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Preparing a Proper Legal Foundation: A Start-Up Fable GROUP 3 Group members Anja Grgic M997Z205 Marko Marinic M997Z206 Marie Nikki Martinez M997z208 Intro Jack Peterson and Sarah Jones Business: to locate and operate 10 kiosks in malls and other traffic areas to: 1. sell accessories for Apple iPods and iPhones 2. Sell or give (in addition to the purchased goods) videos that help users to learn how to make better use of their iPhones and iPods The tentative name: iUser Accessories (need for trademark attorney) Jack and Sarah met on business class and started their idea for business On business plan competition they won $7,500 in cash and $7,5oo in “in kind” services for the business Question 1 Complete the list of issues and recommendations. Which issues will require the most discussion with the attorney? Question 2 Make a list of the things you think Jack and Sarah did right in preparing for their meeting with the attorney. Question 3 Product Feasibility Analysis Concept Statement- distributed it to 16 people (professors, electronic store owners, iPhone and iPod users, parents of iPod users) -> responses were positive and instructive (*idea about videos online) Survey distributed to 410 people in their target market (15-35 year-olds) ->they learned 52% of their target market owned an iPod or iPhone or planned to get one soon -> vast majority of people didn´t actually know how many accesoriess exist Both concept statement and survey brought results CS was given to the right people who eighter have some knowledge about business, or pose products For the survey, they randomly choose people, but more than a half had iPhones or iPods – potential market In survey they listed 26 iPhone and iPod accessories- are people interested? Question 4 What advantages do Jack and Sarah have starting iUser Accessories together? Share of the cash needed to Start-up They are able to each contribute $3,000,and $30,000 each from their respective groups of friends and family They both can work Any disadvatanges? In the future, they have to cooperate together Share the profit equally... (what if one person works more) Decision are shared, dissagrements can occur Partnership is for a long term, but expectations and situations can change Cannot make decisions only by yourself Application Question 1 DOMAIN NAMES: appcessory.com icessorizenow.com myicessorize.com myappleaccessories.com appleaccesory.com appleworldsite.com Application Question 2 1. Is it too early for Sarah and Jack to be laying the ethical foundation of their firm? 2. What are the steps they can take to lay a solid foundation for their firm? 1. 2. No, Why? – because a strong foundation means everything. Business ethics are the foundation of a strong business. Create a standard ( strong code of ethics) Adhere to the standard ( training and reporting ) Solid strategies combined with exceptional employees with solid ethical standards will carry the company forward and into the future. Thank You!