds. Do you feel it would be a good investment? What is your opinion of the crowd sourceing options for financing like kickstarter? Review the websight and a few offerings and report back on your findings. www.kickstarter.com (Links to an external site.)Links to an external site. Do you think this is a vialble option to finance a new venture?