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Small Business Management: Entrepreneur: A person, who starts and/or operates a business. The Rewards and Drawbacks of Entrepreneurship: · The reward of profit · The reward of independence · The reward of satisfying way of life Drawbacks: · Hard work · Long hours · Emotional energy · Risks Characteristics of Entrepreneurs: · Need for achievement · Willingness to take risks · Self-confidence · Passion for the business Types of Entrepreneurs: There are three types of entrepreneurs: founders, general managers, and franchisees. Founders: An entrepreneur who brings a new firm into existence. General Managers: An entrepreneur who functions as an administrator of a business. Franchisees: An entrepreneur whose power is limited by a contractual relationship with a franchising organisation. A winning hand of Entrepreneurs: · Customer Focus · Integrity and responsibility · Innovation Business Plan: A document that sets out the basic idea underlying a business and related start up consideration. A business plan has two primary functions: 1. To provide a clearly articulated statement of goals and strategies for internal use, and 2. To serve as a selling document to be shared with outsiders. Deciding on the content of a Business Plan: Four independent factors should be given thorough consideration in deciding on the content of a business plan for a start up company. The People: A description of the men and women starting and running the venture, as well as any outside parties, such as lawyers, accountants, and suppliers, providing key services or important resources.
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