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Key Terms
Questions
Activities
 7
Questions and Answers on Small BusinessThe newsstand seems to have a lot of appeal. You like the business. You have years of experience in the business. You have established contacts and suppliers. You have your uncle as a mentor. And, let's presume that your uncle is offering you the business at a favorable price and terms. The problem is that you can't achieve your financial objectives with this business alone. So, why not expand? Can you adjust the product mix in the stand to bring a higher return? Is there a possibility of physically expanding the stand to accommodate more merchandise? Are there other complimentary businesses in the hotel that you could purchase and manage? Could you offer products such as foreign newspapers which might bring business to your stand from outside the hotel? Would the hotel allow you to offer additional services such as the overnight rental of VCRs and videos? As you continue your research and become an expert at newsstand economics, you may find opportunities to purchase and leaseback other newsstands in other hotels. Well, you're starting to sound like a newsstand tycoon already. I have been working for a caterer for five years and I think that I can do a better job at catering than the owners of this business. They are just coasting. Should I make my move? Why not you? If you know the catering business, why not you? If you have the desire, why not you? If you are willing to do the research and put in the money and the hours, why not you? Why wait another five years? It is not unusual to find businesses that start strong, but when the owners reach a certain comfort level, everything seems to stop and business begins to coast. They begin to take their employees and suppliers for granted. And, most importantly, they begin to take their customers for granted - big mistake. Successful owners must continue to research and test, and keep their businesses vibrant and alive. If your boss isn't appreciating his or her customers, you might be walking into a big opportunity. Does it take an extraordinary person to succeed in small business, or can everyone do it? Everyone is not suited to small business ownership, but many more people could succeed at small business than who actually make the attempt. Unfortunately, when people get an idea for a business, they are filled with enthusiasm, but when they approach family and friends, the reaction is often overly cautious at best, and downright negative at worst. The result is often procrastination fueled by doubt. It takes extraordinary confidence to accept the risks and take the steps. The hows of small business are actually simple, but executing those simple things can be difficult. Succeeding at small business takes hard work and persistence and determination. It takes having a positive mental attitude when the going gets tough. It takes appreciating your customer when that isn't always easy to do. It takes a continuing commitment to research and improvement. Be extraordinary! Booksby Peter F. Drucker, Peter Ferdinand Drucker (1996) (736 pages) Three books in one by Peter Drucker, one of the 20th century's most important management philosophers. In this intermediate level text, Drucker identifies and explains the practices, decisions, and priorities for achieving business performance and executive effectiveness. The books cover "the three dimensions of the successful practice of management." Managing for Results was the first book to explain business strategy. Drucker shows how the existing business has to focus on opportunities rather than problems to be effective, for it is the opportunities that will bring growth and performance. Innovation and Entrepreneurship analyzes the challenges and opportunities of America's new entrepreneurial economy. It is a superbly practical book that explains what established businesses, public service institutions, and new ventures have to know, have to learn, and have to do to prepare and create the successful business of tomorrow. In The Effective Executive, Drucker discusses the five practices and habits that must be learned for executive effectiveness. Ranging widely through business and government, he demonstrates the distinctive skill of the executive and offers fresh insights into old and seemingly obvious situations. Together these three books have sold over a million copies; they have been published throughout the world and continue to sell actively. These are essential works for the executive. Fail-Proof Your Business: Beat the Odds and Be Successful by Paul E. Adams (1999) (302 pages) Starting a business is easy; staying in business is an altogether different story. This guide reveals how to stay in business and be successful through such topics as understanding the psychology of failure and success, mastering money management, developing essential leadership skills, applying successful sales and marketing techniques, saving a business that is already in trouble and tapping into overlooked strategies for success. While many books deal with entrepreneurship, there are very few that look at how to avoid failing. This is an essential read for anyone risking life savings or plunging deeply into debt to start a new business. Finance for Non-Financial Managers: And Small Business Owners by Lawrence W. Tuller (1996) (352 pages) Business people--especially managers--need to understand how "the numbers" work for their business and if they're adding up. Designed for managers in small through mid-sized companies, this invaluable guide to key financial concepts will help those in business understand the basics of finance and how it affects their business. Financing Your Business (Run Your Own Business) by Iris Lorenz-Fife (1997) (192 pages) This book gives all the information you need to plan, apply for, acquire, and manage the financing of your business. It will guide you in evaluating the profit potential of your enterprise, figuring your ability to carry debt, writing a business plan that will impress bankers and investors, and taking your business from start-up to maturity. Financing Your Business with Venture Capital: Strategies to Grow Your Enterprise with Outside Investors by Frederick D. Lipman (1998) (368 pages) One of the most pressing needs of growing businesses is capital. Bank loans are hard to come by and are also risky. That's why many entrepreneurs look for equity infusion, or venture capital, to help them grow their business. 
Computer Hardware
Go to Lesson Six1 | 2 | 3 | 4 | 5 | 6Index
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