1 00:29:45 Three new business owners have recently approached me to ask for advice about their businesses. In cach case, principles from this course could be very useful as they make decisions and run their business. Pick ONE of the three business situations below, identify three concepts you have learned in this course that you think might be useful, and describe the concept and how it would be useful to the business owner. (Assume that the business owner does not have any experience or coursework in Managerial Accounting. A complete answer to this question should be roughly 12-20 sentences.] The Mechanic: Andrej has recently left employment as a mechanic at an auto dealer and is setting himself up as an independent mechanic because he wants to be able to choose what kind of jobs he works on. Andrej will have his own shop and have to purchase his own tools and equipment, and may need to make decisions about which jobs to accept. He will have to purchase components needed for repairs in advance of receiving payment from his customers and will need to set his own pricing. The Salon Owner: Kellie is a hair stylist. Due to changes being made by salon menagement, she has decided to stop renting a station at a large selon and start her own business. She will rent space for her private salon, need to furnish It, and maintain a supply of hair product for sale to her customers. She will also need to keep an Inventory of the supplies she uses (eg color) and decide during which hours she will be available for appointments. The Book Store Owner: Maria is taking over ownership of her family's independent book store. The store has existed for 50 years, but many things are still being done "the way it's always been done." Maria wants to focus on increasing sales and the store's profitability. She thinks she should consider things like a new computerized Inventory system and opening a second location. Essay Toolbar navigation BI V S = = = A v