If you had to start a business right now and generate profit as quickly as possible, what kind of business would you start? Explain your answer.
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If you had to start a business right now and generate profit as quickly as possible, what kind of business would you start? Explain your answer.
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- How will you know if your business is making profit or not?If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?Why do you think selling or owning a business that sells home appliances is not a bad idea? And why should I build a business like this?
- Should you write a business plan even if you do not need outside financing? Why or why not?What personal and business goals would you hope to achieve by starting your company?1. If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur? 2. Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation? 3. Is someone an entrepreneur because of what they do or because of how they think?
- Imagine that you are an entrepreneur who is planning to start a lawn care business. What steps would you take in order to carefully assess the costs and benefits of your business before launching?After start-up, what is the single most important tool the small business owner has at his disposal to ensure the success of the business? Why is it so crucial?What are the dangers if an entrepreneur starts a business without a business plan?
- What are the difficulties that a business may face when there is no business plan?Why is it important to write a simple or comprehensive business plan before starting up a business?You are about to venture a particular business, will you create a business plan first before implementing your business or would you prefer to immediately run the business?