As a business owner, is it necessary to know the contributing factors to the small business failure rate? How can a small business owner study the business in depth?
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- What is the most common use for a business plan? What does the hopeful entrepreneur do once he or she has finished the business plan? What are the two types of financing available to entrepreneurs? List four common causes for business failure. List three advantages that small businesses have over larger, more complex companies.The majority of people who start a small business are aware of the high failure rate and what are the factors that contribute to it?Choose a challenge in starting a new business and how you may be able to address that challenge with a well-designed business plan. Challenge can be unique to either a start-up or on-going business or both.
- Explain the pros and cons of being an entrepreneur. How would you determine if an individual possesses the characteristics that it takes to creating their own business (self-direction, level of uncertainty, etc.)?Think of a business idea you would like to turn into a small business, and run as a small business owner? What would be your steps in making this business a reality? What are the important considerations when opening a small business?Which of the following skills do you believe is the most important to make a successful entrepreneur? Why do you believe this skill is of such importance? What makes it more important than the other skills? persuasion, leadership, personal accountability, goal orientation, and interpersonal skills
- In managing a small business, what will you do to appease acomplaining customer?Consider a highly successful person. Which aspects of his or her success are due to luck and which come from dedication? How does your passion relate to your desired impact? What is an Entrepreneurial MindsetWhich skill(persuasion, leadership, personal accountability, goal orientation, and interpersonal skills) do you believe is the most important to make a successful entrepreneur? Why do you believe this skill is of such importance? What makes it more important than the other skills?
- What do you think the entrepreneur should do if his/her business idea fails?Write the definition for each of the six characteristic of and entrepreneur. The characteristics given are: (1) vision (2) energy (3) tolerance of uncertainty (4) self-reliance (5) confidence (6) tolerance of failure After defining each characteristic of an entrepreneur given in Chapter 7, answer the following questions: Do you possess any of the entrepreneurial characters discussed above. List each characteristics, you possess then answer the following questions: Have you already started a business? Are you considering starting your own business? If so, what type of business? If you have no desire to start a business, explain why.Why is it important for an entrepreneur to write a business plan?