Small Business Owner Pitfalls

Small Business Owner Pitfalls

  • Submitted By: Moloch
  • Date Submitted: 12/19/2013 12:53 PM
  • Category: Business
  • Words: 916
  • Page: 4
  • Views: 67

Small Business Owner Pitfalls

Kaplan University
CM 107

Small Business Owner Pitfalls

Imagine investing all your hard-earned money to start a small business, and the unexpected happens. Everything is lost: money, business, and self-confidence. Some people who start small businesses do not plan efficiently when beginning their business. Operating a business is not as easy as new owners think. Some new entrepreneurs have no prior business experience, and have no knowledge of support programs that help a business succeed. New small business owners do not realize they can qualify for government-funded programs for training courses teaching strategic planning, financial support, marketing skills, and much more.
Small business owners are not aware of the support they can receive to help with all aspects of running a business. When entrepreneurs seek advice, they tend to go to accountants, lawyers, family, friends, and other business owners. These sources may be helpful, but they may not be reliable. Small business entrepreneurs are unfamiliar with the importance of educational training in management, including knowledge of law and regulations the government requires before start-up of a new business can begin. Shameem Ali, (2011) a DBA candidate of Victoria University in Melbourne, Maine, conducted a study to acquire the amount of information small business owners new firsthand about support programs before starting a business. The interviewers found that most of the small business owners that participated in the survey did not know the extent of the support they could receive. Nor did they have knowledge of the types of programs that are available (Ali. 2011, p. 181).
Having a well thought out strategic plan is a must for any business. Forecasting 3-5 years ahead can save a business from failure (SBA, 2011). Small business owners need to be able to develop a budget plan. A budget plan should have all costs that a business transacts throughout the time the...

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