Jill had to close a cupcake bakery that she had established close to home. Her total investment was just under $7,000, representing all her personal savings. She attributes her failure to a poor business model. She had assumed that customers would come from wealthy residential areas when, in fact, customers seemed to be employees of large corporations who bought the cupcakes for office celebrations. In spite of her losses, Jill is hoping to start another cupcake bakery. Explain why this might be so.
What will be an ideal response?
The experience of failure has heightened Jill’s learning experience. She has identified the cause of failure and can correct the error by locating near a business district in the future. In addition, she can transfer all her business experience to the next business, making success more probable.
You might also like to view...
A currency speculator's goal is to buy a currency at a low price and immediately resell it at a higher price, thus realizing a risk less profit.
a. True b. False
Most companies invest excess cash in bonds as investments in order to profit long-term from the growth of the investment
a. True b. False Indicate whether the statement is true or false
Which group listed here has been known to engage in hate speech?
a. the NFL b. the KKK c. the NAACP d. the ACLU
Campbell is the world's largest soup company, commanding about 80% of the U.S. canned soup market. However, the company has a presence in only 6% of the world's soup markets
Russians eat 32 billion servings of soup each year, and the Chinese consume 300 billion! By contrast, Americans eat 15 billion servings each year. Sensing a huge opportunity, Campbell has dispatched teams to observe Russian and Chinese habits. This type of interpretation and decision is based on: A) demand pattern analysis. B) income elastic analysis. C) time series displacement. D) polycentrism. E) comparative analysis.