The new mall is ideally located for their business

    deliverable length 4-5 pages w/ in-text citations & referencesPaper needs to include an abstract, intorduction & conclusion.”We’re Moving On Up”Mike and Earl Moore, owners of College Men’s Unlimited, have just signed a 5-year lease in the new College Town Mall. The new mall is ideally located for their business—a short walk from campus and only two blocks from downtown. The far side of the mall is bounded by the most prestigious homes in the city. It will be opening in 5 weeks, and Mike and Earl are lucky to have such a prime spot. Ray Thomas, their banker, called them last Wednesday with word that the store, which had agreed to take the space they just leased, had canceled. Eighteen months ago when the mall had put this location up for lease, they were not in financial condition to make a commitment. In the last 18 months, however, business has been exceptional. The city has grown, and the college has experienced expanded enrollments. By next Monday morning, Mike and Earl must provide the mall developer with a complete layout for their new store so the developer can assign an emergency work crew to complete the store for the grand opening.College Men’s Unlimited is a full-line men’s store offering middle- to upper-quality traditional men’s wearing apparel. The present location is an old two-story house that Mike and Earl converted into their combination business and living area. The house has 4,000 square feet of area, 3,600 being used for the store, and the rest for a 3-room apartment. The new store has a 40-foot front and is 70 feet deep. The mall developer is willing to put up walls for storage and office space wherever they wish.Your task is to complete the following:•Assuming that the new store space is 2,800 square feet (40′ × 70′) and that the shape is rectangular, explain the layout for the new men’s store.•What merchandise should be placed where?•What size office space and storage is needed?•Where should the counters be placed?•What other external considerations should be included in the layout? Explain your reasoning.Your report must include a reference list. All research should be cited in the body of the paper. Your report should contain an abstract, a short introduction, and conclusion in addition to the body of the paper (note: the 4-5 pages length requirement excludes the title page and reference list pages). Please note that if you have a source in your reference section, you need to cite it in the body of the paper per APA guidelines and vice-versaPresentationPresentation: Starting a BusinessIn this unit, we will look at some of the different components of starting a business, such as choosing a franchise and buying anexisting business. Then we will examine physical location and the important role that it plays in the success of the business. Finally,we’ll review the often­overlooked concept of business succession.Many people believe that starting your own business simply requires a good idea and hard work, but as we will learn in this unit,planning and the establishment of a business are far more complex. This unit examines the factors that go into making earlyentrepreneurial decisions, and then we will follow up with these foundation concepts in the next unit when we cover business plans.Let’s begin with the concept of franchising. Franchising is a form of licensing by which the owner (the franchisor) of a product,service, or method obtains distribution through affiliated dealers (the franchisees). The holder of the right is often given exclusiveaccess to a defined geographical area. Franchising has also been described as a convenient and economic means for the filling of adrive or desire (for independence), with a minimum of risk and investment and maximum opportunities for success through theutilization of a proven product or service and marketing method.Opportunities to acquire franchises are numerous and span every imaginable business type. Fast­food restaurants like McDonald’sand Subway come to mind when one thinks of a franchise, but there are franchises that cater to nearly every business interest. Forexample, Val­Pak is an advertising/direct mail franchise, The Athlete’s Foot is a sports equipment franchise, Mailboxes Etc. is ashipping franchise, and ServiceMaster is a maintenance and cleaning franchise.Site selection is another important component in starting a business. An entrepreneur’s location goal is to locate the company at asite that will maximize the likelihood of success. The more entrepreneur’s invest in researching potential locations, the higherprobability of finding the spot that is best suited for their company. The site selection research and decision can be very complex.The entrepreneur needs to look at retail compatibility, competition, proximity to transportation, and government regulations.More than 80% of all companies in the United States are family owned. Family­owned businesses come with their own set ofadvantages and disadvantages. For people who are involved in family­owned businesses, management succession and the exitstrategy options are topics that too rarely considered. Planning for management succession