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The importance of small business can be sometimes overlooked. The role of small businesses is an important one. Small businesss are like the back bone of America's economy. More people should e involved with the economy and I think small business does that; they help being more people into our economy which then helps bring more available jobs and creates a profit. For our economy to get any better the small business in the market need to be able to thrive and become successful. When our businesses do well then this helps the economy in many ways whither its creating more jobs for the unemployed, or creating a stable market where competition is fair and profit is made which helps the economy because money is being made and spent. Small business's fuel our economy like a coal does to a steam engine train.this is important because in order for our countries economy to produce at hundred percent then we must help keep the market train rolling.
Through my research and observation of local small business owners who have been through the start up process. I've been able to have the opportunity to learn some very important facts about what exactly to do when starting up a new business. This process can be approached in a variety of ways, but either way your business plan must be well thought out. The business plan is the blue print of a business and shows every detail about the company. An owners business plan is always top priority without it you have no business. The business plans holds all key information that is needed during the start up stages of the business. The key for future owners who do wish to one day open a business; must remember that you will not have any chances of being successful unless you take your time and have patience because it can be a strenuous process. Things that should be provided in a business plan will be; where will you choose to locate your business, will you run the company alone or will you choose to go in with a partner, will you need a loan. These are just a couple of things to think about during the start up stage.
I've been able to observe and take classes that relate to small business. I've seen that starting a business isn't an easy process but its worth it in the long run. New leaf Adolescent Care was one of the places I had a chance to observe and learn from. I was able to interview the owner and asked some questions that I felt would help me with learning more about running a business. From what I gathered I realized how difficult the process can be. Some people, based on the type of business, may go though a more time and resource consuming stage, but those who put in the work usually come out with something to show for. There is no easy way to do this but if you have a well panned out business plan then you at least know that you have some insurance and a better chance of success. Every owner has their owns ways of dealing with the start up process all which depends on how that person plans to run his/her business, what type of business do they plan to open, what's your reasons for opening, who will be your target customers, and what will you sale. These are important questions to ask because they will dictate how you plan on operating your business.
Involvement within the economy
I feel it helps our economy tremendously when people go out and become owners and entrepreneurs because with economy being in a poor stage and jobs getting harder to find every day smalls business brings in work and cash flow which helps everyone. (In 2004 studies show that there were an estimated 23,974,500 business running in the United States, of the 5,683,700 business with employees 5,666,000 where small business's) (Longley 1). The small business association showed that in (2001-2002 smalls business with fewer than 20 employees increased employment by 853,074) (Longley 1)."In 2004, there was strong growth of 7.3 percent in proprietor's income which is a partial measure of small business income and Business bankruptcies decreased by 2.1 percent and self-employment increased by 2.2 percent" (Longley 1). Time and statistics has shown how much an impact smaller business has had over the years over our nation's economy and around the world.
Staying with the trend
It has become important for a business to keep up with what's going on in the economy today. One must stay up to date always to survive through the many stages in the market. It's always good to extend your resources even if you think you don't need to. You can always learn something new from others which helps out because you're getting an expert's opinion with what ever it is you're requiring their assistance for. An owner should never deny or be afraid to look for support because it could help better your business in the long run. An owner must be smart with how they operate and run the business. They must always be looking into new ideas and improvements if they want to increase their business performance. Through research, observing the market, and staying with the news going on in the market, Owners can find solutions or a different ways to run a successful business. Staying up-to date keeps an owner on his toes and aware of what goings on around the market. An owner must know what the consumer wants and when and the only way to do this is to always be looking for key information that will benefit you in the future.
Owners have plenty of resources at their disposal that can greatly increase the efficiency of their business. An owner should always use this to their advantage because with new ideas you can keep your business on its toes and stay ahead the competition. There are plenty ways to access this help you could either consult a small business vendor who can provide you with valuable and up-to-date information that will mist definitely help you down the road. Never reject help and the reason for this is because you never know you may learn something you known before. Keeping up with the market will keep you a step ahead of the competition. You must continue to advance and evolve so that new innovations can be made. A very useful and reliable source would be a government source. They are highly recommended because they help and provide owners with valuable information. As the market changes so do the laws so it's always top priority to stay up with what's going on with the government because new laws can help for the better or for the worse. They also provide market assistance they could benefit you with your product or service to the economy. The list of resources grows every day and all vary from the internet to book or magazine it all can benefit your business. Professional help is also option that some people choose which is to have some one come in do an overview your business and give you advice on what you can do to better the business.
Helpful advice and tips
An owner should fully grasp the resource that they are provided with and never stay concentrated on one option. Owners should always be open- minded to other opinions and ideas. Always stay in the market know what's going on around you like the issues in the economy, what's hot rite now, and how the industry doing. Knowing these things will keep you ready at all times and give you a better chance to make it. An owner should always remember the six c's which are character, capacity, capital, collateral, conditions, and confidence. Character is the degree which is how good the borrower is with repaying a debt which is measured by the credit history and payment history. Capacity is if you are able to repay the lender if you don't have good capacity then most people won't loan you money. Capitals is how much money your have or your business is worth most lenders looks at this and prefers a "low debt-to-asset and debt-to-worth ratios and high current ratios" (sba 1) which indicate financial stability. Collateral is what you own sometime owners have to put up collateral when dealing with lenders so that can get a loan. Conditions are the economy, location, and the industry in which your business would be labeled under. Confidence is based on how well you are with the other five c's with high confidence brings good reputation for your business.
With my research and observations of small businesses its clear how important smalls business can be and has been as time goes by. People should become more involved in the economy and I feel that small business's gives more people that opportunity to do that. We want people more active in the economy which would really help a lot. Small business is a great thing to be involved with. I encourage anyone and everyone to invest in a small business if you can because our economy needs it and if we all work together we can help better the economy and bring it into a phases where business's can prosper.
Starting a business in North Carolina interactive guide c.d. from Forsyth tech