Imagine you want to create and develop a company that can provide goods and services to the world. This business will continue to sell and be profitable whether or not the economy is growing or declining (i.e., in recession).

Outline the factors you need to consider from a managerial economics perspective when establishing and growing such a company.

Answer these questions:

1. What products and services might you want to offer (or just one)?
2. How would you determine the price of your good or service under different market conditions (competitive and environments where firms have pricing/market power)?
3. Who are your competitors?
4. How would you raise the money to start your company?
5. What market conditions and government policies might affect your company?
6. How will you organize your company to achieve your goals?
7. How will you strategically grow the company?
8. What obstacles might you confront, and what challenges might you confront in going international?