(Add to Favorites | View All Articles | Resource Directory)
|
|
|
The risks and rewards of starting a small businessStarting a Small Business: Balancing Risk and RewardIn a perfect world, starting a small business would be risk free, but just as with everything else; the degree of risk determines the value of the reward. According to the National Commission on Entrepreneurship, at any given time, 6% to 9% of the United States adult population is involved in planning for a new business. Most of these aspiring entrepreneurs, they say, will start a "Lifestyle Business" - primarily providing employment to themselves and their families. The balance will find themselves in "Entrepreneurial Firms" - those growth companies that, according to the NCE, created two-thirds of net new U.S. jobs in the 1990s. Both are fraught with risk - and potential reward. Ask a small business veteran about the risks, and three likely come to mind: employees, inventory, and accounts receivables. These are both the bad news and good news of business. In the audiobook, "Sound Advice on Small Business," author Jim Schell says, "The bad news is that they're a headache to manage, but the good news is they exert leverage." What business would Schell, a seasoned entrepreneur and co-author of "Small Business for Dummies," start if he had it to do all over again? With his tongue planted firmly in his cheek, he says in a perfect world it might be any business without employees, inventory, and minimal accounts receivables. Seriously, though, Schell says, "Without [them], you can only grow so far, so big. With them, the world is our oyster." Jim Schell offers advice to entrepreneurs on managing a small business each week in the free audio newsletter from What's Working in Biz, http://www.whatsworking.biz/full_story.asp?ArtID=92 About The Author Cunningham is a principal of What's Working in Biz, http://www.whatsworking.biz, a publisher of business audiobooks and online audio programs on marketing, sales, and small business strategies.
MORE RESOURCES: News provided by Yahoo! News and Google News Small Biz: New shop strives for global connection - Online Athens Banks surpassing small biz goals - Cincinnati.com Tools And Tips For Small-Biz Spam Assassins - bMighty.com Chamber Hopes Small Business to SCORE with New Program (94.3 WKKJ-FM Chillicothe) Small-business leaders, aerospace group give Colorado lawmakers their wish lists (BizJournals) Small Biz Must Be Creative To Survive - NBC4i.com |
|
|
|
RELATED ARTICLES
Things to consider when it's time to hire some help As a successful small business owner,you're accustomed to long hours; non-existent holidays and weekends spent working.When was the last time you went to your dentist? When was the last time you had an uninterrupted night out with your partner?Whether your goal for 2005 is to find more time for family or personal enrichment --like attending classes and conferences -- you'll want to consider bringing on some help. Your Small Business Suggestion Box A suggestion box is a really good idea for your business. It can help you get valuable feedback from your customers -- feedback that they don't normally think to share with you. Profits are within 6 Degrees of Freedom How far away is the person you need to meet?We have spent some time discussing your inner circle and have suggested that you take time to list all of the people that you know and that KNOW YOU. This inner circle is the start of finding out who knows a person that you need to meet. Setting Up as an Electronic Repair Authorized Service Center If you plan to upgrade your workshop into an Authorized Service Center, this should guarantee plenty of work and a secure future. Setting up from scratch as an Authorized Service Center is not an easy job. 11 Things Small Business Owners Can Learn From The Supreme Court 1. Have A Strong Constitution - Justices deliver decisions by interpreting the U. FTC Report on Franchise Rule Making; What Purpose? The Federal Trade Commission out of the blue decide in November of 2004 that they wanted to revamp the franchise and business opportunity rule; specifically addressing franchising. Now then, why now? To prove to the masses that the Federal Trade Commission is in control? After all it is nearly 10 years after the Federal Trade Commission considered revising the rule, before this report has surfaced again. How to Profit from a Concrete Roof Tile Business Concrete Roof Tile Business: During the 2004 summer season, storms plagued the United States. Damages from the Hurricanes in Florida alone sent resources in the southern states scrambling. Mobile Detailing VS Fixed Site Detailers Mobile detailers will find themselves with lots of competition even if they do not see them around town. There are also many fixed site detailers who specialize in wholesale detailing or the retail detail or both. Essex Accountant: Accountancy Firm MVP for Your UK Business? Most business owners know when they need an accountant, but they do not realize how important the task is or how much their results can vary. No other job position outside of your own is going to affect your bottom line like an accountant and contrary to common belief, the job is not just about crunching numbers. Reaping the Rewards of Cost Cutting In these days of insecurity and uncertain futures, the tendency is to manage for survival but the smart business leaders are actively hunting for profits.And they are doing this without launching costly new initiatives or major capital investments. Build Credibility, Value, and Trust on a Shoestring Setting priorities in your business? Your first job is to sell. Selling is - writing the orders; receiving the cash; feeding the beast. The Joy and Hazards Of Finding Your First Office Q: I have outgrown my home office and need to find office space for me and two part time employees. I am really excited about opening my first official office, but never having rented commercial space before I don't know anything about how this process works. Who Does Over Disclosure Really Hurt In Franchising? Costs of over regulation and over disclosure end up hurting the very consumer that the regulatory bodies are trying to protect. Over disclosure and over regulation is in itself the worst evil of civilization, as it stifles free enterprise, innovation and free markets. Writing a business plan - simplified Writing a business plan for your Solo Entrepreneur business doesn't have to be a daunting project. If you can answer 10 straightforward questions about your business, you can be ready to go. How Micro Loans Can Mean Macro Success for Your Business "Inch by inch, row by row.. There has never been a better time to start a small business As a teenager I worked for my father's small business. At 18 I worked for a small video rental business owned by two partners; there were 4 employees. Survival Tips For Small Businesses You may be in Mail Order, Direct Mail, or you may be a local merchant with 150 employees; whichever, however or whatever---you've got to know how to keep your business alive during economic recessions. Anytime the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be run as a "tight ship. The Role of the Business Model and Strategy for Business People will always stress that having a well researched business plan is key before you start your business. Although creating a business plan is often an important step in the evolution of a business, particularly if you need financing or you are not experienced at running a business, it is not necessarily the essential first step. Where to Find a Cash Windfall of $10,000 to $1,000,000 -- You Never Knew You Had There is a rather famous true story called "Acres of Diamonds".It is about a successful farmer who risks everything searching the African continent for diamonds.
|
| home | site map | articles |
| © 2006 |