Section1: Business report questions
Why did you name your company knapsack?
It is called knapsack because it's my favorite style of backpack. And for a Company that makes custom backpacks, it just felt right.
What Type of product or service are you providing?
We would be providing both a service and a product. Knapsack is an online company that allows you to customize and design your own bag.
What type of business organization will you be providing?
Knapsack would start out as a partnership in order to decrease chances of requiring a loan. Eventually I would like it to turn into a Class C corporation in order to make sure it grows large enough that everyone can have access to it.
How does your product add value to what already exists?
If you can't find the right bag or it isn't quite perfect, knapsack can customize it to your every need. If you want it to be blue, it's blue. If you want it to have 5 compartments, its done. If you want magnetic closers instead of zippers then it will have magnetic closers.
Where and how will your product be produced? How will it be produced?
It will all be manufactured in America, in order to raise our countries economy, more U.S. jobs equals more money flowing into the country. It will be produced (at first) by hand, until we have more capital to buy machines to manufacture individual pieces.
What type of market structure is it?
What are the barriers to entry in your market structure?
The barriers are starting off and coming up with differentiated goods.
If you will face some competition, who or what is your competition?
My competition is anyone and everyone who makes and sells bags of any size shape and form.
Explain how you set the price for your products.
That depends 100'/, on what type of bag, material, compartments, closers, straps, color, and size you choose.
section 2: "hot seat"questions
It would have a negative effect on my business. I would have to decrease pay for my employees or I would have to decrease my products. Another course of action I could take is to decrease to hours that my employees work.
It has a negative impact on my business but a positive effect on my employees. I would increase price on my products.
I have no response as this doesn't negatively effect my business. A quota is a minimum so as long as I stay over that number I will have no problems.
The demand for my products will decrease. In order to still make a profit I will have to increase my price.
If there was a change in the market (which is called scarcity) Then I would increase the price of my product in order to be able to buy more resources for my product
Yes it should. By taking a loan you are promising to repay someone later. This should make you increase prices so you can make a profit and pay them back.
I will need to be able to make an offer and compromise. I might have to agree to increase their hourly pay and or to either decrease or increase their hours.