Tag: starting a small business

Insights On The Five Stages Of Small Business Growth | Forbes

~ knjohn ~ Leave a comment

Even during the best of times, starting a small business is tough. During the Covid-19 pandemic, it became a quest for survival. While roughly one-third of small businesses were closed amid the lockdowns, many have reopened their doors or launched anew as consumer demand roars back.

Each of the 31.7 million small businesses in the U.S. has its own unique flavor, challenges and path to success. Some never expand beyond a single founder; others could scale to become the next unicorn. Along the way, many founders will face common sets of challenges as they reach new levels of success.

Read More

The Difference Between Being a Franchise Owner and an Entrepreneur | Getentrepreneurial

~ knjohn ~ Leave a comment

franchseeeThere is a big difference between being an entrepreneur and owning a franchise. When considering purchasing or starting a small business it is wise to understand the differences so that you can make good choices for your situation. A franchise has much less control over product, strategy and marketing, but has less risk. An entrepreneur controls their fate but does not have the advantage of brand recognition and a ready-made market.

Leadership

An entrepreneur dreams and dream and creates a business from it. This includes feasibility studies, market studies, start-up strategy, funding, strategic planning and business planning. The entrepreneur has tremendous latitude to develop the business according to their own vision and subsequently to respond to the market for the product. The owner develops the leadership for the business and in the end controls the critical decisions.

Read More