Fair competition is one of the main pillars of capitalism. It fuels creativity and innovation while keeping prices from being too high for consumers. This is why there are laws against competitors in an industry colluding together to keep prices higher in order to make larger profits. However, this is what Michigan company Dow Chemical was being accused of doing in a recent business litigation class-action lawsuit.
Making a business plan is important for an entrepreneur, especially when he or she is in the beginning phases of a new startup company. However, business planning is also important when selling or purchasing a business which has already been operating for some time. One closely-held company, Syncreon, which is headquartered in Michigan and specializes in logistics, is now doing this type of planning as a result of intentions to sell the company for potentially $1 billion.
In order to increase profit margins, many times a business needs to expand its operations. Sometimes, this means that a business will have to incorporate the launch of a new location into its business planning . This allows the business to either reach a new location-specific market or to increase its volume of production. One out-of-state social media advertising company has decided to expand its business by opening a new location in Michigan.
When an entrepreneur has a good idea, he or she must somehow find a way to bring the idea to the marketplace in order to make a profit. Many times this will require presenting the idea to potential investors as well as directly selling to the public. The University of Michigan understands this need and has taken action to assist young entrepreneurs to showcase their ideas for new business startups.