protects not only the founder’s,successor’s, and company’s financial resources, but it also preserves what matters most in a successful business: its heritage andtradition.PresentationPresentation: Business StructureUnderstanding the role and importance of small business in the United States is fundamental to the study of our overall businessand economic system. Business creates jobs; provides goods and services across the country; provides for competition, that is,freedom of consumer choice; and maintains a high individual standard of living and society’s quality of life. Not only does smallbusiness in the United States accomplish these goals, but small business also expands opportunity to many individuals looking toestablish business operations.Two main types of individuals participate in small business ownership: the entrepreneur and the small business owner.Entrepreneurs are individuals who possess a high degree of tolerance for risk and are typically motivated by the possibility ofintroducing a new good or service and the high potential for financial gain. Small business owners tend to be motivated by thebusiness success of their main business objective. Small business owners typically do not wish to expand as rapidly as possible andseek to establish long­lasting operations as an indicator of success. Both types of business owners are important to our generaleconomy and are encouraged by a variety of social and government organizations.The general environment of small business has changed over time. Technology has become an increasingly prevalent elementwithin small businesses as customers have become accustom to using technology to contact companies and even order goods andservices. Small business owners have needed to accept the role of technology as a result of customers’ service and deliveryexpectations. Another change within small business has been the encouragement of minorities and women to own smallbusinesses. Both the Federal Government and many private organizations offer women and minorities business owners assistance.This assistance has increased the level of opportunity for many Americans.Several methods exist for starting a small business. Among the most common methods are buying out an existing small business,starting a small business from scratch, and purchasing a franchise. Although most small business owners simply begin theirbusinesses from an idea or skill that they want to offer the public, many individuals become attracted to the established reputationand business organization of existing small businesses and franchises.Regardless of the method individuals take to begin their small business, many businesses will have several organizational elementsin common with other businesses. These organizational elements include a strong and well­written business plan with well­established sources of funding.Most well­written business plans lay out the framework of the business and include three main elements: goals and objectivesstatements, revenue forecasting, and financial planning statements. The most common sources of funding for both small businessesand entrepreneurs are institutional sources, private investors, angel investors, and personal funds.Business owners must also decide on the type of business that will match their goals and objectives. Three main types of businessare used by small business owners: the sole proprietorship, partnership, and corporation. All three of these types of businesspossess advantages and disadvantages. Business owners must evaluate the best type of business to maximize their potential forlong­term success or for entrepreneurs, the opportunity for rapid expansion.Over time, researchers and business professionals have been able to list several failure and success traits for small businesses.Among the failure mechanisms, or traits, are managerial inexperience and business neglect. Some of the success mechanisms arehard work and dedication and a strong evaluation of the market potential for the good or service to be offered.All business owners plan to succeed, otherwise competition and the pure burden of ownership and business management maybecome too overwhelming. Good planning is imperative for any business owner.ActivityActivity: Business Organization BasicsActivity 1Businesses have responsibilities to stakeholders. An owner is a stakeholder that wants to receive profits from the business. In orderto be successful, a business must recognize what the public wants or needs.An owner will risk his time and money to receive the profits.An owner can be successful if he recognizes unmet needs as an opportunity.Another stakeholder is the employee.Which of the following apply to the employee?1. Employees are the most important asset of a business2. Employees are known as Human Resources.3. Employees are a liability to the business.The correct answers are:1. Employees are the most important asset of a business2. Employees are known as Human Resources.Activity 2What are the responsibilities that a business has towards this stakeholder, the employee?The correct answer is:The responsibilities towards employees are: treat workers fairly, make them part of the team, respect their