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Legal, Social, and Economic Environments of Business

In: Business and Management

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Legal, Social, and Economic Environments of Business Johnathon L. Olive American InterContinental University Online

Abstract Johnathon Olive, the writer—was given a scenario to write about using the different types of businesses. He made a management decision regarding which business type he believed would be the most likely to succeed and why based on the scenario. He also listed advantages and disadvantages of each business type regarding the scenario. Finally, he acknowledged the issues and prior knowledge of manufacturing a new product.

Legal, Social, and Economic Environments of Business Have you ever had a lot to say to a special person, but never knew exactly how to put it together in a nice, sweet conversation? I have, it’s quite frustrating—I must add. It’s the same feeling, when you come up with a great idea or invention, but you have no idea of how you should go about getting your invention up off the grown and running. This will be based off a scenario of an inventor who enjoys working around the home, cleaning, cooking, and doing minor home repairs and remodeling. You have to consider how much knowledge you have on manufacturing a product, advantages and disadvantages of each business type, and making a management decision regarding which business type you believe would be most likely to succeed and why. How much knowledge do you have on manufacturing a product? More than likely if you don’t have a degree or studied in a business course, you lack the knowledge of manufacturing a new product. Meaning, you may have little financial skills and/or no management skills. You are convinced that your product will be applicable but you don’t feel as if you have enough funds to support yourself financially. Not to mention the marker for

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