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Small Business Establishment, Development, And Management Unit 2 Individual Project

696 words - 3 pages

All businesses, both large and small, in order to secure investors, financing, or both, need to begin with writing an effective and thorough business plan. According to an article entitled, "Do You Hate to Write Business Plans?How Business Planning Helps Entrepreneurs Succeed"By William Clark, Past FastTracTM Executive Director, located online at:http://www.entreworld.org/About/FastTrac.cfm, thepurpose of a business plan is to help to guide both potential and existing business owners, in evaluating their business, bringing possible risks to the surface so they may be dealt with, and in addition, identifying the requirement for the business to run such as manpower and financial obligations. This step is essential to the start-up of a firm, because it provides a "blueprint" for the potential owner to follow in order to make sure that all necessary steps are taken to run the business successfully.Taking into consideration all the information ...view middle of the document...

Another option was Venture Capital, which is great if you can find big business investors who can give you a name to stand behind, however the process in finding investors is timely, and they do not always just expect capital returns. They could possibly contract you into sharing rights to your inventions/ideas.Before starting a business, entrepreneurs must take into consideration the legal issues they may face after opening their business. For one, if you have employees you always run the risk of being sued. According to the article titled, Ties That Bind, by Jane Easter Bahls, located at http://www.entrepreneur.com/article/0,4621,311040,00.html, it is important to have all employees sign an arbitration agreement. Simply put, an arbitration agreement is designed so that employees waive their right to sue over --employment disputes. Instead, both parties would sit in front of arbitrators to settle the matter out of court. Small business owners do not have to only deal with employee liabilities, but also ones associated with defective equipment or services. The website:http://www.ces.ncsu.edu/depts/fcs/business/menuliab.html has a list of liabilities associated with small business ownership.Lastly, small business owners that venture into a business as a married couple face even more issues still. According to the site:http://www.bankrate.com/brm/news/biz/Biz_ops/19990610.asp,article titled, Married to the boss: Running a business with your spouse, by Ellen Forman * Bankrate.com, couples face issues such as disagreeing on business practices/ideas, and taking their work home with them, which leaves little time for their relationship. The best advice given on the website, is to respect the opinions of your spouse, and the "leave work, at work" ethic. In closing, there are many issues involved with small business ownership, but with delicate planning, and a thorough business plan, it is a reachable goal.Sources Sitedhttp://www.entreworld.org/About/FastTrac.cfmwww.startupjournal.comhttp://www.entrepreneur.com/article/0,4621,311040,00.htmlhttp://www.ces.ncsu.edu/depts/fcs/business/menuliab.htmlhttp://www.bankrate.com/brm/news/biz/Biz_ops/19990610.aspBusiness Essentials, Fifth Edition, Ronald J. Ebert and Ricky W. Griffin

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