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Illinois Personal Strengths and Weaknesses - Owning a Small Business
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7 Benefits Of Owning A Small BusinessDo What You Love.Set Your Own Schedule.Feel Pride.You're The Boss.Build Self-Confidence.Opportunity To Create.You Can Take Time Off.7 Surprisingly Valuable Things You May Have In Your Home.More items...
7 Small Business Weaknesses#1 No documented systems and procedures.#2 Business is too dependent on the owner or one key person.Related: How to Delegate Effectively.#3 Too many eggs in one basket.#4 No proven methods for revenue growth.#5 Lack of differentiation.#6 Wrong people supporting your business.More items...?
4 Key Strengths of Successful BusinessesReliability. Reliability is doing what you said you'd do when you said you were going to do it.Competence.Openness.Compassion.
The pros and cons of being an entrepreneurPros.Freedom. There's no denying that one of the best parts of being an entrepreneur is the complete freedom you have to do your own thing.Flexibility. And with all that extra responsibility comes flexibility.Control.Profits.Cons.Responsibility.Risk.More items...
Having difficulty with cash flow Due to the lack of available funds, the majority of small businesses tend to struggle to make payments on time. According to a recent survey on Forbes, 66% of business owners claim that delays in payment processing causes major issues with cash flow.
Cons of being a small business ownerPossible income instability. There's a chance that you're going to face income instability as a small business owner.Potential of financial risk.Some uncertainty.Longer working hours.Possible lack of guidance.
Top 5 Challenges Small Business Owners FaceLack of Funds. Nothing can hold a business back like money problems.Lack of Time. Are you working on the business or in the business?Trouble Finding Good Employees.Difficulties Balancing Growth and Quality.Ineffective Web Presence.How Can You Manage These Challenges?
A recent survey conducted by Thumbtack, an online services company, interviewed more than 7,500 entrepreneurs and small business owners from across the nation, to score each state on its level of business-friendliness. And Illinois came out in the back of the pack placing 50th most friendly among the 50 states.
The pros and cons of starting your own businessPRO: You can (finally) live your passion.CON: You need tonnes of self-motivation.PRO: You're the boss.CON: You're responsible for EVERYTHING.PRO: You can have a flexible work-life balance.CON: You might not always have consistency of pay.More items...
7 Glorious Advantages of Being a Small BusinessFlexibility. When you are a small business, are way more flexible and able to make the changes necessary to survive than a big outfit.Expertise.Uniqueness of Small Businesses.Satisfaction.Personal Service.Focus.Small Business Owner: A Great Boss.