Extra Life

By Jake Lakin and Emma Sitki

Our Business Activities

1. Generating ideas: We are a retail business that buys and sells vintage records and video games.

2. Raising Capital: We buy and sell video games and records. We have used a lot of our own money to buy the product. We have also took a loan from the bank to buy a building.

3. Employee & Training: We hire employees by testing them of their knowledge of records and video games. You don’t want a employee that doesn’t know the product. Our veteran workers teach our new recruits during the work day.

4. Buying Goods & Services: People bring in used video games or records and we buy the game or record. Then we resell them for more than what we bought them for. We also go to auctions and estate sales and buy old video games and records for less than if we were to buy it elsewhere. This is our main income, besides when we hold video game tournaments in our store.

5. Marketing Goods & Services: We have radio commercials and put ads in the video games we sell.

6. Maintaining Business Records: We keep a digital and paper record. We also keep all the receipts.

Business Entity

We are a partnership, with co owners Jake Lakin, and Emma Sitki. We chose a partnership because we both want put our input into our business. The disadvantages is if one of us were to die the partnership would disappear, and our business would suffer. The advantages of a partnership is that both of us are using our own money, so that we don't become in debt with the bank from taking out a huge loan. Another advantage for being in a partnership is that both of us can contribute ideas to better serve our business.

Our Business Goals

1. We want to have a wide array of products in at least a year.

2. We want to have at least two in house video game tournaments in our first year.

3. We would like to have many music records and CDs.

4. We would like to have at least 100 different customers sell us their used games in the first year.

5.We want to be able to hire at least 4-7 new workers in our first year.

Mission statement recording

Extra Life would like to be a convenient, easy to access, and a friendly overall gaming and music retail store

Organization Graph

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