Describe the place of small business in history and explore the strengths
1. Describe the place of small business in history and explore the strengths and weaknesses of small business. (LO 1) Small businesses have played a significant role in the history of commerce and economic development. They have often been the driving force behind innovation, job creation, and economic growth in communities around the world.
One of the main strengths of small businesses is their ability to be agile and adapt to changing market conditions. Because they are typically smaller and more flexible than larger corporations, small businesses can respond quickly to new opportunities or challenges. They also have the ability to build close relationships with customers and tailor their products or services to meet the needs of their local market.
Another strength of small businesses is their potential for entrepreneurship and innovation. Many small business owners are driven by a desire to create something new or to solve a problem in a unique and innovative way. This drive can lead to the development of new products, services, or business models that can have a major impact on their industry or community.
However, small businesses also face a number of challenges and weaknesses. One of the main challenges is the lack of resources and capital that is often available to small businesses compared to larger corporations. This can make it difficult for small businesses to invest in new technology or equipment, or to expand their operations. Additionally, small businesses may also struggle to compete with larger corporations that have the advantage of economies of scale and access to a wider range of resources.
Small businesses have played a vital role in the history of commerce and continue to be an important part of the global economy. While they face challenges, they also have the potential to be innovative, agile, and responsive to the needs of their customers and communities.
2. Design a solid projected financial plan and conduct a breakeven analysis for a small company. (LO 3)
3. Demonstrate the ability to deliver and communicate marketing massages in coherent and professional manner. (LO 5)
Students are supposed to read the attached Case -Panda Sunglasses. Based on your understanding of the case and basic concepts of Entrepreneurship.
Answer the following question:
1. How can social entrepreneurs such as the founders of Panada Sunglasses use their companies’ social missions to attract customers and promote their business? (3 marks)
2. How should the founders of Panada Sunglasses define a unique selling proposition for their company that resonate with customers? (3 marks)
3. Write a brief memo to the founders of Panda Sunglasses outlining a bootstrap marketing plan for the company? (3 marks)
4. Use the business model canvas to illustrate Panda Sunglasses business model. Can you identify other revenue streams that could support the company? How can the company strengthen its relationships with customers? (3 marks)
5.How should the founders of Panda Sunglasses use social media to market their company and its products? What can they do to increase the traffic to and generate more sales from their company’s Web site? (3 marks)
• Reference should be included.