Case Study for BAM101 2016 Dec Final
Terry just completed his Business Diploma in Entrepreneurship at Seneca College.
Whenever Terry went home for the holidays his grandmother would make him a big batch of her special maple cookies. Terry would bring them back to the house he shared with 4 roommates near campus. His roommates loved his grandmother’s cookies and they would get eaten up very quickly. They kept requesting that Terry bring back more each time he went home. Terry knew he had a good product and was thinking about starting a business selling his Grandma's cookies.
One of Terry's roommates, Bill, wanted to join him in starting the business. Bill was graduating with a Business Diploma in Accounting from Seneca. Another one of Terry's roommates, Mark, was from China. Mark's father was in the food business and had a lot of connections throughout China. He could easily help Terry get his cookies sold in China.
China's economy is growing very rapidly. Last year the GDP grew had a rate of 7.7% however the inflation rate was 3.1% and an unemployment rate of 4%. This is in contrast to Canada where the GDP grew at a rate of –0.4% over the last 8 months with an inflation rate of 1.1% and an unemployment rate of 7.0%.
Terry does not have any money as he has spent all of his savings and summer job earnings on paying for tuition, books, rent and food to get through school. Now that he is graduating he is eager to start earning money. He has been interviewing for various entry level jobs at companies like Tim Horton's, CIBC, Amazon and Bell. He really wants to start his own business but also wants the security of a regular paycheck. If Terry wants to start his business he is considering his options in obtaining financing as he has no money nor does his family have any extra money to lend him.
If Terry does decide to open
his own business he is unsure about where to focus it. He could just start
by selling in Canada or he could utilize his roommate’s father’s connections
in the Chinese food industry. With a population of 1.3 billion and China's
increasing demand for foreign foods there is a lot of potential in the
Chinese market. Going international and how best to do it will be a big
decision for Terry to make if he is to go to China.
Terry is also unsure if he is the right personality type to be an entrepreneur. He has more of a quiet, easy-going personality and doesn't like taking a lot of chances. He is the opposite of his roommate Bill who wants to go into business with him. Bill is more outgoing, energetic and likes to take risks.
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