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How entrepreneurs must utilize management skills

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Reference no: EM131205017

In this module, we learned about the importance of how entrepreneurs must utilize management skills in organizing and running their business. You will explore several areas in this assignment including how entrepreneurship relates to you as a manager, and the types of decisions you would need to make if starting your own business.

In order to determine where your strengths and weaknesses fall, complete the following:

Complete the Entrepreneurial Personality Worksheet (pdf). Based on the results, relate your strong and weak areas to management. How will you use your strengths as a manager? How will your weaknesses play as a manager? Support your answers.

https://bbaddins.schoolcraft.edu/addins/bus217v2/docs/Mod05_Personality.pdf

  1. Next, assume that you are interested in starting your own business. You will need to explore the strategy your business would use, as well as a structure. To do this, use the following resources to learn about starting a business. Your assignment should include exploration on business strategy and structure, which both form the foundation for the business environment.
  2. In your research, include the following elements:
    • What type of business you are interested in?
    • Whatindustryis it part of?
    • What will/does your business do really well?
    • What types of products and services will/do they provide?
    • Will you start a business from scratch or purchase an existing one?
    • The environment could include factors such astrends in small business,start-ups,governmental regulation, public preferences and perceptions, andpotential for failure. How could these factors impact the success or failure of the business?
    • Also, which of the reasons for failure outlined in the chapter could be an area of concern for your business? Why or why not?
  3. Based on your review of theSmall Business Administration"Managing a Business" section, choose at least two resources and explain why they would be helpful to your efforts to start and/or manage your own small business.

Reference no: EM131205017

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