Pros and Cons
Easy and inexpensive to form
What is an advantage of a sole proprientorship?
When speaking of small businesses this characteristic describes their tendency to offer new ways of creating and nurturing talent to invent new products or improve the ways things are done.
What is Innovation?
Its best to ask these first:
What are the questions to ask before you start a business?
What the reader looks at first. An overview of the business
What is the Executive Summary?
A program for small business owners where a businessperson needing advice is matched with someone on a team of retired executives who work as volunteers.
What is SCORE , Service Corp of Retired Executives
It exists beyond the life of its owner
What is a corporation?
As defined by the SBA , i is independently owned and operated, exerts little influence in its industry, and (with minimal exceptions) has fewer than five hundred employees.
What is a small business ?
If you go this route to business ownership you’ll already have a proven product, current customers, active suppliers, a known location, and trained employees.
What is buying an existing business?
This is a report on the cash you’ll need for start-up and initial operations, proposed funding sources, and means of repaying your debt.
What is a financial plan?
Bad business idea, inability to handle growth, poor cash management, lack of customer focus, and managerial inexperience are all reasons for this
What is businesses fail?
It brings a diverse group of people together to share the managerial responsibilities
What is a partnership?
Small business can be found in this "sector"
includes all businesses that produce tangible goods. involved in manufacturing, construction, and agriculture.
What is "Goods producing" sector?
This document tells the story of your business concept, provides an overview of the industry in which you will operate, describes the goods or services you will provide, identifies your customers and proposed marketing activities, explains the qualifications of your management team, and states your projected income and borrowing needs.
What is a business plan?
A description of four related areas: target market, pricing, distribution, and promotion.
What is a marketing plan?
You should do the following for this outcome:
1. Know your business
2. Know the basics of business management
3. Have the proper attitude
4. Get adequate funding
5. Manage your cash flow
Why Businesses Succeed?
This advantage of small business ownership gives you the opportunity to work where and when you want to
What is lifestyle advantage?
Many businesses found here are retailers
What is service producing sector
That part of you business plan that describes the purpose or mission of your organization—its reason for existence.
What is a Mission Statement?
To succeed in attracting investors and lenders, you must be able to describe this.
What are your Goods and Services and the Production Process?
One-third of small businesses that have employees do this within the first two years
What is go out of business?
This is the chance for monetary gain or loss when owning a small business
What is financial risk?
A valuable governmental to owners and goes by three distinct initials
What is the SBA? (Small Business Administration)
A description of future customers and their profiles according to age, gender, income, interests,
What is a target market
This describes the relationships among individuals within the company, listing the major responsibilities of each member of the management team.
What is the Organizational Structure?
They won’t actually loan you money, but working with them increases the chance that you will get funding from a local bank by guaranteeing the loan
What is the SBA?