Reference no: EM133148351

Eli Mann is the lucky winner of a super lottery and is contemplating opening a huge auto parts store.  He is aware that most startup businesses fail within a relatively short period because of poor planning and bad management.  He therefore decides to meet with a business consultant to discuss his ideas and plans.  At the initial meeting the consultant looks over the proposed plans and informs Eli that he will have to do some research before he can comment on the venture.  After a week he calls Eli and sets up an appointment to discuss the proposed business venture.  At the meeting he informs Eli that the auto parts market is very strong and indicates that he feels very positive about the venture. At the end of the meeting he cautions Eli; "I love your idea and I have very strong feelings that this will be a successful venture.  However, seemingly great business ventures have failed in the past because they were not set up in a good location."

He finally ends the meeting with a word of caution to Eli; "Remember Eli, location, location, location is the cornerstone of a successful business venture."

If you were retained by Eli for a second opinion, what would be your comments on the advice offered by the consultant?  

Points To Consider In Developing Your Narrative

• Eli Mann is attempting to start a retail business.
• A retail business sells products to generate revenue.
• Historically retail businesses needed a good location to be able to attract customers.
• Digital age technologies have broken down the traditional geographic barriers that limited businesses' access to prospective customers.
• Today a retail business can attract customers from all over the world by having a strong web presence and engaging in e-commerce.
• A prime location is desirable but is costly and is not essential for business success in today's digital age.
• E-commerce operations can be conducted more efficiently than "brick & mortar (physical)" establishments because they do not incur the overhead expenses associated with physical businesses.
• The old adage; "location, location, location is the cornerstone of a successful business" is no longer true for many types of businesses.  However, it may still be valid for certain businesses; especially those in the service industry where proximity to customers may be essential for success.

These points are provided to guide the structuring of your narrative.  Your narrative must express these ideas in your own words.  Merely repeating the above in your narrative will result in a low score.

Your narrative must be no more than a half page of 1 ½ spaced text.  Keep it short and to the point.  The whole purpose of this assignment is to drive home the point that digital age technologies have revolutionized the ways that businesses operate today.

While they may be valid, giving me your own fancy ideas of what makes a successful business will only cause you to lose points.

The purpose of this assignment is to refute the closing statement made by the consultant and justify why his statement is no longer true.