Question

The (SBA) Small Business Administration  www.sba.gov (Links to an external site.) , provides many tools and services to assist small businesses, including a new start up business or an existing company. Research SBA and review Warren Brown's story of entrepreneurship spirit. Warren Brown was a former attorney, and he was determined to go into business and start his own bakery.

After reading Chapter 6 of your textbook, researching SBA and reviewing Warren Brown's website on entrepreneurship, please answer the following:

1. What have you learned about entrepreneurship and owning your own business?

2. What skills do you think a successful entrepreneur should have?

3. What are the pros and cons of owning your own business?

4. What three services have you seen from the Small Business Administration's website address www.sba.gov , that might be useful to a business owner? Why are those services helpful?

Visit Warren Brown's website: cakelove.com

Answer 1

1. ENTREPRENEURSHIP

Entrepreneurship is the course of giving birth to a fresh enterprise. Thus entrepreneurship means making somewhat new, forming, managing and undertaking risk and management economic ambiguity. Entrepreneurship refers to the functions accomplished by the entrepreneurs in establishing an enterprise. Just as management is regarded as what managers do, entrepreneurship is regarded as what entrepreneur do. In India, an entrepreneur can be distinct as the person or a group of persons who are accountable for the presence of a fresh business enterprise.

2. Skills of Entrepreneurship

a) Technical: A good entrepreneur should have interest to explore new ideas, new technology and new production method.

b) Human Relation: An entrepreneur should maintain good relations with his customers and the public.

c) Communication: Communication of an entrepreneur must be to the theme, crispy and definite.

d) Decision Making: It means the ability to choose the correct alternative from a number of alternatives.

e) Time Management: Time management is the act or process of exercising continuous control over time spent on specific activities.

f) Behavior and Singular Skills: Impressive behavior and singular skills help to grow entrepreneurship.

g) Computer Knowledge: If an entrepreneur is computer literate he can use the computers and software to perform different aspects of his job.

3. Pros and Cons of Entrepreneurship

Pros	Cons
Independence	Risk of Failure
Satisfaction	Loneliness: completely responsible
Financial Reward	Financial Insecurity: no salary
Self Esteem: Knowing you created something valuable.	Obstacles
	Long Hours: probable work for long hours to get your business off ground

4. SBA- Services

a) Plan your business

You have got a great idea to start your business. For this, small business administration is providing assistance to startup of your enterprise. They provide free business counseling for young minded people. They offer interaction of highly qualified business persons with young people.

b) Launch your business

Here they help us to transform our ideas in to reality. And also give assistance in registration and further formalities. They guarantee business loans for the smooth functioning of our new venture.

c) Manage your business

Help us for run our business efficiently and smoothly. SBA provides low interested loans to help or recover from any losses we met.