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Small Business and Entrepreneurship
Small businesses are usually family- and privately-owned establishments with a limited number of employees. Starting a small business is a form of entrepreneurship. It is like turning a ‘problem’ into a ‘profit’ or a ‘need’ into a ‘demand’.
6,973 Questions
What are the qualifications needed to own and run your own small business?
what qualifations are needed run my own business?
How much does Mary Kay face wash cost?
Around 20$
I sell Mary Kay. There are 3 skin care lines for women and 1 for men. For current pricing and skin care options, please visit my website.
Can a business operate without being incorporated in any state?
Yes. A business can operate without being incorporated in any state. Such businesses are called proprietorships or partnerships. The advantage of incorporation is that if the business goes bust, the creditors can not come after your personal bank account or your wife's bank account. Your wife might make you incorporate so if you do something idiotic and lose your business to your creditors or as the result of a lawsuit, she will not lose her home.
What is meaning of hard hrm or soft hrm with example?
I do hope this isn't to assist you in any assignment work! ;)
Simply, Hard/Soft HRM are contrasting approaches to human resource management.
As an example; a manager employing the Hard HRM approach (aka Michigan/Theory X) will be strict and assume employees are inherently lazy and will avoid responsibility whenever possible. They also believe that workers/employees have one reason to be in work: money. They are looking out for themselves only with no respect for organisational goals.
A manager employing the Soft HRM approach (aka Harvard/Theory Y) will be more lenient. They will trust the employees a lot more and gather opinion and take it on board. They also believe that workers/employees seek responsibility and come to work with the intention to impress and progress. They also believe that they have the organisations interests at heart and so they share common goals.
Obviously, this is extremely basic. Fortunately, they both work. Unfortunately, they don't work all the time in all situations.
Hope this helps. Such a tedious subject.
Explain three reasons why some entreprenuers may prefer to keep their businesses small?
-To have a personal relationship with their customers.
-Keeps most profits.
-The business will be easier to operate since the structure is not too big.
-The owner will be better informed about the day to day operations and business transactions.
Why do small businesses remain small?
Small businesses remain small for different reasons. They are almost always privately owned, some by couples, brothers, father and son, etc "ma and pa" organizations as they used to be called, where the owners own and operate the business and are not interested in expanding beyond the limits that they are comfortable with. Keeping a business in the hands of one or two owners/administrators and maintaining a work-load that can be handled by a few people and that generates enough income to pay the bills and insure the survival of your small business is not easy to do. If small businesses survive and remain small it is usually because the owner wants it that way and wouldn't have it any other way at all.
How does entrepreneurship help in the economic development of a country?
The most important way entrepreneurship helps the economic development of a country is by creating jobs. People who are working have to spend money to live. Therefore the money is recycled back into the community and in turn, through taxes, the country.
Is home based business a non store business?
Hi,
There are several different types of Home Based Businesses:
Some businesses can be service based, meaning that they basically focuse on providing services like: decoration, customer service, junk removal, carpet cleaning, pet sitter, e-commerce online store, etc...
While others are products based, meaning that the business only sells products like: Avon, Sisel, Amway, etc...
Then we have other business platforms that has a combination of both services and products. Meaning that they sell the product, and provide direct service for that product.
A home based business can also be clasified by whom they provide services to. Some just give consumer services, while other focus on business needs.
So... as you can see Home Based Businesses are available in a wide variety of niches.
What are the Generic attributes of a Business Plan?
Executive Summary
Start Up Summary
Company Summary
Concept / What You're Selling
Target Market
SWOT
Strengths
Weaknesses
Opportunities
Threats
Sales Strategy
Sales Projections
Profit/Loss Statement
Statement of Cash Flows
Balance Sheet
How much is a business license in florida?
Business license costs vary by city and county, so you need to check your local area. The quickest way to do this is to check your city's website; often they have the information posted right on the site.