dignity, respect basichuman needs and safety.Activity 3Businesses have varying responsibilities to other parties. What are some responsibilities to shareholders?Communities?Customers?The correct answers are:Communities: Pay taxes, employ local residentsShareholders: Stocks that rise and fall, bond issuesCustomers: Price of goods, availability of merchandiseActivity 4The environment is an important stakeholder. Businesses can have an effect on the environment. Cite some examples of:environmental disasters caused by a business.The model answers are:The Exxon Valdez oil spill, Three mile Island nuclear disaster, and mercury poisoning of lakes by chemical plants are all examples ofenvironmental disasters caused by businesses.Activity 5A business can also have a positive effect on the environment. What are some examples of ways a business can improve theenvironment?The model answers are:1. Real estate developers who set aside wetlands for wildlife preservation2. Municipalities who set aside funds for community projects, such as planting trees.3. Automobile manufacturers can produce hybrid cars that not only use less fuel, but pollute the atmosphere less.Questions and AnswersQuestion #1What are the advantages and disadvantages of buying a franchise?The following are advantages of franchises.Management Assistance—Training and SupportA franchisee (the person who buys a franchise) may have a greater chance of succeeding in business because he or she hasestablished product (e.g., McDonald’s hamburgers), has help with choosing a location and with promotion, and has assistance in allphases of operation. Many franchisors, especially the well­established ones, provide training and counseling services.Personal OwnershipA franchise operation is your store, and you enjoy much of the freedom, incentives, and profit of any sole proprietor. You are yourown boss, although you must follow more rules, regulations, and procedures than you would with your own privately owned store.National Recognized Name (Brand Name Appeal)It is one thing to open a new hamburger outlet or ice cream store. It is quite another to open a new McDonald’s or a Baskin­Robbinsice cream shop. In most cases, with an established franchise, you get instant recognition and support from a product group withestablished customers.Standardized Quality of Goods and ServicesBecause a franchisee purchases a license to sell the franchisor’s product or service and the privilege of using the associated brandname, the quality of the goods or service sold determines the franchisor’s reputation. Building a sound reputation in business is notachieved quickly although destroying a good reputation takes no time at all.Financial Advice and AssistanceA major problem with small businesses is arranging financing and learning to keep good records. Franchisees get valuableassistance in these areas and periodic advice from people with expertise in these areas. In fact, some franchisors will even providefinancing to potential franchisees they feel will be valuable parts of the franchise system.Centralized Buying PowerA significant advantage a franchisee has over the independent small business owner is participation in the franchisor’s centralizedand large­volume buying power. If franchisors sell goods and materials to franchisees, they may pass on to franchisees any costsavings from quantity discounts they earn by buying in volumes.Lower Failure Rate, Greater Chance for SuccessHistorically, the failure rate for franchises has been lower than that of other business ventures. More recently, however, franchisinghas grown so rapidly that there are many weaker franchises that have entered the field. Even strong franchises may not do well.Some research indicate that survival rates for franchises are even lower than other start­ups. Available statistics suggest thatfranchising is less risky than building a business from the ground up, which means you should carefully research any franchisebefore buying.The following are disadvantages of franchises.Large Start­Up CostsMost franchises demand a fee just to obtain the rights to franchise. Franchise fees and initial capital requirements vary. TheCommerce Department reports that total investment for franchises range from $1,000 for business services up to $10 million forhotel and motel franchises. Start­up costs for franchises sometime include numerous additional fees not included in the franchisefee. Most franchises impose franchise fee ranging from $5,000 to $50,000 up front for the right to use the company name.Shared ProfitThe franchisor often demands a large share of the profits or a percentage commission based on sales, not profit. This share isgenerally referred to as a royalty.Management Regulation—Adherence to Standardized OperationsAlthough the franchisee owns the business, he or she does not have the autonomy of an independent owner. The terms of thefranchise agreement govern the franchisor­franchisee relationship. Franchisees may feel burden by the company’s rules andregulations and lose the spirit and incentive of being their own boss with their own business.Coattail EffectsWhat happens to your franchise if fellow franchisees fail? Quite possibly