Free Essay About A. Bakery Start-Up Business:
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Questions & Answers
Why is it important to distinguish between “growth” and “development” in economic development planning? In Dayton, Oh, are we growing or developing?
It [process of economic development] should address not merely the growth of the community or state, which is scalar (more of something), but its development as well, which involves a transformation or lasting change for the better. Development is about quality, not merely quantity. Careful economic development planning provides the framework within which growth and development can properly take place.
Thus, to achieve good rates and indicators as a result of economic development process, there should be a well-balanced correlation between future growth and development, as the gained indicators will build the basis for development in the future.
Being a reasonable society, in Dayton, Oh, we are constantly developing (through achieving new qualitative indicators) and growing (while improving qualitatively).
2. Can you think of other examples of bootstrapping in economic development?
Two good friends, Sally and Katy, after graduating from Le Cordon Bleu Schools of North America have decided to start their own business in Dayton – make and sell baked goods.
Katy’s friend is a good computer expert and he creates a website for their business, where one can order baked goods per samples as well as something individually baked. The newly baked goods will be delivered next day within Dayton. They are eager to have their own bakery, but they don’t have enough capital at the moment. But Sally has a good acquaintance who owns a small local café. She asks him to allow her and Sally to use café’s kitchen at night. In return, the girls will provide him with twenty cupcakes a day. He agrees, and so the girls can start the business and after raising enough money, they will be able to open their own bakery. Moreover, by that time, they will have had a lot of clients.
B. Shareholder’s meeting
In a month a large steel corporation Titan LLC is going to hold its annual general meeting to elect the board of directors and to review financial information for the year 2014. The shareholders are coming to Dayton from all over the United States. The manager of Titan LLC who is responsible for the accommodation has found a good hotel, which is both comfortable and easy to reach. But it costs quite a lot to rent there a big hall to hold a meeting.
The manager negotiates with the hotel administration and makes the following business proposal: the company will accommodate all the guests in the hotel (de lux suites), in case the administration allows Titan LLC to hold their meeting within four days for free as well as supply the meeting with water and snacks. The hotel administration accepts the proposal.
Koven, S., & Lyons, T. (2010). Economic development: Strategies for state and local practice (2nd ed.). Washington, D.C.: International City/County Management Association.
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