Drawbacks/Disadvantages of Small Businesses Importance of Small Businesses Benefits to Starting a New Business Benefits to Purchasing an Existing Business Franchising E-commerce Steps toOperate a Small Business Business Plan Purpose:to create a written outline that evaluates all aspects of the economic a description and analysis of your business prospects Reasons.focus on your objective:uncover omissions and/or veaknesses in you planning process. solicit opinions and advice from people Outline of a Comprehensive Business plan Small husiness Suc ss and Failure Causes of failure: inadequate sales competition.heavy operating expenses. difficulty in collecting accounts,poor location,inventory difficulty,managerial inexperience or incompetence and inadequate financial planning Ways to success:choose the right type of business,get experience,be familiar with the specialized areas of sales,finance. purchasing.and production. Going International: Small Business Prospects Present the world market is potentially a much larger,much more lucrative market for small business.In spite of the potential.most small businesses still do not Home Assignments: Review the questions (if any)listed in the lecture outline 5 15 Drawbacks/Disadvantages of Small Businesses Importance of Small Businesses Establishing a Small Business Benefits to Starting a New Business Benefits to Purchasing an Existing Business Franchising E-commerce Steps to Operate a Small Business Business Plan Purpose: to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. Reasons: focus on your objective; uncover omissions and/or weaknesses in your planning process; solicit opinions and advice from people Outline of a Comprehensive Business Plan Small business: Success and Failure Causes of failure: inadequate sales, competition, heavy operating expenses, difficulty in collecting accounts, poor location, inventory difficulty, managerial inexperience or incompetence and inadequate financial planning Ways to success: choose the right type of business, get experience, be familiar with the specialized areas of sales, finance, purchasing, and production. Going International: Small Business Prospects Present situation: the world market is potentially a much larger, much more lucrative market for small business. In spite of the potential, most small businesses still do not think internationally Home Assignments: Review the questions (if any) listed in the lecture outline