you could be forced out of business even if your particularfranchise was profitable. This often referred to as a coattail effect. Other franchisees’ actions clearly have an impact on your futuregrowth and level of profitability.Restrictions on Selling and PurchasingUnlike owners of private businesses who can sell their companies to whomever they choose on their own terms, many franchiseesface restrictions in the reselling of their franchises. To control the quality of their franchisees, franchisors often insist on approvingthe new owner, who must meet their standards. In the interest of maintaining quality and standards, franchisees may be required topurchase products or special equipment from the franchisor, and perhaps other items from an approved supplier.Unsatisfactory Training Program—Fraudulent FranchisorsContrary tocommon belief, most franchisors are not large systems like McDonald’s. Many are small, rather obscure franchises thatprospective franchisees may know little about. Most franchisors are honest, but there has been an increase in complaints to theFederal Trade Commission (FTC) about franchisors that delivered little or nothing that they promised.Market SaturationAs the owners of many fast­food and yogurt and ice­cream franchises have discovered, market saturation is a very real danger.Question #2What are the advantages and disadvantages of starting a company from scratch?The following are advantages of starting a company from scratch.Opportunity to Gain Control Over Your Own DestinyOwning a business provides entrepreneurs the independence and the opportunity to achieve what is important to them. Manyentrepreneurs simply do not enjoy working for someone else.Opportunity to Make a DifferenceEntrepreneurs are starting businesses because they see an opportunity to make a difference in a cause that is important to them.Opportunity to Reach Your Full PotentialToo many people find their work boring, unchallenging, and unexciting. Owning your own business will challenge all of your skills,abilities, and determination.Opportunity to Reap Unlimited ProfitsAlthough money is not a primary force driving most entrepreneurs, the profits their business can earn are an important factor in theirdecision to launch companies. If accumulating wealth is high on your list of priorities, owning a business is usually the best way toachieve it.Opportunity to Contribute to Society and to Be Recognized for Your EffortsOften small business owners are among the most respected and most trusted members of their communities. Business deals basedon trust and mutual respect are the hallmark of many established small companies. Playing a vital role in their local businesssystems and knowing that the work they do has a significant impact on how smoothly our nation’s economy functions is yet anotherreward for small business managers.Opportunity to Do What You Enjoy DoingMost successful entrepreneurs choose to enter their particular business fields because they have an interest in them and enjoythose lines of work.The following are disadvantages starting a company from scratch.Uncertainty of IncomeOpening and running a business provides no guarantees that an entrepreneur will earn enough money to survive. Some smallbusinesses barely earn enough to provide the owner with an adequate salary.Risk of Losing Your Entire Invested CapitalThe small business failure rate is relatively high. According to recent research, 24% of new businesses fail within 2 years, and 51%shut down within 4 years.Long Hours and Hard WorkBusiness start­ups often demand that owners keep nightmarish schedules. New business owners work more than 60 hours a week,and one­fourth put in more than 70 hours a week. In many start­ups, 6­ or 7­day workweeks with no paid vacations may be thenorm.Lower Quality of Life Until the Business Gets EstablishedThe long hours and hard work needed to launch a company can take their toll. Business owners often find that their roles ashusbands and wives or fathers and mothers take a backseat to their roles as company founders.High Levels of StressLaunching and running a business can be an extremely rewarding experience, but it also can be highly stressful. Most entrepreneurshave made significant investments in their companies, have left behind the safety and security of a steady paycheck, and havemortgaged everything they own to get into business.Complete ResponsibilityIt is great to be the boss, but many entrepreneurs find that they must make decisions on issues about which they are not veryknowledgeable. When there is no one to ask, the pressure can build quickly. The realization is that the decisions owners make arethe cause of success or failure of their business.Question #3Why is location so important?For any business, choosing the right location is critical to the success of the business. Some beginning owners choose a particularlocation just because they notice a vacant building. For retailers, the lifeblood of the business sales is influenced heavily by choice oflocation. For example, one small merchandiser located in a rural area was heavily dependent on the customers of a nearbyrestaurant for her clientele. It has been said that being