Essay on Small Business

Essay on Small Business

Length: 1473 words (4.2 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.
The first step to starting a business is to create a business plan. A business plan is a document that outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert & Griffin, 2013). Those strategies are used to guide planning and development in the business to achieve its organizational goals. Consequently, a business plan should first define the business’s objectives that it plans to achieve in the future. It then should include the structure of the business and the particular product that the venture will be selling (Berry, n.d.). The critical element of a business plan is sales predictions, where it helps the business owner to deepen his/her understandings regarding the potential market as well as the strengths and weaknesses of existing enterprises. Sales forecasts are particularly useful for determining the right price of the products and marketing the products (Ferrell, Hirt, & Ferrell, 2009). Moreover, market analysis allows the business owner to become acquainted with all aspects of the market so that he/she can define the target customers and position the company in order to garner its part in the market (Hormozi, 2004). Financial factors are the ultim...


... middle of paper ...


...s and Reasons for Their Failure (Report No. SBA-95-C-0403). Retrieved from http://archive.sba.gov/advo/research/rs188.pdf

SBA. (n.d.). Choose Your Business Structure. Retrieved from http://www.sba.gov/

SBA. (n.d.). Choose Your Location & Equipment. Retrieved from http://www.sba.gov/

Urquhart-Brown, S. (2008). The Accidental Entrepreneur: 50 Things I Wish Someone had Told Me about Starting a Business. Retrieved from http://library.binus.ac.id

Zahorsky, D. (n.d.) Accounting for Start Ups. Retrieved from http://sbinformation.about.com/od/taxaccounting/a/accountingstart.htm

Zahorsky, D. (n.d.). The 10 Commandments of a Great Business Name. Retrieved from http://sbinformation.about.com/od/advertisingpr/a/businessnames.htm

Zahorsky, D. (n.d.). Set Up Your Home Office or Business Office. Retrieved from http://sbinformation.about.com/od/office/a/setupoffice.htm


Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Small Business Administration ( Sba ) Essay

- ... The SBA was developed as a means of protecting the interests of small businesses, preserving free competitive enterprise, and strengthening the nation’s economy. The SBA was developed to help Americans start, build, and grow businesses. Paraphrase (Conte) “In economic downturns such as the Great Depression of the 1930’s and the recessions of 1973-1975 and 1980-1982, many people who lost their jobs in larger companies formed their own small business to stay afloat through the hard times.” Times were lean, and individuals were in dire need of staying afloat....   [tags: Business, Small business, Management]

Powerful Essays
1516 words (4.3 pages)

The Small Business Administration Essay

- ... No, that is not a typo. While it is true that most small businesses fail, it is not true that lack of money is the root cause of most failures. Instead, running out of cash is typically a symptom of deeper problems. I started my last companies with literally $0 down, no business loans, and no outside investors, but I was able to turn it into a company that generates tens of millions of dollars per year. While securing a loan to start up your company would be nice, the reality is that it is more important to develop a viable product or service, market it effectively, and establish tight financial controls that ensure you won’t prematurely run out of money along the way....   [tags: Business, Small business, Entrepreneurship]

Powerful Essays
792 words (2.3 pages)

A Small Business Owner Essay

- ... Other disasters like floods, vandalism, employee sabotage, and cyber-espionage create havoc for millions of small business owners and their customers. Did you know that every thirty minutes somewhere in America a vehicle crashes into a building. What if that building was yours, and your computer system was damaged or your store front was destroyed or worse, you were injured or killed. Acceptable risk management solutions mean your small business disaster plan covers as many hypothetical situations as possible so you can protect your assets and continue providing exceptional customer service even when the unthinkable happens....   [tags: Management, Small business, Risk, Business]

Powerful Essays
761 words (2.2 pages)

Small Business Administration (SBA) Programs Essay

- As larger franchise continue to grow and take over the market place small businesses find them selves falling behind financially. With recession and the hard times it has created since 2008 small business continue to struggle to thrive and grow. Throughout this struggle the Small Business Administration (SBA) Loans programs have come up with a way to help the small businesses stay afloat. They help small business get access to financial assistant programs that have been create to help meet their needs including, debt, company growth, general company needs and capital....   [tags: Small Business Administration]

Free Essays
1414 words (4 pages)

How to Start a Small Business Essay examples

- INTRODUCTION A few years ago, a friend approached me about partnering with her in the purchase of a day spa. I had always wanted the freedom and satisfaction that comes with being my own boss. After deciding to move forward with my partner and buy a day spa, I learned to put together a business plan, personnel criteria, and marketing plan. 1. CONCRETE EXPERIENCE Prior to purchasing the day spa, I learned while doing my research that the spa industry is a growing industry and that more than any other time in history; people are leading very stressful lives....   [tags: Starting a Small Business]

Powerful Essays
2008 words (5.7 pages)

Essay about Marketing Research Of A Small Business Owner

- Marketing Research Methods A small business owner has undoubtedly done countless hours of research and put forth great effort in starting up and maintaining their company. Unfortunately, these same business owners may not have focused enough energy towards researching the market and target segments to assure that there is an actual preexisting need and desire for the offering. This paper will compare and contrast three marketing research methods that can be used by small businesses to better understand the sales potential of their marketplace....   [tags: Marketing, Small business, Marketing research]

Powerful Essays
976 words (2.8 pages)

Essay on Small Business For Large Multi Multinational Corporation

- ... In addition, the other strategy of marketing mix is promotion. Business communicating with the customer is called as promotion Businesscasestudies.co.uk (n.d.). Promotion can increase the awareness of the public toward a small business and helps the public to notice the company or product. In addition, it also creates interest among the public. Normally customers will gives certain products a try when there is a promotion, because customers are not willing to spend too much on products that they have never tried before....   [tags: Small business, Business, Marketing, Management]

Powerful Essays
1619 words (4.6 pages)

Essay about Becoming A Financial Advisor For Small Business Owners

- ... First they need an objective statement that frames what will be included in the resume, since everything that is said in the resume should support the objective statement. This statement should be created after one researches the company they are applying for and find out what is important to that company. It is a targeted statement that clearly outlines one’s career direction and emphasises how they are a perfect fit for the company. Then a resume should include skills, work experience, education, degrees, and awards worth mentioning....   [tags: Small business, Business, Management, Teacher]

Powerful Essays
750 words (2.1 pages)

The Role Of Distinctive Managerial, Organizational And Developmental Characteristics For Small Business

- ... There are quite a number of researches conducted in the area of influence of manager’s age and gender as fundamental characteristics, and education, breadth and depth of experience being developmental characteristics (Hambrick & Mason, 1984; Escriba´-Esteve, Sa´nchez-Peinado & Sa´nchez-Peinado, 2009; Rody & Stearns, 2013) on the performance of the business. It is obvious that to get employed in a small business is easier or at least takes a shorter period of time then in a large company where it is usual to have several rounds of interviews and assessments....   [tags: Management, Small business, Business]

Powerful Essays
750 words (2.1 pages)

Effective Business Marketing Methods Will Be The Controlling Factor For Small Business Growth

- ... One will represent not effective up to five, which will represent very or most effective. The survey will have a total of 10 questions and will take each owner no more than 5 minutes to complete. Instrumentation Small business growth will be the defining factor of this study. Effective small business growth practices will be the dependent variable. The instrument that will be used is a survey. The survey will consist of an about 5 short, close-ended questions followed by sub-scales that would grade the effectiveness of each example given in the survey....   [tags: Marketing, Business, Small business, Research]

Powerful Essays
806 words (2.3 pages)