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A small business as defined by the Small Business Administration is any business that is independently-owned, operated for profit and is not dominant in its field or industry. The two types of businesses that attract most entrepreneurs are the distribution (especially)…
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Small Businesses 01 October 2009 A small business as defined by the Small Business Administration is any business that is independently-owned, operated for profit and is not dominant in its field or industry. The two types of businesses that attract most entrepreneurs are the distribution (especially) retailing and then service industries because these two areas require little capital outlay but require specialized skills or knowledge owners have.
2. Most entrepreneurs, although aware of the causes of business failures, are so wrapped with the day-to-day operations of their enterprises that they do not have time to attend seminars that can increase their management knowledge and skills. This kind of attitude such managing by the seat-of-their-pants leads to an ad hoc kind of system that does not lend to long-term success. What they should do is take every opportunity to educate themselves about management theories every chance they can get by going to seminars about this topic. They should take accounting and management courses, the most important of which is cash-flow management.
3. I would most probably enter the retailing business as this requires little capital. However, I still see developing a business plan (even a very simple business plan) as essential to eventual success. A plan serves as a guide that will keep reminding me to stay on the path. Having a plan also helps when raising capital in the future. The major components in a good business plan are a statement of its mission (nature of business), why it is a good idea (its justification), its major goals and how much will it cost.
4. The SBA provides crucial assistance, both in financial terms and management counseling, that can tide over a newly-established business in its initial years. The two specific examples it helps is by providing technical educational training and also help the small businesses win government contracts.
6. I might prefer to become a franchisee because it offers a more secure way of running the business although it does not guarantee success. What franchising really does is improve my chances for success than would otherwise be possible if I attempt to start a business completely on my own. I think a fast-food franchise is a good idea to start a business such as a McDonalds or Kentucky Fried Chicken (KFC) outlet. The benefits of being a franchisee is that I get access to the business experience of others while using just a little capital. I will also enjoy local advertising and in the national promotional marketing campaigns with minimal costs. The franchisor retains control of most business aspects such as standards to be maintained, earns royalty fees from the franchise granted and does not have to use its capital more extensively as capital requirements are supplied by the franchisee. It is like having your cake and eat it too.
9. Leadership provides the vision and direction by which to motivate workers. It is important because leadership gives the key ingredient when pay is not enough to get workers motivated as money is not the only motivating factor based on Maslows five Hierarchy of Needs. When people accept employment, it is generally an unwritten social contract where the employer has expectations about how much work is to done by each employee for how much work (Saunders, Percival & Vartiainen 152). When motivational leadership is lacking, the employer gets shortchanged.

10. Leaders are different from managers because leaders provide inspiration that a group of people can then use to motivate themselves to find solutions to problems. In this way, leadership is different from management as the latter is concerned mainly with implementation of the orders and directives from leaders. It is leadership that provides the direction and vision necessary for any organization to attain its missions. I only partly agree with Gen. Colin Powells definition that leadership is the ability to motivate people as this is too limited. Leadership entails a much greater level of a persons entire intellectual and philosophical skills such as providing the vision for the whole group to adhere to. Gen. Powell likewise likened leadership to coaching which is only partially correct too.
11. The different leadership styles are autocratic (authoritarian), democratic or participative and the delegative (free rein). I would prefer the participative leadership style because it brings out the best in people. In a way, I would also benefit because using this style will let people express their creative ideas which I can also use and to enhance my leadership qualities. The least preferred leadership style for me personally is the autocratic as it does not work in these days anymore. People want to be always consulted on important matters that may affect them and being authoritarian does not lend itself to consultation as orders are given in a top-down manner.
12. The five sets of needs according to Abraham Maslows Hierarchy of Needs ranked according to importance (from lowest to highest in descending order) are:
a. Physiological - needs like food, thirst, hunger, sleep, breathing, sex, etc.
b. Safety – such as physical or bodily security, employment status, health, property,etc.
c. Love/Belonging – a need to be loved and to feel to belong because man is social
d. Esteem – people need respect, recognition, sense of personal achievement, etc.
e. Self-actualization – the highest need of all that includes creativity, happiness, lack of prejudices, acceptance of facts, morality, etc.
Maslow himself had accepted the fact that his hierarchy is not really complete but merely serves as a guide as a complete list of drives will get us nowhere due to the various theoretical and practical reasons (Maslow 252). His hierarchy of needs can be used in business organizations as a tool for improving organizational performance via practical ways of using them as motivational tools for increased worker productivity.
16. Professor Victor Vrooms Expectancy Theory has practical application in a highly-competitive world because performance outcomes are tied closely to desired or coveted employee rewards in an organization. In particular, it is best suited to setting up individual goals because it can be tailor-fitted based on what a person perceives to be his or her desired reward for a good performance outcome or output.
Works Cited
Maslow, A. H. & Stephens, D. C. The Maslow Business Reader. Ed. Abraham H. Maslow. Hoboken, NJ: John Wiley & Sons, 2000.
Pride, W. M., Hughes, R.J. & Kapoor, J.R. Business. 9th edition. Boston, MA: Houghton Mifflin Company, 2008.
Saunders, D., Percival, F. & Vartiainen, M. Simulation and Gaming Yearbook (Vol. 4). Illustrated edition. Florence, KY: Routledge, 1996
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