8A - Solving the Problem

8A - Solving the Problem

1) For those who may have not read my hypothesis in Assignment 7A, my hypothesis is based on the opportunity to cut the hair of my fellow Marines while on deployment here in Australia. The Marines, who I am in Australia with, are required to get haircuts every week. Getting haircuts here in Australia is a very expensive and time-consuming venture. I have identified a relatively easy opportunity to exploit. I have the skills necessary to cut the hair of my fellow Marines and plan to exploit this opportunity by charging approximately $20 for haircuts. At this price, I should still have a large demand for my services.


2) My service is that of giving haircuts/fades to my fellow Marines. After testing my hypothesis, I found that I will also be able to give haircuts to Australian Soldiers, whom are also interested in my services. I have experience giving fades and can give fades that will pass our inspections. It will take me approximately 25-30 minutes to give each fade and I will be charging $20 Australian ($15 American). Prior to giving fades, I will have to purchase a pair of clippers from the local mall. These clippers will cost me approximately $80. It will cost me approximately $20 total to get a taxi to and back from the mall with friends to make my purchase. In total, my entrepreneurial venture will cost me approximately $100 to start up.

Within 2.5 hours of work, I will begin to see profits on my investment. I plan on giving haircuts to approximately 20 Marines and Soldiers each week. This will allow me to yield profits of $400 per week in addition to my regular income.