The following are the fundamental questions to consider when starting a business EXCEPT: Do you have a viable concept? Is the reason you want to start a business consistent with your character and concept? Do you know how to run a business? Do you have what it takes? 3
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- How does getting a degree or majoring in business management make your life meaningful?Could writing a conventional business plan ever causemore harm than good? Explain your answer?Writing a business plan is your map to how you are going to operate. Regardless of whether you are interested in taking over an existing business or starting a new one; they both have challenges that you will need to overcome in order to succeed. Discuss one of the challenges in starting a new business and how you may be able to address that challenge with a well-designed business plan. Your challenge can be unique to either a start-up or on-going business or both.
- What is the probability of running a successful business?1. Could writing a conventional business plan ever cause more harm than good? Explain your answer?2. If you wanted some assistance in setting up and running a new business, you might look at business incubators as a solution. What kind of assistance would you consider the most valuable?3. Given the risks involved in starting any company, should an aspiring entrepreneur investigate all possible failure scenarios and develop action plans to avoid these potential outcomes? Explain your answer.4. How do autocratic, democratic, and laissez-faire leadership styles differ?5. Ethical considerations. Apart from meeting the company’s future talent needs, do managers have a personal ethical obligation to help their employees develop and advance in their careers? Explain your answer.6. What are the advantages and disadvantages of the unstructured organizational model?7. Suppose you are the marketing manager of the credit-card department of a financial institution. Your objective is to support the…Why is making a career decision critical to success in business?
- What questions do you normally ask to have a successful career? Explain.You’re getting ready to expand yourwoodworking hobby into a full-time business ofbuilding custom kitchen cabinets. To create top-qualitycabinets, you know you’ll need to upgrade from theconsumer-grade machinery you have now toindustrial-grade equipment. The new equipment willbe much more expensive but, if properly cared for,should last for decades, and you hope to be inbusiness for at least 20 years. If the overall costs ofleasing this equipment or borrowing money to buy itare roughly the same, which financing method wouldyou choose? Why?Based on your total life experience up to this point—as a student, consumer, employee, parent, and anyother role you’ve played—what sort of business wouldyou be best at running? Why?
- True or false?Choose a challenge in starting a new business and how you may be able to address that challenge with a well-designed business plan. Challenge can be unique to either a start-up or on-going business or both.Your goal is to become the CEO of a multi-million-dollar food manufacturing corporation. You’ve had successes in the past running fast food franchises. What are your top business strategies to achieve your goal and how will you plan to execute them?