Case Study:
Did you know over 50 % of small business fail within the first year and over 95% in five years? With that in mind, you have just been promoted to a new role as an "Entrepreneur Business Coach" and I am your first client. I am looking to start a small firm that will make an innovative new product called The Widget but don't know a think about running my own business.
Here is some background on where I am today. I have been working off and on with The Widget for the past year, but I want to get serious about it now however I only have a few thousand dollars to invest. I currently am the only one working on the business and I run it out of my basement in the evenings and on weekends when I am not working at my full time job. I would love to work full time in my business, but in order to do this the business must be at a level that it could at least replace the income I earn at my full time job.
Please provide this to me the following in an original response that is at least four paragraphs in length and addresses:
- What questions need to provide answers to when starting a new business and why?
- What a business plan is, and what are the critical elements that it needs to address (with a focus on creating one based on my current circumstances).
- What is the best business structure for me now and why?
- Any other good advice you can provide so as to maximize the chance that I will still be in business a year from now.
Be sure to support your writing with references to your textbook, class readings, or at least one outside source in APA format (in-text citation and an accompanying reference list at the end of your post).