The (SBA) Small Business Administration www.sba.gov , provides many tools and services to assist small business.

The (SBA) Small Business Administration www.sba.gov , provides many tools and services to assist small business. That can be a start up or an existing company.

For this weeks Assignment, Watch the Video provided by the SBA on a young entrepreneur named Warren Brown. He started his own bakery. He was a former attorney who decided he wanted his own business. After wathcing the video link below, please answer the following:

  1. What have you learned from Warren Brown when it comes to entrepreneurship and owning your own business?
  2. What skills do you think a successful entrepreneur should have?
  3. What are the pros and cons of owning your own business?
  4. What three services have you seen from the Small Business Administrations website, www.sba.gov , that might be useful to a business owner? Elaborate

SBA Video: Profiles Of Success – Warren Brown, Cake Love
SBA Video: Warren Brown (2)
Visit Warren Brown’s website: cakelove.com

MODEL ANSWER

Introduction

            Entrepreneurship is all about identifying a gap in the market, getting the necessary resources and then being determined to meet the market demand. for instance Warren Brown who was a lawyer by profession left his attorney general job after identifying a that there existed a gap in the market inform of lack of good quality cakes. The idea pushed him to establish Cakelove and he became a baker after two years in his career.  The scheme saw him flourish in the field to the extent of attracting international attention (Warren, 2012). A part from that Warren also had financial capital to establish his project. Given that he was initially working, it is then clear that cash needed to get the scheme started was not a big deal. This implies that, however, much one might be willing to become an entrepreneur; the source of funds must be identified. Finally determination and passion are ….

Skills Necessary for a Successful Entrepreneur

            Having an idea, determination and the necessary resources is not enough to start and succeed in business. One also needs some special skills applicable in the daily activities of the enterprise (Jeff, 2007). Some of these skills include: one, problem solving expertise. An entrepreneur must be a problem solver because there emerges a lot of problems in the day to day activities of the business such as solving customer complains. Two he should have ability to communicate clearly and fluently. An entrepreneur is the main source of information in his or her own enterprise. As such he or she must clarify points to avoid confusion and maybe goal blindness on the side of the other stakeholders involved in the undertaking (Nailya, 2007). Third he or she should also have listening skills. An entrepreneur is supposed to be somebody who value and appreciate opinions and viewpoints of ….

Pros and Cons of Owning a Business

            Just like any other venture entrepreneurship has got its advantages and disadvantages. The pros include: freedom of conducting business activities as one is a boss to him or herself, easy decision making because no consultations are required, there is flexibility because one can change methods and procedures of doing business anytime they feel like and finally there is job security as one cannot be sacked by anybody. On the other hand there exist some limitations to self employment which includes: long working hours in anticipation of high profits hence interfering with the much needed personal recreational time, high risk involved as there lacks spreading of risk in a self employed ….

Legal Services Useful To an Entrepreneur

            The three useful legal services that prove useful to a business owner include: one conversion right. An entrepreneur has the right to convert his or her enterprise from a sole proprietorship to limited liability dealing. This has the advantage of avoiding the financial risk that occurs during liquidation of an enterprise such as attachment of personal property to settle debts of the business. Two an entrepreneur should secure patent right services to a void interference by other parties such as coping and producing the same products of a given business enterprise. Finally the entrepreneur ….

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