Small Business Management Essay

2012 Words May 31st, 2015 9 Pages
Small Business Management
American Public University
February 6th, 2013

Abstract

In this paper I will discuss the role and the importance of small business. There are several arguments for owning a small business and there are plenty of arguments against owning a small business. I will present how to start a small business, how to organize a small business, and how to operate a small business. This paper can be used a Small Business Bible, or a “How to” guide for anyone looking to open a small business. Small Business Owners and Managers face various issues such as social responsibility and ethics, those issues will be discussed in this paper. At the end of this paper you will be able to write a Business Plan and decide if
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13. How long do I have until I start making a profit?
14. Who is my competition?
15. How will I price my product compared to my competition?
16. How will I set up the legal structure of my business?
17. What taxes do I need to pay?
18. What kind of insurance do I need?
19. How will I manage my business?
20. How will I advertise my business?
The Small Business Administration of the United States lists ten steps to starting a business. The first step to owning your own business according to Small Business Administration (www.sba.gov) is to write a business plan. What is a business plan? Donna George defines of Purdue University defines a business plan as a written description of your business’s future. It’s a document that describes what you plan to do and how you plan to do it (George 2006). A business plan is defined as a formal plan prepared to serve as a tool for attracting the other components of the business formation package, including people and money. A business plan is important for obtaining funds and as a blueprint for operating success. There are two key questions that define how you will write a business plan, What is the plan for and who is the audience (Finch 2012). According to Byrd and Megginson, an effective business plan should include an analysis of:
* The proposed product..
* The expected market for it.
* The strengths and weaknesses of the…

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