Small Business Management

Prior to meeting with the S.C.O.R.E. representative I did some reading on the qualities of successful entrepreneurs in order to prepare myself for the conversation. According to Jones, there are two types of entrepreneurs--the Lifers and the In and Outers. The Lifers dedicate their lives to one endeavor and develop it to the maximum. They grow into very large corporations and become fine examples of leadership and strategy. The In and Outers are quite creative. They develop an idea or a company to the point of secure profit, sell it, and then move on to develop something else.

Kuriloff and Hemphill discuss several characteristics of people who are successful entrepreneurs. These types of people who are good in the arena of small business creation and management tend to be objective and realistic. They strive for accurate and speedy feedback about what they are doing, and the are generally op

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th the S.C.O.R.E. volunteer that there are specific concepts and generalizations that apply to small business management. Although I have been around small businesses all my life, I have not troubled myself with sophisticated concepts concerning the management of a small concern. I see now that specific things have to be thought about before opening a business. There is a direct relationship between repeat customers and the success of the establishment. A large percentage of small businesses fail within the first five years, and this sobering information motivates me to learn what I can about the simple arithmetic of preventing failure. I can see that certain principles apply to the success or failure of small businesses, and it is not a matter of luck or personality. A certain percentage of the budget has to be allocated for advertising, and their must be a certain margin for profit or the business cannot continue. It is important to be clear on the exact characteristics of my targeted customer. I must be very aware of demographics, such as age, education level, and income level when targeting my marketing, advertising and sales. These sociological concerns help me relate my course learning to my own goals in a real, pra
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Approximate Word count = 2833
Approximate Pages = 11 (250 words per page)

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