Small Business
Overview: Although experts disagree on the exact statistics, the rate of failure for new small businesses is significant. Also, even for established small businesses, the risks to success and survival are great and constantly changing in today’s market conditions. Using the information already presented in the course and resources similar to those below, we are asking you to compose a paper expressing what you believe to be the three greatest dangers to a small business and how you would address those problems as a small business owner/manager. Instructions: • Describe and discuss the dangers of small businesses. • Identify the top three reasons YOU think small businesses struggle. • State your reasoning behind your selection of the issues. • Present your ideas for dealing with those issues. Requirements: • Your paper should take the form of an academic research document and therefore be in proper APA form. • It should have a clear introduction with thesis, body, and conclusion. • Focus on quality, as opposed to length. • You should have clear transitions between paragraphs. • There must be a minimum of three APA references (in addition to the course textbook.) • The anticipated length of the paper should be a minimum of five pages with more thorough and thoughtful work extending beyond that guideline. It is not expected that the paper would exceed ten pages in length.
Sample Solution
Small Business
Small businesses are unique in many ways. They do not have the extensive resources or knowledge-base that multi-million dollar organizations may have. Because of this, while small business may face risks to their larger counterparts, they may be more vulnerable and thus should employ more careful mitigation strategies. The biggest dangers/risks to small businesses include: financial risk; strategic risk. It can be hard to know what steps to take when your organization is new; and reputation risk. Reputation is important for small businesses because they need to create a good reputation in order to grow. The most common reasons small businesses struggle include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives. A fundamental part of overcoming business struggles/failure is rooted in the mindset you have. It begins with a flexible and positive attitude and a willingness to change. Adopt a forward-thinking attitude, manage cash flow efficiently, and set smart goals and develop achievable strategies to attain them.
