Identify why you think that these are viable alternatives. Consider the following. What are the pros and cons associated with each? What are the outcomes that each alternative will produce if chosen?
Identify why you think that these are viable alternatives
Identify why you think that these are viable alternatives. Consider the following.
What are the pros and cons associated with each? What are the outcomes that each alternative will produce if chosen? Detail what resource(s) the company possesses and must initiate in each alternative for success. Furthermore, how do these alternatives impact the company’s value creation? What could the potential financial opportunities, or challenges, can occur from these alternatives. What might be the impact on the Vision/Mission and the cultural and social images of the organization?
Advantages and Disadvantages of Small-Business Ownership
Starting a small business is a matter of self-selection and self-determination. While the founders of small businesses still are a part of the society they live in, their business ventures can allow them to step into an alternate reality, part of a social order in which each person—regardless of gender, race, ethnicity, religion, birth or circumstances—can achieve their fullest potential and receive recognition for their achievements.There are very few things in life that can compare to the experience of creating your own business. As investor and former entrepreneur James Caan expresses it: “Nothing will ever replace the thrill of creating a profitable company from scratch.”
A small business owner has an extreme amount of latitude in both business and lifestyle choices, from developing the business concept and operating environment to defining success. The benefits—measured in impact, revenue, or infrastructure terms—are essentially unlimited. Perhaps the most nebulous, but important, benefit of being a small business owner is the freedom to choose your business’s purpose and goals.
The flip side is that you own the decisions and the results of those decisions. Evasion is not an option: you can’t say, “it’s not my job,” point fingers, shrug or check out. Additionally, as a small business owner, you will probably be risking your own (and, perhaps, friends & family) capital. Essentially, you’re flying without a net. There’s no guarantee of a regular paycheck and no paid or subsidized benefits (including a retirement plan, holidays, or perks). Further, you’re responsible for business development, business planning, HR, IT, and every other function as well.
Freedom from an employer’s expectations comes at a cost: you’re responsible for setting and managing expectations—for yourself and others—and also for making the magic happen.
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