2Assignment Title: Lemons, Laws, and Lemonade: Understanding the Business EnvironmentScenario: You’re

2

Assignment Title: Lemons, Laws, and Lemonade: Understanding the Business Environment

Scenario: You’re ready to open your lemonade stand on a bustling street corner. However, the lemonade business isn’t as simple as it seems – you face regulations, potential competitors, and the uncertainties of running a small business.

Assignment Task:

Write a short report (approximately 1,000 words) to address the business environment around a lemonade stand. Consider the following areas of focus and research:

·
Local Regulations:

· Research the permits, health code requirements, and other local ordinances a lemonade stand must abide by (zoning, safety, business licenses, etc.).

· Do these regulations act as barriers to entry? Discuss how they might protect the community and/or limit potential competitors.

·
The Competitive Landscape:

· Analyze how the perfectly competitive model applies to the lemonade stand market. Consider ease of entry/exit, standardized product, and lack of price control.

· Conduct a brief competitor analysis (even if just informal observations of other lemonade stands or substitute sellers). Are there ways for your stand to slightly differentiate itself while maintaining the characteristics of a competitive market?

·
External Influences:

· Identify external factors that can heavily influence the success of a lemonade stand that are outside of your direct control (weather, special events nearby, foot traffic, etc.).

· Research resources for small businesses in your community. Identify any potential support or training that might help you manage the uncertainties of your business venture.

Additional Prompts

· Include a works cited section in an appropriate format (MLA, APA, etc.) to list your research sources.

· Consider incorporating images, if suitable, such as an example of a required business permit application for your location.

Objectives:

This assignment aims to develop the following skills:

· Researching rules and regulations affecting small businesses.

· Understanding the competitive dynamics of a specific market.

· Recognizing external factors that influence business success.

· Identifying resources and support for small businesses and entrepreneurs.

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Homework JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation© Strayer University. All Rights Reserved.

Homework  JWI 575: New Business Ventures and Entrepreneurship Academic Submissions and Evaluation © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.