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Business Studies 3

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Business ideas are the core aspect for entrepreneurs. The plans can be generated from personal experience or issues such as talent. The government can provide incentives to the business starters thus aiding in business continuity.

Questions
3. Describe the benefits that come from a government that supports small businesses with resources and information. Be sure to include benefits that come to individuals and local communities, as well as to the small businesses. What are the negative consequences that occur when a government does not support small businesses?

The government plays a critical role in supporting small businesses. The government provides loan grants to entrepreneurs to enable start up a business enterprise. However, the government can create a market for the products to the small businesses. Provision of tenders is evident practice for the government support to small businesses.

Business training is an approach that the government utilizes to help small business owners. The individuals receive adequate skills in business management as well as risk assessment. The benefits of government support are critical in enhancing business continuity and service delivery. However, the enterprise can lead to the creation of employment for individuals in the community.

Lack of government support to the small businesses results affects the business operations. The enterprise can collapse due to lack of support and cause unemployment to individuals. However, it can lead to the inaccessibility of products that are provided by small businesses.

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4. Do you have the personal qualities necessary to become a successful entrepreneur? If so, give a specific example of a time when you showed each of the qualities.

Discipline and innovativeness are some of the critical attributes of a successful entrepreneur. As an entrepreneur, it is essential to be open-minded to help curb business challenges. I showed the qualities of an entrepreneur when there was a competitive environment for the business enterprise. I had to be innovative on how I can increase the market segment and enhance innovativeness to curb the challenges of the competitive environment. However, discipline was the core of the success because it enabled me to achieve the business goals and hinder the obstructions.

Adequate social and ethical skills are also crucial factors for a successful entrepreneur. The case of motivating the employees is an apparent manner for strong entrepreneurial skills. Practical communication skills are essential for product advertisement and curtailing competition.

5. A successful entrepreneur tends to be an experienced, educated professional with access to lots of financial resources and helpful personal contacts. Another type of successful entrepreneur is the person who struggles in the traditional work world, due to family demands, lack of resources and education, or racial discrimination. Explain why this is so.

A successful entrepreneur can either be educated or uneducated. The critical aspect of being a successful entrepreneur possesses the qualities that can help to prosper a business idea or enterprise. However, successful entrepreneurs can have education professional skills, and access to financial resources (Littunen 295). The skills can enable the individual to manage the operation and solve the business challenges due to the education expertise. Access to financial resources can help curtail the start-up challenges for the new business entrepreneurs.
A successful entrepreneur can also be from an individual with family demands who lacks education as well as financial resources. The entrepreneur can be successful due to the determination to achieve the goals as well as the discipline despite lacking educational background. However, such an entrepreneur can be open-minded and innovative and may want to create solutions to the challenges facing people.

Successful entrepreneurs can either be educated or uneducated. Personal qualities and aspects such as talents can foster business ventures.

8. Compare the advantages and disadvantages of starting a new business from scratch as compared to franchising a new business. Which form would you prefer and why?

Individuals can start up a business from scratch or can franchise a new business. Starting a business from scratch can be beneficial to the entrepreneur. The individual acquires the critical skills during the startup, and the skills can help the entrepreneur gain discipline over the business affairs (Salar and Salar 515-519). Challenges during recruitment can equip the entrepreneur with adequate business skills. Starting an enterprise from scratch is difficult due to the associated difficulties. Customer base while starting a business from scratch can be a challenging affair. However, marketing the business products can also require a lot of resources such as workforce. Hiring employees can be a challenging affair while starting a business from scratch. It is due to the instability of the industry during the beginning that can lead to business problems.

Franchising a business is beneficial because the enterprise has a customer base and a market segment. However, the business policies and systems are already put in place hence the entrepreneur does not have to set up everything.

Franchising a business can be expensive due to the resources reinforced in the industry. I can prefer franchising a business because of the progressive flow of profit and the established customer segment.
In summation, business activities require discipline and adequate entrepreneurial skills. The skills enhance a competitive advantage thus increasing the business profit.

Work Cited
Listen, Hannu. “Entrepreneurship And The Characteristics Of The Entrepreneurial
Personality.” International Journal of Entrepreneurial Behavior & Research 6.6 (2000): 295. Web.Salar, Menekse, and Orkide Salar. “Determining Pros And Cons Of Franchising By Using Swot
Analysis.” Procedia – Social and Behavioral Sciences 122 (2014): 515. Web.

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