Professor Joseph Brennan
Individual Project 1
In this paper I will be discussing how I will advice a high school friend of mine Bill Hudson. Bill asked me some advice on a business proposition that he just had. Bill is overwhelmed by the proposition and need a good advice.
Introduction Bill has been an employee of Hugo’s Machine Shop for the last 12 years. Recently Hugo’s Machine Shop owner, Hugo Huffman offered to sell the business to Bill. Hugo knew that Bill didn’t have the money to buy the business and offered to Bill to give him a portion of the profits for the next 15 years and a modest initial investment.
Small Business Owner Characteristics Bill has …show more content…
The lack of managerial experience is going to be something that Bill has to learn very quickly if he decides to buy Mr. Huffman business. Because if he buys the business and don’t make good managerial decision it could cost him to make a successful running business fail, (Scarborough, 2012).
Pitfalls to avoid No one plans to fail in a business venture. But if an entrepreneur actually doesn’t want to fail has to consider it seriously to avoid it. The following are some pitfall that every entrepreneur should avoid if he or she wants to succeed. 1. Know your business- Every entrepreneur should get educated about his business area. He needs to read journal, magazines, books, and even from the web to get to know as much as he can. By having a good knowledge of his business will help the entrepreneur to make the right decision for the business. 2. Prepare a plan- Every business needs a plan. You can’t manage a business by pure improvisation. That only will