Starting a Small Business the Term Paper

Excerpt from Term Paper :

The concept of brand loyalty is gradually wiping out. It is the enterprise with a persona that will become successful in the 21st century, according to Steven Cohen, the director of corporate development for the accounting and professional services firm of Goldstein Golub Kessler & Co. (Pollan, 1993)

Irrespective of the type of business with which the entrepreneur is involved it is required to allure and maintain good people those can serve as the replica of the entrepreneur while addressing the customers. This is not possible unless some type of enduring relationship is offered to them. One normal mode is to deploy individuals those may not desire permanent relationship. There may be people thinking of flex-time or part-time positions to harmonize their home lives. Or they may be the older individuals those think the complete retirement is not what they desire. Irrespective of their environment, the entrepreneur is required to attach them to the business. According to Arnold Brown, this is possible by offering them a part of the action instead of their permanence. It is required to search our some modes for them to associate in the growth of the profit of the business, whether it is through bonuses or commissions. That will visualize them their future well being. It is required to make them understand that they may not be there for ever but they shall be dealt with justly as long as they are associated with the enterprise. (Pollan, 1993)

Taking into account the total liability for the financial well-being of the employees, the person who starts a business is required to have a plan for hiring, paying and supervising workers, and required to set up personnel policies or job descriptions and take into account the periphery advantages, bonus plans, profit sharing and taxation. After indicating the steps essential to initiate the business, one is required to deploy competent legal advice to make certain the persistent adherence to laws and regulations, particularly those that addresses the employment and liability issues. There is a necessity to query for the suggestions from people the entrepreneur knows personally and those have deployed lawyers in connections with business concerns. At last, if one is attempting to initiate or run a small company, one essentially acknowledges a little bit about everything associated. Even if one has the capital to rent an accountant, a sales manager or a production manager, it is beneficial to sufficiently aware of the jobs of each to find out and evaluate their performance. One cannot hypothetically assume that people are aware of what they are doing or that of their interests are the same as that of yours. (Sherrod, 2004)

Like other things, the introduction of an effective business necessitates being in the right place at the right time. Thus the effective entrepreneurs in 2005 most likely are those who are capable of detecting and capitalizing on the trends far reaching the late 1990s. The analysts those monitor the trend of the growth of emerging companies visualize that some of the strongest opportunities over the coming few years will stem from the persistent efforts of corporate America to be the leaner by infusing tactics like contracting out to smaller firms. An aging population and the persistent growth of dual-income families, the experts say also will offer lucrative openings for entrepreneurs those can serve the medical necessities of the older or offer timesaving and child-care services for engaged parents. However, till now the best possible growth areas for business, several trend-trackers visualize, are the high technology avenues. (Litvan, 1996)

One can visualize and tell that information technology, according to Pete Collins, director of entrepreneurial advisory services for Coopers and Lybrand, and international accounting and consulting firm, is an extremely hot area. Larry Winter, assistant vice president of small business and express services at Dun & Bradstreet Corp., a business-information company in Wilton, Conn. opined, the emerging trend is in the sphere of high tech avenues. Presently the most modern high tech avenues according to him involve the services that assist firm's network computers and gain access to the Internet. An intermittent survey by Coopers & Lybrand, known as the 'Trendsetter Barometer', also recommends that where revenues are more prone to continue flowing. The firms entailed the top-executives of 400 of the fastest growing U.S. firms to detect what they consider to be the growing avenues in America.

The prioritized list of responses was high-tech areas, involving local-area-networking services for computers, software manufacturing, and telecommunications equipment and services. But Collins, who assists in conducting surveys, recommends entrepreneurial wannabes to consider viewing beyond the emerging avenues themselves to search out modes to serve businesses that are inherent. To illustrate, his analysis on quickly growing firms indicate that the personnel of such companies think hindered by the problems in searching out the skilled workers. Such managers are frustrated since they cannot achieve what they necessitate to continue growth at a rapid rate, he reveals. That harassment provides scope for companies to step in and assist the hard pressed managers in searching out the skilled workers or develop the prevailing skills of the employees, according to Collins. His survey also reported a great interest in product exporting, those presents another opportunity for outsiders that can tender consulting and other types of services to firms exporting to a particular country for the first time. (Litvan, 1996) plethora of agencies and organizations are prevailing those specifically concentrate on assisting small businesses to succeed in every way possible since business like those of frame shops play a crucial role in the economy of the nation. Here is some quick information to some of the best organizations available to assist enhancing the business insight and enhance the bottom line. Often the most practical advice stems from someone that has been there. The Service Corp of Retired Executives or SCORE, a non-profit organization which entail free, individualistic consultancy provided by a group of volunteers those function in association with SBA. The consultants can assist businesses in detecting the managerial difficulties, indicating causes and propose viable solutions, along with assistance in evaluating business, marketing, operating and growth plans. They extend assistance with advertising, financial and other business processes and are available for enduring advising sessions if necessary. The Business Information Centers or BIC's which are run by SCORE volunteers and the SBA, has the latest in computer technology, hardware and software with programs that incorporate assistance to generate a business plan, research potential markets or deal with legal issues pertinent to the state. (Wong, 2002)

The U.S. Small Business Administration or SBA generates financial, technical and management assistance to small businesses. The SBA is considered to be the largest single financial supporter of small business and during the last year assisted more than one million business owners. While the SBA does not provide direct loans, it assures loans through varied loan programs incorporating the Microloan programs. (Wong, 2002) Some microloan programs in major cities nationwide are as follows. The Charo Community Development, founded in 1967, in Los Angels extends assistance to the micro enterprises in both the languages of English and Spanish. Providing access to anyone, it is associated not only with people in the local community, it teaches aspiring entrepreneurs to develop a business plan and a marketing plan and extends them with access to the Internet at no additional costs. The duration of the course extends to 11 weeks and charges $199 to embody the contents; however, the students get weekly expert lectures on all avenues of entrepreneurship. Charo also acts as the linkage between the entrepreneurs and financial organizations and perform the base works with the lenders. (Torres, 2005)

The Project Enterprise was originated in New York City in 1997 to assist building the local economy. The Micro loans starts from $750 and extends up to $12,000 and are available even to entrepreneurs with less than perfect credit-they visualize at social collateral. According to Arva Rice, executive director, what it implies is that they consent to come to these meetings on a biweekly basis, associate with the rest of the group, and utilize their time and recourses in the association. The beginners associate with the six-week training and learn to put together an executive summary, profit and loss statements, and income and expense ledgers and so on. In San Francisco the Micro Mentor, introduced in 2001, generates guidance to beginners by combining micro-enterprise entrepreneurs with mentors through an online matching service. It declines hindrances that micro-entrepreneurs particularly have, according to David Rand, director, adding that they are in the process of deploying mentors from across the country. On the basis of the peculiarity of industry and type of business, entrepreneurs and mentors interact at least once a week for three months through phone, e-mail or in person. Mentors must have at least three years of entrepreneurial experience or five years of expertise in a specific field. (Torres, 2005)

Further, the small business development centers or SBDCs, those…

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