Entrepreneurship in Small Business - Case Study Example

There are several characteristics and qualifications that make a good entrepreneur. Any business owner should have a well thought the idea of what the business should entail, its vision and mission. They should be able to raise and risk the needed capital to start the given business. On top of the qualification for the business owners, they should be able to handle the following responsibilities;One of the primary functions of the owner in a store is to manage the store’s operations. The owner should keep an eye on the employees to ensure that they are doing what is expected of them (McKeever, 2016).

Since the owners of Buster are the stores' managers, they will need to perform all managerial duties like customer service, making sure stock is taken all the time and replacement is done, overseeing all the functions around the store and monitoring employees. Due to the capital, the owners have invested in the business, they are the most interested parties in the financial success of the business. With this held into consideration, the owner of the business, therefore, is responsible for monitoring the losses and profits experienced in the business.

This kind of information will guide them in strategizing the prices and marketing of the store’s commodities. The owners are responsible for keeping all the paperwork by keeping a track record of daily financial receipts (Scarborough, 2016). The paperwork will assist the owner when the business auditing season appears.The owner of the store is the vision carrier of how and where they want to see the business in a given period of time. The employees are on contract or hourly payment but the owner gets paid by the profits this business makes.

This means that if the employees are working five hours a day, then the owner should work more since he has to pay himself and the employees too and keep the business running (McKeever, 2016). It should be clear to the owner that failure or success of the store belongs to them not the employees. As a business owner, draw the strategy of how you want to carry out business, the target market and achievements you want to have in the end. The owner of the business like stated before works for long hours by default.

This is so because if there are accounts to be updated late, it’s either for the owner to update them or supervise someone to do it (Scarborough, 2016). In any case, there is something not going on well in the store or in the whole building where the store is located, it’s the responsibility of the owner to see that the problem is solved. Company Legal structureBuster retail store is a sole proprietorship that was founded and regulated by one person who is Marsha Jones. The sole proprietorship is the easiest company or business to start.

It incurs minimal legal costs for startups. This kind of business is owned by one person who then chooses to hire assistants in the operations. The capital, profits and expenses are sorely contributed by the owner of the business. In case of death, there is unlimited personal legal responsibility for the business owner in claims, taxes and debts that the business has and hence there is the likelihood for this business to be dissolved in such cases (Burns, 2016). Management teamA retail manager should have a minimum academic qualification of a high school diploma.

A sales associate experience should be an added advantage since that is where most retail managers are birthed (Burns, 2016). Most of the times a similar experience in working in a store gives a person relevant skills and a good foundation to tackle responsibility. In most cases, this experience is viewed as an equivalent of a college education by most employers.