Foundations of Business (MindTap Course List)
6th Edition
ISBN: 9781337386920
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 1DQ
Summary Introduction
To determine: The steps to take in order to protect from business failure.
Introduction: A small business administration is an autonomous organization of the United States government that secures the interests of independent or small business ventures and guarantees that they get a decent amount of government contracts.
Expert Solution & Answer
Explanation of Solution
The steps to take in order to protect from business failure are as follows:
- Comprise adequate capital not simply to begin the business but rather to prop it up amid the constructing period.
- Get recommendations on administration abilities from experienced individuals in business.
- Wait to extend until the point that they have adequate capital and experience.
- Get guidance on stock control and credit granting practices.
- Examine the correct area for the business.
The proprietors of small business are regularly excessively impetuous and enthusiastic, making it impossible to begin. They proceed without giving careful consideration to arranging.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Mention one example of an entrepreneur who succeeded in his own business, with a brief explanation of him, please sir take your time
What are some of the reasons why many small businesses fail?
Compare and contrast the advantages and disadvantages of starting a business from the ground up. Be sure to include the different types of businesses
Chapter 5 Solutions
Foundations of Business (MindTap Course List)
Knowledge Booster
Similar questions
- In your initial response, please respond to the following questions: 1. Why do some businesses succeed while others fail? List and explain three main reasons why businesses fail. 2. Starting a new business from scratch can seem like a daunting proposition. Accordingly, some entrepreneurs may choose to buy a business that is already established, or purchase a franchise from a business that already has name recognition.arrow_forward1. If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur? 2. Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation? 3. Is someone an entrepreneur because of what they do or because of how they think?arrow_forwardWhy is it important to write a simple or comprehensive business plan before starting up a business?arrow_forward
- Why does the business go bankrupt? What do you think are the main reasons for the failure of many businesses, especially micro and small-scale enterprises? What can be done to keep small businesses viable and to increase their chances of growing bigger and stronger?arrow_forwardHow can small businesses compete with big businesses that sell similar goods and services?arrow_forwardexplain briefly How does the entrepreneurial mindset and skillset contribute to personal and professional growth, even if a venture does not succeed?arrow_forward
- What advice would you offer an entrepreneurial friend who has just suffered a business failure?arrow_forwardWould you prefer to start and organize an entirely new business than buy an existing firm? Discussarrow_forwardWhich form of business is generally most costly to set up but offers the most personal protection? a) Sole proprietorship b) Partnership c) Corporation d) Franchisearrow_forward
- You have just graduated from the MBA program of a large university, and one of your favorite courses was “Today’s Entrepreneurs.” In fact, you enjoyed it so much you have decided you want to “be your own boss.” While you were in the master’s program, your grandfather died and left you $1 million to do with as you please. You are not an inventor, and you do not have a trade skill that you can market; however, you have decided that you would like to purchase at least one established franchise in the fast-food area, maybe two(if profitable). The problem is that you have never been one to stay with any project for too long, so you figure that your time frame is 3 years. After 3 years you will go on tosomething else. You have narrowed your selection down to two choices: (1) Franchise L, Lisa’s Soups, Salads, & Stuff, and (2) Franchise S, Sam’s Fabulous Fried Chicken. The net cash flows shown below include the price you would receive for selling the franchise in Year 3 and the forecast…arrow_forwardThe majority of people who start a small business are aware of the high failure rate and what are the factors that contribute to it?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning