Discussion 6: Borrowing from Friends and Family
Must post first.
Discuss the pros and cons of borrowing from friends and family for your business venture. Be sure to detail some of the complications of borrowing from "family" as opposed to traditional lending sources such as banks and credit unions.
Discussion 7: Newberry Comics
Research Newbury Comics online. This company operates in multiple states, but started off as a single store in Boston. What were some of the cross-jurisdictional legal issues that arose? How did the company handle complaints about products that were sold? They did not have staff attorneys; as a result they utilized outside counsel on a retainer basis to address such issues as employment law, vendor, customer, and product issues. Discuss what they did wrong and what they could have improved upon.
Discussion 8: Hiring and Labor Practices
Search the internet to identify an organization that has faced legal challenges alleging non-compliance in hiring practices in one or more of the following: Americans with Disabilities Act, Affirmative Action, Age Discrimination, etc. Summarize the issues and current status of the case and discuss how, as a supervisory and hiring authority for the organization, you would have been instrumental in avoiding legal challenges. Cite the URL for the article so students can review.
Discussion 9: Ethics
After viewing the NBC Video: Goldman Sachs Gets Grilled, discuss whether or not Goldman Sachs followed ethical principles for its clients in dealing with the mortgage crisis and economic implications of their actions. When reviewing the Ethical Principles for Entrepreneurs in Figure 12.6 of Chapter 12, determine if Goldman Sachs follow these principles. Which ones did they violate?
Discussion 10: Franchise Opportunities
- After reviewing the websites from the Learning Activities page for LP10 (#5) on franchise opportunities, summarize your insights and franchise research, and answer the following questions with a recap of your summary on the discussion board. Be sure to identify the franchise you researched in the discussion post.
- Identify one franchise opportunity that you would consider, and answer the following questions:
- What attracts you to the idea of franchising?
- Are opportunities in franchising comparable to starting a business from scratch? What are the pros and cons?
- What are the long-term prospects for owning the franchise you researched? Can you make an equivalent amount of net income compared to starting your own business?
- LP5 Assignment: Calculating Financial Ratios
- Business is a numbers game, and survival in the marketplace depends on having the right numbers in black ink. It is necessary to compare your venture to other businesses in your industry by calculating key financial ratios. Review the financial ratios in Figure 8.10 in Chapter 8 of your text.
- Go to BizStats by BizMiner and select "Financial Benchmark Reports" - Select "Sole Proprietorship" or "Corporation" or "S Corp" - Select your Industry (for example, Retail - food & beverage), then you will see various business statistics and financial ratios. Look at the Industry Financial Ratios for your industry at the bottom, and recap this specific information in a 1-2 page paper including the industry you chose.
- Submit this assignment to your instructor via the dropbox "LP5 Assignment: Calculating Financial Ratios." This assignment is worth 75 points.
*Note: The research compiled for this assignment will be utilized in a future class. Also, submit your assignment to the Locker. Go to My Home - My Tools - Locker - upload files
LP6 Assignment: Research SBA Programs
Directions: Write a one to two page paper researching SBA Loan programs at the Small Business Administration's website. Also, contact the SBDC (Small Business Development Center) in your area to see what support services are offered for entrepreneurs as well as financing options through the SBA.
Submit this assignment to your instructor via the dropbox "LP6 Assignment: Research SBA Programs." This assignment is worth 75 points.
LP7 Assignment: Family Business
- Directions: Going into business with a family member makes up a major portion of new businesses launched every year. However, family businesses present unique challenges for start-ups. It is important to ensure you have established the best business entity and reviewed appropriate resources before forging into a family business venture.
- Research in your own community those types of businesses that are family-owned. Categorize the most common business opportunity (e.g., car dealerships, restaurants, real estate firms, accounting firm, etc) in regard to industry and the legal form chosen for this business. Review the following websites on family businesses: Resources - Family Businesses.
- Write a one to two page paper defining keys to success and considerations for building a family business. Also compare the choice of business entities and identify the best legal form for your business based on your research in the community.
- Submit this assignment to your instructor via the dropbox "LP7 Assignment: Family Business." This assignment is worth 75 points.
- LP8 Assignment: Human Resource Policies
- Directions: Even small businesses should develop personnel policies to cover hiring, firing, and managing employees. This manual can assist in avoiding legal trouble with employees as well.
- A source that assists in the development of policies and procedures can be found at Nolo - Law for All sponsored by Nolo. Another source that allows you to develop policies using online software is located at HR Tools hosted by Insperity.
- Also review the Business Owner's Toolkit by BizFilings for information on policies regarding employees. (Go to People Who Work for You review Recruiting and Hiring, Benefits, rules, motivating, disciplining, terminating.) Additional websites to review for Labor Law Compliance: Go to Resources - Human Resources: Labor Law Compliance. After reviewing these sources, prepare your policies in one to two pages that would address the following for your employees:
Guidelines regarding hiring practices including interviewing prospective employees
Background screening
How to apply labor law compliance in hiring practices
Submit this assignment to your instructor via the dropbox "LP8 Assignment: Human Resource Policies." This assignment is worth 75 points.
LP9 Assignment: The Small Business Owner's Tax Compliance
- What are the laws when it comes to taxes? What forms do I have to fill out? The Internal Revenue Service publishes a "Tax Guide for Small Businesses" which can be reviewed at the IRS website. Make a list of any questions you might have.
- Also review the websites at the Business Owner's Toolkit by BizFilings (look at Controlling Your Taxes) and Internal Revenue Service's Small Business Taxes & Management (IRS regulation updates).
- Review the tax material provided in Chapter 12. Make a list of all tax forms you will need and print them out. Read through the IRS Small Business Tax Guide. Make a list of any questions you might have and any tax forms needed. Recap your findings in a one to two page paper addressing the necessity of good record keeping and compliance with tax regulations.
- Submit this assignment to your instructor via the dropbox "LP9 Assignment: The Small Business Owner's Tax Compliance." This assignment is worth 75 points.
LP10 Assignment: ABC Sporting Goods
ABC Sporting Goods
Examining the asking price of a business includes reviewing all past records and assessing the future financial outlook for the business, the economy, and the industry. You are buying the future not the past.