Essay about My Pawnshop

987 Words Apr 30th, 2013 4 Pages
Course Project
Introduction to Business (GEB 1011)

Think of a small company you would like to start. Using this company, include the following components in your finalized submittal and use them as Section Headings for formatting your submittal. Put the Section Headings in BOLD. Then your responses in normal 12 point size type and write in complete sentences.

1) Provide an Introduction of your company. Include your main product and/or service. In what country and part of the world is your company located? Explain why your company is located there. With the economy struggling and more and more people loosing their jobs as a major source of income I believe that providing the service of small collateral loans would be a
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2. Flexibility and control: you make all the decisions and direct the entire business operations; very little government regulations; secrecy; and ease of ending the business. 3. Sale or transfer can take place at the discretion of the sole proprietor.

There are disadvantages, however, including unlimited liability:

1. All business debts are personal debts, meaning you could lose everything you own if the business fails or loses a major lawsuit. 2. Limited sources of financing: based on your creditworthiness. 3. Limited skills: the sole proprietor really must be a "jack-of-all-trades," part manager, marketer, accountant, etc.; and limited lifespan meaning that the business ends when the owner dies.

3) Describe how you would use Supply and Demand to determine the products/services your company would provide. Include how this affects the pricing of your company’s product/service.
“When supplies of goods and services become plentiful, prices tend to drop. When supplies become scarcer, prices tend to rise.” (Understanding Business, Nickels,McHugh and McHuhg P.37.)
There are many factors that play a role in using Supply and Demand for the items that my company would be working with. The age of the item, current condition, market value, and ability to re-sell, are all taken into consideration. The market value of precious metals changes daily so this will give more flexibility to play with the loaning, buying or pricing of it. Furthermore, I

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