What are two positive and negative externalities that affect your business for the Economic Prosperity Project? Propose a solution to correct those externalities. Remember to respond to at least two of your peers. 250 words replies 150 words.
***You can go off my business idea provided below!***
Business Description
The type of business that I will be developing will be a beauty shop/supply as well as a therapeutic mental health business. I will produce Wigs, Hair bundles, lashes, clothes and a broad range of other cosmetology products such as Gel, hair color, braiding hair, eye shades etc. My target audience will range from toddlers to elders. My goods will be produced from a factory and distributed to my place of business. My business will be able to accommodate any type of changes that we may have to overcome, because we will make sure everything is properly tested. We will also have computer based training to make sure all staff knows how to properly adapt to the new system to accommodate changes as well. I will promote my hair business on all social media platforms as well as in other places of businesses such as malls, stores and ect. I will promote my Therapeutic business from within my shop. Men and women tend to tell all their business while getting pampered. My staff can recommend the customers to myself or another staff member that is properly licensed in counseling, if they need any type of help or extra assistance.
Shyla C
One of the positive externalities from my business could be the exterior design of the store. If my store were in an outdoor shopping mall and had an aesthetically pleasing exterior, it would benefit the look of the mall. When stores have an attractive front, the mall tends to have a sophisticated and put together look. We would be benefiting the appearance of the mall to customers. Another positive is the way my company will always be updated with technology and accepts feedback from customers about what is in style. Other clothing company may see this concept and idea and use it in their own websites to gain the benefit of knowing what exactly the consumer wants.
As for negative externalities, it is known that fashion industries cause water pollution used by fabric dyes. This is a very difficult externality to solve because clothings need dye in order to have various colors. I will try to find the source of the water pollution and try to safely dispose of these fabric dyes so they do not contaminate and pollute our nearby water systems or oceans. Another very important negative that we want to solve is underpaid workers abroad and child labor. Many workshops to make clothing do not pay their workers a living wage. This causes unnecessary poverty in these people who are working hard. I will do my best to make sure my manufacturers pay a reasonable wage and absolutely do not tolerate child labor. We will look into the background of the employees to insure this does not occur.
Sharon A
The positive externalities are that my company will train the new employees how to clean in a certain manner to keep up with the company’s goals (training). This will consist of cleaning in places of the house that people would never think to clean and even cleaning out filters or something as simple as cleaning the insert that catches crumbs from a toaster. This will benefit my company’s performance in accomplishing tasks. The other positive externality is that my company will be in not only a well-maintained office but a modern architectural building design. This would be appealing to the eye in a clean sense. That means that even our neighboring offices may have their value raised because of the environment of the office.
The negative externalities that my company would need to solve are that there may be noise pollution coming from neighboring offices. Since other offices in the building are used for different purposes, what we can do is make them aware of the noise, but if that doesn’t hold, then authorities would most likely be called. Depending on how much the company will grow over time, we would eventually relocate to having our own plot of land to build the company on. The other negative externality is that if there are too many people in the house whilst the cleaners are there, it will not only decrease their performance and extend time, but it will also decrease the ability to provide the consumers with the best service they can receive in their homes. To help with this, we will keep our consumers aware of this and encourage them to have their houses less congested during the hours of the cleaning visit.
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