Assume you want to start a new business in a competitive market. Applying microeconomics theories, argue pros and cons of starting your business. You need to expand your discussion by focusing on a particular example.

Requirement:- Apply microeconomic theories . You need to provide at least three references.

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Trinidad TremblayLv2

20 Nov 2018

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Running a business is no easy task. Making a profit consistently is even harder. Does one want to be in a microeconomic structure that is perfect competition, monopolistic competition, oligopoly, or a monopoly? Does one want to sell widgets or provide service? How much capital will be needed to begin a business, how do you treat employees, what is ethical, and what is not? The above questions are just a few that need to be answered when running a business. Once certain questions are answered and an individual business becomes successful it is important to maintain a competitive advantage. Complacency is easy to fall prey to especially if the business has been good for a long duration. Employees get lazy, markets change, innovation improves, and markets demand change. If the business is not adept at continuing to improve on each of the items above then market share could get sacrificed. Two golden rules in life that also apply to business, treat others as you would like to be treated and live life in moderation. If a business is run with those two rules in mind it will not go wrong. Consistency is a key to success, taking advantage of the opportunity is important but so is running a business with integrity. If you can create a niche market and maintain the competitive advantage by not getting complacent the business will have continued success.

I need a peer reply for this discussion of at least 150 words.

cerisejackal774

While most of your friends in college have dreams of going into corporate positions, you have always wanted to start your own business and be your own boss. After some preliminary study at the US Small Business Administration site, you see one of the first steps in starting a business is to develop a comprehensive business plan. This step is vital in laying out a strategy for success and in acquiring funding for the business. Your personal dream has been to market a new product with one of your friends. You'll need to borrow money to start the business and so you decide to write a business plans. Review the basics of the business plans at the US Small Business Administration site. While a real business plan would be quite massive in detail, for the purposes of this exercise you'll be addressing only a very small portion of a total business plan. To see how other businesses have written their plans, please feel free to go to the sample business plans site at B Plans Inc. http://www.bplans.com/sp/businessplans.cfm Your assignment is to develop a PowerPoint presentation presenting your idea to HIGHLAND VENTURE CAPITALISTS in order to obtain funding for your business --a new bottled water company (or any other company of your choosing.) Starting with a named, well- defined business: 1. State your company mission 2. Will there be a physical store or will you sell it on the Web? 3. What needs does your business fill and why is it different than other similar products? Who are the potential customers for your product and why will they purchase it from you rather than your competitors? 4. How will you reach your potential customers? 5. What form of business organization will you use and why? What steps will you take to obtain that form of organization? 6. What laws must you comply with regain the sale of this particular product?

Please provide your recommendations for future actions based on the three different criteria. In the first element, you will develop a recommendation for how Starbucks can manage its future production by synthesizing the data presented. This is essentially asking you to look at the data and analysis done in the supply and costs sections and make a suggestion for how the company should produce in the future. The determinants of supply and specific cost trends that Starbucks faces will determine what you suggest for its production moving forward, in terms of quantity and types of products. The second element asks you to suggest how the firmâs position within the market and among its competitors will allow it to take the recommended action. Specifically, consider how the firmâs market power would allow it to make the suggested changes to production that you mention above. You should also include advice for how your firm can become stronger within its market. The last element asks you to describe how Starbucks can sustain its success going forward by evaluating findings from demand trends and price elasticity. Be sure to include specific ideas for how the firm can remain successful, like new products to offer based on changing tastes, or a different pricing strategy to remain competitive. Your ideas should of course align with the rest of your analysis and the microeconomic concepts.