Select a small business that looks attractive as a career possibility for you. Talk to at least one person who manages such a business. Ask how he or she started it. Ask about financing; human resource management (hiring, firing, training, scheduling); accounting issues; and other managerial matters. Prepare a summary of your findings, including whether the person’s job was rewarding, interesting, and challenging–and why or why not.
Select a small business in your area or a surrounding area that has failed. List the factors you think led to its failure. Compile a list of actions the business owners might have taken to keep the company in business.
Imagine you are considering starting your own business in a domain of your personal interest. Consider your answers to the following questions:
1. What kinds of products or services will you offer?2. What talents or skills do you need to run the business?3. Do you have all the skills and resources to start the business, or will you need to find one or more partners? If so, what skills would your partners need to have?4. What form of business ownership would you choose–sole proprietorship, partnership, C corporation, S corporation, or LLC? Why?
Which of these topics are the most important for an entrepreneur to address and which are less important. Prioritize the list of topics, explain the rationale for your prioritization, and provide supporting evidence.
- If you have entrepreneurial traits and decide you would like to start your own business, you’ll need to develop a business plan. Go to www.bplans.com/sample_business_plans.cfm and click on Coffee Shops. Review the sample business plan for Internet Café. Although the plan may not follow the same format as the business plan outline on pages 165166, does it contain all the necessary information listed in the outline? If not, what is missing?