Table of Contents
Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition (1).
Overview
Instructions
- Develop an idea for a prospective small business and select a name for the company.
- Identify its key competitors and summarize the strengths and weaknesses of one of the competitors.
- Prepare a mission statement that encompasses the purpose of the business and considers its target market.
- Identify the ownership form for this business, taking into consideration tax implications, liability exposure, managerial ability, and cost of formation.
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