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Objective/ Purpose: As Introduction to Business students, it is imperative to obtain as much authentic and real-world knowledge of business practices as possible. Once you have completed this project you will have acquired a better understanding of the foundations of small businesses, the differences between running a corporation, and understand the critical business activities that sustain that business Instructions: Part u have the option of working with a partner or individually (2 people max), select a local business (avoid family owned businesses and franchises) that has either a sole proprietorship or a partnership. This business does not have to be the same as one you are interested in starting yourself. You will be conducting research surrounding the topics outlined below, visiting the business, and interviewing the manager/owner Note: you must develop 10 open-ended interviews -questions and submit them to me by Friday April 27 via Blackboard. Look at the Guidelines section for further clarification on intended question Some sample Questions: 1. Why are you in business? 2. What is your background? Education, Work experience? 3. What type of business form do you have sole proprietorship, or a partnership? What are the advantages of this form of business ownership? 4. How did you get started in this business? Did you have a business plan? Do you currently still have one? 5. How do you market your business? How are people aware of your business? Instructions: Part II The second part of the project will have you research and write about a publicly traded company of your choice. it does not have to be currently operating. if it is not, within your summary you must provide reasons) as to why the company is no longer in operation. Guidelines: Your completed project (for both parts) wll illustrate your understanding of the following topics related to he business: (Use the following to guide your research for Part History Explain the background of the business (year it opened, how it started, original location, etc Services or Goods Describe in detail the product(s) [include prices] that are offered by this business Economic Impact Identify specific ways in which the business has been impacted by the economy over the years and how the business has impacted the surrounding community. Both positively and negatively Decision making process Explain at least two key business decisions the owner/manager must make in order to operate the business. Identify the steps of how they arrive at (and evaluate) their decision Significance of Competition ldentify their main competitors and ways they keep up with the competition. Then, explain your own idea of how this business can remain competitive in their industry. Interesting Fact -Tell us three interesting facts you discovered about the business through your research, visit, and/or discussion with the managerlowner. Term Pager: You will gather your research and present it as a term paper (given only to me) * The paper will be submitted on Blackboard. If you have decided to complete this project as a group, then you must list your group member's name The minimum number of pages5 Bibliography in MLA format Presentation Using PowerPoint or any other presentation software i.e. Prezi, Keynote, etc... .you will present your findings to the class Each presentation should be no longer than 10 minutes' long Each slide should have no more than 3-5 bullet points Show an image of the business from Part l as well as your interview You will be presenting during the first week in June (Scheduling TBD)