In 1979, Geral Fauss took 5,000 oversized foam fingers to the Sugar Bowl in New Orleans not knowing if he would sell a single one. The former high school shop teacher created the now-famous fingers a few years earlier and they became a big hit with his students. Fortunately, the Sugar Bowl crowd liked them, too. He sold every last finger and launched a company that in still going strong. What risks and rewards did Fauss face when starting his business?
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
Understanding Business
Additional Business Textbook Solutions
Management, 13Th Edition
Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
Essentials of MIS (12th Edition)
Fundamentals of Management (10th Edition)
Essentials of MIS (13th Edition)
Fundamentals of Management: Essential Concepts and Applications (9th Edition)
- why change is important for Thimble insurance companyarrow_forwardMany small businesses are built around one product. What risks does this approach impose? How can small business owners minimize those risks? How can a small business develop new products?arrow_forwardYou are an artist-entrepreneur and you would like to incorporate contemporary art in your business . Think of innova- tive ways to incorporate contemporary art in your business . Write a business plan that describes how the use of con- temporary art will help your business. Your business plan will be read by your business partners.arrow_forward
- Their board of directors in 2014 was delighted with their cash flow and profits. However, they were concerned about future growth because of changing diets of many consumers who had become more concerned about consuming milk-based products. The company had already added low-fat versions of the major products but the board members were concerned that this would not be sufficient to sustain their growth and profits. Some possibilities that were suggested for consideration included (1) setting up a new company to produce non-dairy-based products such as almond milk and other alternatives to cow milk. All the new products would have a healthy “spin” such as the White Wave company; (2) market expansion of their existing product lines into Mexico and Central America; (3) expanding their current product offerings by adding ice cream, high-end cheeses made from goat and sheep milk, and high-end milk-based candy; and (4) a combination of one or more of these alternatives. 1. Evaluate all…arrow_forwardIf you are planning to proposed a business how are you going to make sure that your business will be profitable and will last for a lifetime?arrow_forwardRajesh was a chemical engineer working for a company selling insect killer spray. He was aware how this product could harm the health of the users and was constantly looking for ways to improve the product. Filled with innovative zeal, he worked hard and developed a mosquito repellent which produces sonic waves to drive away mosquitoes. It is non-smoky and does not emit any kind of fragrance or odour. It was safe to use as the sonic waves do not affect human beings or plants. He decided to name his product as “Dengularia Free”. The product was to be packed in a corrugated box with an extension cord as free gift. Its price was fixed at Rs. 260 per unit. A replacement warranty for one year will be given as an introductory offer. He decided to sell this product through agents who will sell to both the wholesalers and retailers depending upon the market to be catered. QUESTION:Identify any five elements of marketing mix used by Rajesharrow_forward
- Create a business plan for a new venture business that sells freshly harvest fruits and vegetables to elderly and Middle age persons.arrow_forwardjeff bezos advised entrepreneurs to produce goods and services with a "good brand name ". Elon Musk said that entrepreneurs should endeavor to produce a "great product". What common sense value are they talking about?arrow_forwardAssuming you are a young man who want to be sponsored, identify any viable and feasible business idea of your choice and draft a comprehensive business plan for your potential business highlighting on the key features.arrow_forward
- Should Playboy change their name and/or get into a new line of business? Why or why not? I do not believe it would be wise for Playboy to change their name or line of business. There is a lot of fame and popularity behind the name. Although Playboy might not be as popular as it once was, there are still individuals today that buy merchandise from the company just for its name. If the company were to change its name it would lose that credibility and popularity. There would be a loss of history behind the brand, which could decrease the overall profits and revenues of the company. Playboy is considered to be at the top of its industry, and changing its name would make it the same as every new brand coming into the industry. There would be no differentiation to persuade buyers. This would also make it incredibly difficult to market and campaign the brand because the brand would ultimately be the same as everyone else. Although if a change is truly needed, then Playboy could rebrand…arrow_forwardImagine that you are an entrepreneur who is planning to start a lawn care business. What steps would you take in order to carefully assess the costs and benefits of your business before launching?arrow_forwardAs a future entrepreneur, picture your product without a brand name, displayed on the shelves of various malls and groceries competing with other products with brand names. How do you think will your product increase in sales? Will the consumer notice it or even remember it? Write answers in 3 sentences or more.arrow_forward
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON