Find an example, illustration, or application of this week\'s topic from any sou

Question

Find an example, illustration, or application of this week's topic from any source listed in this week's assignment. Any sources should be cited.

• The news media (including newspapers, trade publications, magazines, online resources, etc…)

• Your own work experience (either past or present), or

• An interview with a business professional

Please post your example to the class (roughly 250+ words) and tie it very specifically into one or more of the concepts under discussion this week.

Topic: Identify the people who start small businesses and the reasons why some succeed and many fail.

GETTING STARTED IN SMALL BUSINESS Let's suppose you have a great idea for a new business, you have the of an entrepreneur, and you're ready to take the leap into business for How do you start? That's what the rest of this chapter is about. he attribute yourself. It may be easier to identify with a small neighborhood busin a giant global firm, yet the principles of management are similar for management of charities, government agencies, churches, schools, and is much the same as the management of small and large businesse learn about small-business management, you will take a giant ste understanding management in general. All organizations deman good ideas, planning, information management, budgets (and financial man- agement in general), accounting, marke good overall managerial know-how. We shall explore these areas as they relate to small businesses and then, later in the book, apply the concepts to large firms and even global organizations. unions s. So, as you p toward d capital Small versus Big Business The Small Business Administration (SBA) defines a small business as one that is independently owned and operated, is not dominant in its field of oper- ation, and meets certain standards of size in terms of employees or annual receipts (such as under $2.5 million a year for service businesses). A small business is considered "small" only in relationship to other businesses in its industry. A wholesaler may sell up to $22 million and still be considereda

Explanation / Answer

The people who start small business include entrepreneurs, managers and technicians.

Entrepreneurs have high vision. They usually fail to succeed as they are always unwilling to do boring task which is required for small business to perform initially

Managers are more responsible than entrepreneurs. These people also fail to succeed as they are unwilling to take the risk necessary to take the business off the ground.

Technicians are always happy to do things that others do not want to do. But they may fail too as they are interest in their own art of creation and do not undertake administrative and marketing functions which is necessary for every business.

So it is the combination of all three categories of people who can make it a success.

Many small businesses fail because of lack of managerial expertise, lack of planning, poor leadership, lack of capital, inability to learn from failure, poor location.

The reason for some small business to succeed is clearly defined strategic business plan including mission and philosophy. The owners have developed a perfect organizational structure and an operational support system.

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