Question: BUILDING TEAM SKILLS
Suppose that for the past three years you have been repairing lawn mowers in your garage. Your business has grown steadily, and recently, you hired two part-time workers. Your garage is no longer adequate for your business; it is also in violation of the city code, and you have been fined twice for noncompliance. You have decided that it is time to find another location for your shop and that it also would be a good time to expand your business. If the business continues to grow in the new location, you plan to hire a full-time employee to repair small appliances. You are concerned, however, about how you will get the money to move your shop and get it established in a new location.
Assignment: 1. With all class members participating, use brainstorming to identify the following:
a. The funds you will need to accomplish your business goals
b. The sources of short-term financing available to you
c. Problems that might prevent you from getting a short-term loan
d. How you will repay the money if you get a loan
2. Have a classmate write the ideas on the board.
3. Discuss how you can overcome any problems that might hamper your current chances of getting a loan and how your business can improve its chances of securing short-term loans in the future.
4. Summarize what you learned from participating in this exercise.