Businesses come in all shapes and sizes, but every business needs the same thing to succeed — a plan. You have learned about a number of different plans, called businesses models. You know how important it is for a business owner to choose the best one. In this activity, research the business model of a real company. Begin by choosing a business. You can pick a small business, such as an ice-cream shop in your neighborhood. Or, you can choose a large corporation, such as a company that makes smart phones. It is up to you. Pick a business that interests you.
Answer the following questions to guide your research of the business you chose.

1. Describe the business you chose, and explain your reasons. Based upon what you know about it, what type of business do you think it is: a sole proprietorship; a general or limited partnership; or a corporation, either public or private?

2. Now, find out what type of business it actually is. If you chose a small business, it is likely to be a sole proprietorship or some kind of partnership, but which one? If you chose a big company, chances are it is a corporation, but is it public or private? You will most likely have to visit the business’s website to find out. If you selected a business without a website, either choose another company or find another way to answer these questions: What type of business is it? How do you know?

3. Describe how this company does business. What is its business model? Describe the goods or services the business sells and where it does business. Does it make sales online, in stores, or both? Does the business model seem to be successful? Why or why not?

4. Imagine that you are opening a business yourself and you want to compete with the company you chose. What sort of business model will you choose, and why? Be specific.