You can use the Small Business Administration website to find your city's website:
http://www.sba.gov/content/search-business-licenses-and-permits
Where did Sam Walton get funding?
How funny, I just finished reading the biography of Sam Walton the entrepreneur , of the famous stores called "Walmart" the most successful retailer. Walmarts philosophy even beat out Kmarts and and other discount chains.
Sam started out by buying into a small chain store retailer similar to Woolworth's of the day. He got a loan from his father-in law if I can remember the story correctly. I believe the amount was about 100,000. Sam was able to make make a profit on the store by pricing everything low and selling in massive volume. He eventually started the first Walmarts
The first Walmarts store was actually a risky investment as told by Sam Walton, he borrowed some money from his brother Bud and also invested some of his wife's money but ,had to put in 95 percent of the money himself which was nearly all the money he had. I remember reading in the book that one of the reasons he called the store Walmarts was because it had less letters in the name than some of the other choices so the store signs wound -up being cheaper.
Walmarts is a fascinating business-model that studied by many business schools including myself.
Another great point Sam made in the book was to give a part of your business to someone in your family early before it becomes really profitable so you can avoid paying ridiculous taxes on it if it becomes a million dollar business.
How can a small business collect bad debt?
As as small business there are many ways to implement a collection strategy, one of them is collection calls. Here are some tips:
- The person is going to be designated to make collection calls, should be prepared to take notes and needs to be organized with all the documentation
- The debt collector (the designated person) should know the details of the debtor account, history of payments (if any), and also be prepared to answer all questions from the debtor.
- Persistence is a key factor, stay on your plan. But very important, "let them talk" many times serves as a relief for the debtor, but control the conversation to focus in the debt.
- Be ready to offer a play payment or ready to negotiate the payments also the debt collector should let know when he will call again, make a positive action into this, like; can you pay this amount by this date?, and then let them know that you will call back expecting what the debtor promise.
- Find out the Fair Debt Collection Practices Act, to know that you can or can not do.
Most of the times, simple reminders works fine, but some other situations is better to turn over the account to professionals, like commercial collectors to collect that business debt.
What are good small business ideas?
The best small business ideas come from a combination of your own personal skills/hobbies and proper analysis of whatever market you're thinking about entering. Here is a short list in no particular order of cool stuff that might jog your bring you a couple of steps closer to your eureka moment:
- Learn how to code with cool web tools like CodeAcademy and create/sell stuff like website designs and WordPress themes.
- Start a blog. Identify something that you're knowledgable about and start posting interesting and informative content on a regular basis. Build an audience and watch the Google adclick money roll in.
- Craft something unique and handmade and sell it through an online storefront like Etsy.
- If you have the technological know-how (or you just have an insanely awesome idea) then you might consider building a mobile app. Keep it simple, unique, and useful and sell it for a reasonable price.
- Start an online t-shirt company.
- If you make a great sandwich and you live in a heavily commercial area, make yourself a tray of 30-50 sandwiches and hand out free samples. Include menus with your samples and wait for the orders to start rolling in.
- Do your research on vintage clothing and accessories then get to thrifting. Vintage clothing has never been more popular, and the ability to identify classic threads will make you a hefty chunk of change. Also, you'll look great.
- Discover a new hobby that works great as a small business. Soap is pretty easy to make and everyone hates the phosphates in name-brand products. Handmade products sell great both locally and online.
- Become an e-book publisher. Anyone can now publish their work, but a discerning eye is required to help readers connect with the fiction of their dreams.
- Consider becoming the middleman. Identify prices, local products, and possible clients. Then sell them the hard-to-find products they need at an unbeatable price.
- Do something weird. You don't hear about artisanal popcorn too often, but I'm sure if you brought some delectable kernels to your local farmers market then you'd find a curious and eventually satisfied audience.
When it comes to the world of small businesses, the world really is your oyster. It's important to keep in mind that the most successful entrepreneurs start their businesses from a place of love. This means that making a huge amount of money shouldn't be your #1 priority (although it's definitely a pretty good bonus). Small business ownership is about the journey, not the destination, and I wish you luck on your quest.
