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expensive and small business budgets can be tight, so many small business owners handle their own marketing. If owning a small business is your some-day goal, develop your skills by taking web design, digital marketing, or SEO courses in college or online . IT Manager. IT (Information Technology) managers are responsible for installing, integrating and maintaining a business’s tech systems. They train employees in the system and how to work any particular industry software the company uses. They provide desktop support, fix systems that break, keep the printer functioning, and monitor cyber-security. If a server goes down, a program stops running, or the business is hacked, profits and reputations suffer. Most small businesses are too small to have an IT department, so a small business owner must develop sufficient skills to manage the tech including e-commerce sites, content management systems, accounting programs, databases, and networking technologies . If owning a small business is your some-day goal, develop your skills by taking courses in common business software programs and applications. Many are available online. HR Manager. Sure, you know the difference between a SEP IRA and a SIMPLE IRA because you’re taking this course. But the average small business employer has to learn that and more. Hiring and managing employees these days is complicated. A small business owner has to become a mini-expert in Human Resource Management (HRM) which includes how to recruit, interview, hire, and if necessary, fire employees . There are hundreds of state and federal regulations that govern employment policies, programs, and practices, and if you violate these laws, the business can be fined or sued. There are many online HR training seminars to bring you up to speed on the basic dos and don’ts of effectively managing employees. Customer Relations Manager. Interacting with customers or representatives of customers requires a plethora of people skills. Effective customer service is part sales, part problem solving, part psychology. Customer satisfaction is the lifeblood of the business. If your people skills are not too sharp or if you are slow to respond to a customer’s needs, the word can spread and business will suffer. There are plenty of online customer relationship management (CRM) courses teaching how to develop and maintain positive relationships with customers. Reflect on Learning: Can you list the skills that are essential for starting up and managing your own business? Money management, IT, Marketing, HR, and Customer Relations (CRM). If you owned a small business, how would you learn these skills? PRODUCT PREVIEW
III. What are Typical Small Business Structures? No matter what kind of product or service a business intends to sell, the potential business owner must consider and select a type of legal structure within which to operate . After all, there are bills to pay, employees to hire, contracts to sign, taxes to pay, supplies to buy, and maybe even space to rent. The financial debts and obligations of a business are called liabilities and taking on responsibility for the liabilities of a business is a big risk. Different business structures impact these things differently:
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What’s the Hold Up? In the United States, it takes an average of just 6 days to start a business.
In China, it takes an average of 38 days.
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 223
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