discuss question. Barriers of entry

There is an podcast to go along with the discuss question that needs to be answered no later than 6 pm tomorrow. sources must cited with scholarly sources in apa format. If there is any other needed information please do not hesitate to message me.Please read all the material the actual question is after you read my proposed businessProposed Business.”In this case, if I were to open a new business or purchase an existing one it would be a full-service beauty salon. The full-service salon would offer services that not only offer hair, nails, make-up and full spa treatment but access to a personal shopper. The salon would be located in the center of town where would easily accessible for people in town but also out of towners. The area would be in a highly populated area with full view advertisement. “An explicit costs are monetary payments made for market supplied inputs by the business owner or owners” (Thomas, C. R., & Maurice, S. C. (2010). The biggest cost would be the building itself depending on whether or not I decided to lease, purchase or rent the space for the business. I have actually prior experience working in a beauty salon and as well talent for shopping for other people so that on hand experience will definitely be a plus for the business. “Yu-Lee contends that explicit costdynamics addresses issues such as understanding the true impact of various actions on the bottom line and eliminating methods that distort numbers and narrow options”( Better cost management. (2001). It is important before deciding on opening up a new business one understands the nature of the business. The implicit cost would be that even though I would be the owner I also would manage the business. Each stylist, make-up artist and nail tech would be required to pay booth rent. However, the spa treatment specialist and the personal shoppers would work on commission.The perspective property would preferably already be salon ready, simply meaning I would look for previous salon equipped property. In this case, searching for the property that already has most of what is needed for a salon along with space would cost my cost tremendously. In conclusion, because I am already knowledgeable about the new business potentially to be opened I have an insight into what is to be expected.ReferencesBetter cost management. (2001). IIE Solutions, 33(7), 16.Thomas, C. R., & Maurice, S. C. (2010). Managerial economics: Foundations of business analysis and strategy (10th ed.). New York: McGraw-Hill/Irwin.Discuss Question where there is number 1 in front. The topic was a business was a full service salon that would be in a high traffic area that would offer hair,facials, make-up, nails,and a personal shopper.There is an podcast to go along with the discuss question that needs to be answered no later than 6 pm tomorrow. sources must cited with scholarly sources in apa format. If there is any other needed information please do not hesitate to message me.Please read all the material the actual question is after you read my proposed business1. Let’s suppose that the firm you opened in Unit 1 is a monopoly in your town. Discuss whether or not each of the barriers to entry on pages covered on pages 451-457 helped your firm gain this monopoly power. Since this is hypothetical, you will need to do some research into your industry to see which of these barriers apply.

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