What is the explanation for the features of small business enterprise?
Features of Small Business Managementby Osmond Vitez, Demand Media
Small business management requires individuals to have a wide variety of business knowledge and understanding. Business owners must often learn new skills as they work in a company and expand its operations. Individuals can often take college courses, attend seminars or review websites to increase their knowledge a small business management. Business owners may also consult with other owners or review information from the Small Business Administration (SBA) regarding small business management techniques.
LeadershipBusiness owners must be the leader of their organization. They often provide the mission, values and goals for the small business. Leadership and business ownership are two different things. Many business owners can run their company and complete operations with few problems. However, leading other employees can be a completely different issue. Business owners who expand their operations often need employees to complete various business functions. Leadership requires business owners to work through employees, not around them. AccountingAccounting is an important business function. Business owners often use accounting to record, report and analyze information relating to financial transactions. Small business accounting usually encompasses several different features. Overseeing company cash flow, paying bills, collecting money from sales on account, entering journal entries, and preparing the general ledger and financial statements are a few small business accounting features. Business owners must be able to understand and apply accounting terms, principles and guidelines to their company’s information. Accounting information can also be used by business owners to conduct a performance measurement analysis for business decisions. Human ResourcesBusiness owners must pay careful attention to the human resource needs of their company. As a company begins to grow and expand, the hiring of employees is usually an essential part of small business management. Business owners must understand the current job market and how to set wages for various job positions. New employees can also create significant paperwork or administrative issues for small businesses. The performance of background checks and drug tests, and the collection of personal information and other paperwork are all involved with hiring employees. Business owners must decide whether this process will be completed in-house or through a third-party employment agency. OperationsOperational management is a key part of small business management. Business owners carefully review their operations to ensure goods or services are produced in a high quality manner. Business owners are also responsible for acquiring economic resources to use in their business operations. Operational management can include production processes, customer service, marketing and other various activities. Smaller or home-based businesses are usually easier to manage. Business owners with larger organizations must usually spend more time managing business operations and ensuring all functions are properly completed.Why should you have a business plan?
Having a strong business plan can be the difference between success and failure and with so many start up companies failing it would make sense to prepare a plan.
A business plan should be a working document that changes as your company grows and as circumstances change. Having a plan is like having a road map, if you are not sure where you are going you can refer back to your plan and it will help you to keep moving forward with your business.
Detailed financial plans can help you to avoid financial crisis, by planning ahead for time when you know the business may need extra cash you can take loans out when your business is in a good position instead of waiting for the crisis point and not being able to get financial assistance.
You can benchmark your progress and see if you are getting the results you wanted to get in your plan. if you are not achieving the level of sales for instance then you can start to make changes in order to increase the sales and meet your targets.
A business plan will keep you focused and driven and will help you to plan ahead in your business - this is why it can help you to achieve success.
What are the peculiar problems of small business enterprise?
Capital is one of the major problems of small business enterprise.
How much is the average rent for a small business?
That really depends. In Pakistan it could cost like a dollar for a small business, while in Manhattan it could get to a few dollars per square foot. Next time try being more specific.
How was big businesses different from small businesses?
Big businesses are able to benefit from economies of scale and the discounts associated with buying in bulk. This reduced cost of sales can be passed on to the end customer. Small businesses are often able to provide a more personalised level of customer service and may also be able to benefit from tax breaks.
A person who is an entrepreneur?
An entrepreneur is someone with a vision and a dream, organizing it into a solid plan, and making sure that this plan is executed well and timely.
How old is Kenya Jordana James and what is she the editor and founder of?
Kenya Jordana James was thirteen when she became the publisher and founder of Blackgirl magazine, whose focuses on promoting positive messages and imagery to Black teens. As of two thousand and fourteen she is now twenty four or five years old.
