Nick Fury, the entrepreneur of this business, should organize his company as a proprietorship rather than a partnership or a corporation. He cannot become a partnership because he is the sole owner, and will receive all of the profits. After that was determined, there were only two options left. If he were to become a corporation, because a corporation is a separate entity from the entrepreneur, then he would have to pay double the taxes than he already has done. Now if he were a proprietorship, the business and the entrepreneur would be considered the same. So, Nick Fury would only have to pay taxes once instead of twice, which is good for someone with low initial funds and a small business. His low funds are also why he is applying for …show more content…
Scarcity: The recycled products repurposed to construct the skateboards.x
Resources:
Natural-Recycled wood from trees
Human- Two artisans, one office manager, and Nick Fury
Capital- The garage, tools, 3D Printer, paint and laminate, and grip tape liqueur
Entrepreneurship- Nick Fury
Choice: Nick chose to build sustainable skateboards using only recycled materials to help the environment instead of using new resources.
Opportunity cost: Gave up a less time, money, and natural resource consuming alternative to instead be environmentally conscious and construct sustainable skateboards.
Price: The price will be less expensive than your average high quality skateboard, as the sustainable skateboard is constructed from recycled materials, not fresh resources.
Incentives: The skateboards are more beneficial for the environment, thus giving more reason for others to purchase these. Less expensive because resources are cheap. In not as a high of a demand, so the product is more
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Since Nick Fury is running a proprietorship, he has the risk of being sued directly. As long as the business follows the economic policies enforced by the government, there will not be government intervention. But, in the case that the business violates a policy, one challenge would be government intervention. Finally, being a proprietorship, Nick also runs the risk of being responsible for all the debts. Because there is consumer sovereignty, the consumer has the choice to buy what good would benefit them the most. Under the circumstance with lack of income, Fury would face the chances of bankruptcy.
Overall, a mixed market economy is Nick Fury’s best opportunity to have a successful business due to the stability of a mixed market economy in the US and its support of small businesses. There is a high demand for the type of products small businesses tend to produce in the U.S., and an ever-increasing supply to satisfy that demand. Because of what consumers want in this country, we have high hopes for how this business will fare and prosper within its