Small business is defined as an independently or privately owned business, usually in the form of a sole proprietorship or a partnership and is not dominant in its field (U.S Department of Treasury, 2010). It is limited to have no more than 50 employees or 1500 employees for manufacturing industries, and a turnover less than 5.6 million pounds (HM Revenue & Customs, n.d.). Throughout the years, small businesses have grown significantly, with over 543, 000 new businesses start each month (Nazar, 2013). It is undeniable that almost everyone wants to start and have their own business, even a small one. Who would not want to have the pride of having built something of their own and profits flowing into their bank account at the end of each and every month? (Dahl, 2011). In order to make such an “easy life” come true, there are several steps that must be taken carefully. There are plenty of ways to establish a small business but the most important ones are searching for ideas, drawing a business plan, determining the amount of capital, deciding the target market, building the business’ own brand and completing all the necessary legalities (Open Government License, 2013).
All business plans begin with an idea. A small business does not require large amount of capitals or investments, it only needs one brilliant and creative idea. It then depends on how we make it a target for a business strategy and plan. An idea has to be realistic, so that it can be turned into a real product or service. One needs to get over “the company name thing” and must not waste time to come up with a perfect company name. Instead, start digging and exploring for ideas he or she has in mind. . According to Day (2012),...
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US Department of Treasury. (2010). Retrieved from Part I: The Government Definition of a "Small Business". Retrieved from http://www.treasury.gov/about/organizational-structure/offices/Mgt/Pages/dcfo-osdbu-how-to-part1-index.aspx
Vitez, O. (2014). The Definition of Small Business Management. Retrieved from http://smallbusiness.chron.com/definition-small-business-management-3994.html
Whitaker, B. (2007, May 2).Small Business 101: How to Get Started. Retrieved from
Yancey, K. (2013). SCORE Honors Ken Yancey CEO of SCORE with First-Ever Small Business Corporate Support Award. Retrieved from http://www.score.org/news/score-honors-ken-yancey-ceo-score-first-ever-small-business-corporate-support-award-0
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