at the right place at the right time is essential to success. That certainlyapplies to the selection of a restaurant site.Another factor to consider in selecting location is the rental rate. Although it is prudent not to pay an excessive amount for rent,business owners should weigh the cost against the location’s effect on sales.Question #4What kind of businesses should start in a business incubator?The businesses being incubated today are at the forefront of developing new and innovative technologies, creating products andservices that improve the quality of life on a small scale today, and on a much grander scale tomorrow.States are becoming stronger supporters of entrepreneurs, as they create programs that invest directly in new businesses. Often,state commerce departments serve as clearinghouses for such investment programs. States are also creating incubators andtechnology centers to reduce start­up capital needs. Incubators provide low­cost offices with basic business services such asaccounting, legal advice, and secretarial help. The number of incubators now exceeds 500.Question #5Does the ADA affect all businesses or just large, established ones?The Americans with Disabilities Act of 1990 (ADA) affects all businesses. The ADA requires that applicants be given the sameconsideration for employment as people without disabilities. It also requires that businesses make reasonable accommodations topeople with disabilities. This means doing such things as modifying equipment or widening doorways. ADA also protects disabledindividuals from discrimination in public accommodations, transportations, and telecommunications.Question #6What parameters should be considered for a business’s succession plan?Creating a succession plan involves the following five steps:1.Select the successor: One of the worst mistakes entrepreneurs can make is to postpone naming a successor until justbefore they are ready to step down.2.Create a survival kit for the successor: Once a successor is identified, the entrepreneur should prepare a survival kitand then brief the future leader on its contents, which should include all the company’s critical documents (will, trusts,insurance policies, financial statements, bank accounts, key contracts, corporate bylaws, and so forth).3.Groom the successor: Grooming the successor is the founder’s greatest teaching and development responsibility, and ittakes time. Teaching requires letting go rather than controlling. When problem arises in the business, the founder shouldconsider delegating it to the successor­in­training.4.Promote an environment of trust and respect: A priceless gift a founder can leave a successor is an environment oftrust and respect. Trust and respect on the part of the founder and others fuel the successor’s desire to learn and exceland build the successor’s confidence in making decisions.5.Cope with the financial realities of estate and gift taxes: The final step in developing a workable managementsuccession plan is structuring the transition to minimize the impact of estate, gift, and inheritance taxes on familymembers and the business.Question #7Why is an exit strategy necessary?Most family business founders want their companies to stay within their families, although, in some cases, maintaining family controlis not practical. Sometimes, no one in the next generation of family members has an interest in managing the company, or has thenecessary skills and experience to handle the business. If the company is to survive, the founder must look outside the family forleadership. Entrepreneurs must plan for the future of their company. Having a solid management succession plan in place wellbefore retirement or exiting the business is critical.There are three exit strategies available to company founder:•••Sell to outsidersSell to (nonfamily) insidersTransfer ownership to the generation of family members with the help of a comprehensive management succession planResource Links• Be The Boss( virtual franchise expo.• The Business Publications Search Engine( engine of articles for various topics, including: economics, intellectual property, entrepreneur, internet and e­commerce,finance and accounting, human resources, marketing and sales, SOHO and small business.• Buying a Business( Webpage listing several articles related to buying a business.• Developing a process model of Intrapreneurial Systems(­resources/employee­development/320052­1.html)Article explains a cognitive mapping approach to intrapreneurial systems.• Easidemographics( information such as demographic reports and maps on business site selection.• Startup Kits( Startup Kits are quick, easy­to­read guides to starting the most popular businesses around. With industry, marketand operations information, these kits will give you an introduction to the business idea that may just be your ticket to success.Use Search feature to search for “Startup kits.”• Entrepreneurship­ Harvard Business School Resources( contains web resources, free articles, journals, and notes on entrepreneurship.• Resources for intrapreneurship( includes some free article access for success stories and tips.

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