Blog #6 - Standard M14 Forms of Businesses; Businesses characteristics of monopoly; oligopoly; monopolistic competition; pure competition

1. Name of entrepreneur/Name of entrepreneur's business/complete address (including zip code)?
  Intiasar Ziyad, Fashion Stylist, www.pincklutch.com
2. Type of business organization? Pinc Klutch; www.pincklutch.com

3. Length of time the business has been in operation. 5 years.

4. List products provided by the business (goods and/or services). Fashion styling for print, high-fashion and commercial photos, periodicals, television, film, music video; wardrobe consulting and maintenance; personal shopping.

5. Number of employees/skills needed to work in the business. I am my only employee, however I do have interns to assist when needed. Interns need to be interested in the business of fashion/ wardrobe styling and I generally only take serious student who are currently in college or recently graduated (majoring in fashion merchandising or design).

6. List benefits of business to community/What does this business provide that similar businesses don’t provide. Many people aren't aware of how important image is. In business it is of the utmost importance- aside from education and experience. Unfortunately, our culture places judgment very easy and fast...that's why you often hear the phrase "first impressions are everything." It's not all about the glitz and the glam...some people aren't aware of how to be presentable in the work place or even how to "jazz it up" for business social events. My specialty is image therefore, helping businesses and individuals grow by enhancing their image is ultimately how my business benefits the community.

7. Major competitor for this business and how this business remains competitive. Local fashion stylist and designers.

8. Describe methods used to increase growth of business and any future plans for expansion.Networking. 90% of my clients come from word of mouth...therefore, by getting out to all the fashion events and shows I meet many people who are either influential in my industry or in need of my services.

9. Three greatest challenges in operating the business.(1) Maintaining a consistent income and clientele: Money isn't exactly guaranteed monthly. Because I am a freelance stylist, I sometimes have 3 or more jobs a month-other times I have 1-2 a month. (2) Finding the needed look: It is my job to maintain and keep a good relationship with local boutiques and designers to borrow or buy wardrobe. (3) Getting celebrity clientele: while it's fairly easily to get to work with C- and D-list celebrities...you haven't quite made it as a stylist until you have worked with A-and B-list celebrities, in which I have yet to do. I have come very close but my location prevents me from getting business in California and New York, which are two of several places where there tons of celebrities and work.

10. Three greatest rewards in operating the business.(1) Doing what I love...creating art with fashion & improving self esteem and image through fashion. (2) Meeting and working with talented models, photographers, hair stylist and MUA's (makeup artist). (3) The pay can be great!

Intiasar Ziyad Fashion Stylist
www.pincklutch.com
intiasar@pincklutch.com
404.384.2507


Personal Reflection  on your own thoughts about the business and the business owner? I think that the business is great and it was a success. The business owner Intiasar Ziyad is a wonderful entrepreneur and had a lil help from her family but her business has been going on for 5 years and is a success.

1. Students use the format below to compare and contrast Monopoly and Oligopoly; Monopolistic Competition and Pure Competition. Must include at least 2 characteristics for each.  Provide two examples for each type of company.

                                                     Monopoly                                               Oligopoly

Similarities
1. Consumers are at a distinct price disadvantage in both conditions, as prices for products are dictated by a single company in a monopoly environment and commanded by only a few select merchants in an oligopoly condition.
2. They both have significant barriers entry’s

Differences
1. Monopoly does severely restrict consumer choices, oligopoly conditions do allow for some competition among the major players.

 
2. Oligopolies are a common market condition while monopolies are forbidden under federal regulations.


                                                Monopolistic Competition                       Pure Competition
Similarities
1.Firms are responsive to changes in demand conditions.
2. Competition in the pursuit of profit encourages resources movements that are efficient.

Differences
1.Perfectly competitive firms don’t advertise because everyone knows the products are all the same. Monopolistic Competitor advertise to convince consumers that their product is better than others.

Reflections:  What two questions do you have about this assignment?

1. When a monopoly does occur?
2. What are the essential features of monopoly?
   Include two relevant visuals