Page 704 - Business Principles and Management

C HAPTER 25 A SSESSMENT

CASE 25-2: Getting Serious about Career Planning
Felicia Bendine is starting her senior year of high school. She wants her
last year in school to be enjoyable, but she also knows she has to get seri-
ous about her future. Many of her friends have already submitted appli-
cations for admission to colleges and universities, and a few have decided
on military careers. Some intend to obtain full-time jobs right after high
school, and others are going on to a community college for specialized
technical training. Felicia is open to all those ideas but hasn’t really de-
cided on any particular one.
Felicia has always wanted to own a business, preferably a collectibles
shop that relates to her hobby. Felicia has collected rare dolls since she
was a little girl. She has more than 200 dolls in her collection, a few of
which are worth several hundred dollars. She has them displayed in their
original boxes in her bedroom and frequently attends collectible shows in
the area. She has made both sales and purchases to add to her collection.
For the past three years, Felicia has worked for Mr. and Mrs. Abbott
in their antique shop in her neighborhood. She had visited the Abbotts’
store one day, and when they found out about her doll collection, they
gave her a 1930s doll from their inventory. She volunteered to help out
in the store, and it turned into a part-time job. She has given them sev-
eral ideas about business operations from the courses she has taken in
school and even set up a simple Web site where they can advertise their
business. It has brought many out-of-town visitors to the store.
The Abbotts have suggested to Felicia that someday, when they decide
to retire, they would love to see her take over the business. Felicia expects
that their retirement is many years away but is intrigued by the idea. How-
ever, she doesn’t know if she wants to wait that long to own her own busi-
ness or what she should do after graduating from high school to prepare
for that opportunity or another route to her goal of being an entrepreneur.
She does know that she has to do some serious planning in the next few
months.

THINK CRITICALLY
1. What education beyond high school do you believe Felicia will need
to be a successful small-business owner? What types of business ex-
perience would help her prepare to own and operate a business?
2. What are the advantages and disadvantages to Felicia of waiting for
the Abbotts’ retirement and then buying their business? What infor-
mation about the business and the Abbotts’ plans does Felicia need
to help her with that decision?
3. If you were Felicia’s friend, what would you recommend she do during
her senior year to plan for her future? Justify your recommendations.

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