Business Process Of Small Business

1972 Words8 Pages
Introduction The process of small business creation requires that entrepreneurs engage significant analysis and planning. There are many considerations that a potential small business owner must make to ensure that they are making not only the best decisions for the business itself, but for them as individuals. Entrepreneurs must identify things such as the product(s) and/or service(s) they wish to offer to their customers, how they will market their offerings, where they will locate their business, how they will manage that business, etc. All of these elements play a critical role in the successful operations and profit earning capabilities of the businesses. This paper sets out to identify the factors an entrepreneur must consider when deciding on the ownership model for the business. It will then examine the advantages and disadvantages of starting a business through franchising. Lastly, this paper will examine the criteria an entrepreneur should evaluate before purchasing an existing business.
List several factors an entrepreneur should consider before choosing a form of ownership?

One of the most significant decisions an entrepreneur will make will center on the ownership of their organization (Scarborough & Cornwall, 2014, p. 138). This organizational component is crucial to the successful operation of the business and as such, there are a number of considerations entrepreneurs must make when selecting the appropriate ownership model of their small business. The
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