Characteristics Of Small Business

ASSESSMENT TASK: 1

(A) IMAGINE YOU ARE PLANNING TO START A SMALL BUSINESS IN AUCKLAND. IDENTIFY 5 QUALITIES AND CHARACTERISTICS YOU NEED TO HAVE TO BE SUCCESSFUL ENTREPRENEUR. ANS :( A)

QUALITIES 1.) ADAPTABILITY: Adaptability means entrepreneur should know that what he actually wants to do because he needs to do many tasks.

2.) PERSISTENCE: Persistence means entrepreneur should have focus on target for success.

3.) WORK ETHIC: Running a small business is very hard that’s why entrepreneur needs to do hard work.

4.) SELF-CONFIDENCE: Entrepreneur needs to be confident because he needs to promote himself.

5.) COMPETITIVENESS: Entrepreneur needs to be competitive as he will face many competitors in market.

6.) TIME MANAGEMENT: Entrepreneur

When people like products and if they don’t like then entrepreneur work hard for making products best. For example: We are starting small business of wedding planner and if people will like our services then that will be big motivation for us and If they will not like our products then we will do work hard for making our services

YOU EXAMINATION MUST INCLUDE THE DIFFERING REQUIREMENTS AT STAGES OF THE LIFE CYCLE FOR NAKED BUS BUSINESS.

ANS:

START-UP This is starting time of business where entrepreneur will invest in business and they will do planning for internal and external environment factors of business. In naked bus service entrepreneur needs to do planning for new technology on the behalf of internal and external environment of business. They should do planning for business with the purpose of profit maximization.

GROWTH This is stage where business is doing good sales and cash slow system is positive. In naked bus service entrepreneur should be careful not to expand faster than their business can adapt to the changes. Entrepreneur of naked bus service needs to do long term planning. Advertisement is important during both establishment and growth.

MATURITY This is a condition of regular cash flow like business is on average point. Sales are on average percentage in business. In naked bus service they need to maintain profits at pre-existing levels. They need to monitor the financial activities because they need to remain same in their business. Average stage is a middle stage like there is no loss and there is no profit that’s at least they should stay at maturity