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Reflecting on… Small Biz Whiz
LET’S PRACTICE
Name: _____________________________________________________________________________
Advice for Entrepreneurs You are a small business consultant. People come to you for advice on strategies and techniques for starting a business or making their business more successful. Today your clients are two young entrepreneurs, Linda and Melinda, who are starting a business together. Your job: answer their questions and help them become successful small business owners! 1. Linda is a preschool teacher. She’s invented a toy that teaches toddlers who talk too loud how to use their indoor voice. It’s called HeyShhhhh! She wants to start a company to market and sell the toy. She worries that someone is going to copy her toy design. What can she do to protect it? Explain! _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 2. Linda admits that she tends to lose interest in a project after awhile and give up if it gets too difficult, or if the rewards are too far down the road. What trait is she lacking and why is it important for a small business owner to have this particular trait? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 3. Linda and Melinda don’t want their business relationship to get too complicated, so they’re considering operating as a sole proprietorship . Can they do this? What are some alternative business entities choices for them? They want to avoid personal liability for the business. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 4. Melinda plans to handle the marketing herself. She wonders what’s involved, other than printing out flyers and handing them out to the exhausted parents of noisy toddlers. What marketing skills should she have to successfully market the business ? Where can she learn about marketing? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW
Chapter 12 | Small Biz Whiz 230
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