Small Business Owner Characteristics Essay Example | Topics and Well Written Essays - 500 words

Small Business Owner Characteristics - Essay Example If you would have listen to my investment advice years ago, maybe you wouldn’t be in this situation. You can look into a small business loan. There is something you can do about your non-existent business background. The first thing I would do is look up this website, http://www.sba.gov/starting_business/planning/basic.html. It is the United States Small Business Association website. They offer help in many different ranges, from business planning to small loans. Since your small business is already established, some of their services wouldn’t be helpful. They do have free online courses to help manage a small business. The Small Business Association should be able to help you not only with bookkeeping, but with business planning. Business planning is a must. It not only helps you define your profit and losses, it helps you market and achieve longtime goals. You can go this route, or if you don’t have time, you can hire a part time bookkeeper/manager. This will d ecrease from your profits. I believe you told me Hugo does his own books. If he can do his own books, manage and still find time to do machinist work, it should be possible for you to achieve as well. Small businesses fail because of the owner’s vision of his business, not what the business really does. You must go into this venture with your eyes wide open. A business owner has to be able to not only manage his staff critically, but his self as well. For example, if a job is going to put you into debt because of your need for perfection, you have to be able to turn that job down. You cannot let the machinist in you override your ability to manage this business. Hugo’s decision to take a small down payment and then take a percentage of the profit for the next fifteen years could be wise or very stupid. The Small Business Association website has a section on financing. You should check it out. If you take my advice and use this