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THE BIG PICTURE
Owning your own business has many benefits, such as being able to work from home in many cases, being your own boss, doing the kind of work you like to do, and building financial independence. There are also many challenges, especially financial risk, long hours, and lots of responsibility. Successful small business owners are entrepreneurial and calculated risk takers, with a variety of traits and skills for running, managing, and growing a business. There are several forms of business organizations with different liability profiles. A business needs a business model and a business plan to guide the owner and employees in increasing revenue, reducing costs, and growing the business. Profit margins improve by increasing revenue and reducing costs, and by following a focused and well-timed growth strategy.
PONDER AND PREDICT Warning! There is a wealth-devouring predator on the loose. If not contained, it can worm its way into your wealth and suck the life out of it. In the next lesson we begin the exploration of protecting and preserving wealth. What is this potentially catastrophic destroyer of wealth? ______________________________________________________ ______________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ PRODUCT PREVIEW
Chapter 12 | Small Biz Whiz 228
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