SBM-Assigment 1

SBM-Assigment 1 - Small Business Management Assignment I...

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Small Business Management Assignment I T     HE      B     IG      W     ASH       Question 1. Evaluate Henry Gibson’s approach to starting a new business. Answer: Henry Gibson, a 68 year old retired file clerk used to sit in the front porch of his house and watch his neighbors go by carrying their laundry to two distant coin-operated laundries. Henry had no formal business education or experience, but he came up with an idea to start a laundry in the neighborhood so that the people living in that area would become his customers. Question 2. Could there have been another source of funding? Explain. Answer: According to the circumstances being described in this case, Henry adopted the best possible solution available. He could never be able to do it alone and to get the help from Reuben was a timely decision. Both men made good use of their resources and ideas to raise funds for the start. At first they started off a company by the name of “Belmont Investment Group – (BIG)” and started selling 300 shares at $100 per share. After that they became able to get a loan from a local bank. In this way, they generated funds to start their business. Keeping this case in view, there was no other possible way of
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SBM-Assigment 1 - Small Business Management Assignment I...

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