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Personal Strengths and Weaknesses - Owning a Small Business
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Multi-State
Control #:
US-04025BG
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Word;
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FAQ
Strengths and weaknesses are internal to your companythings that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location. Opportunities and threats are externalthings that are going on outside your company, in the larger market.
There is more job security. It can be a money-maker. You have autonomy. You get to follow your passion. It provides roots. It is a financial risk. You're going to be working longer hours. You can get stuck dealing with the mundane.
Poor Online Presence. Consumers expect to use the internet to research companies, find their contact information and browse their inventories; perhaps even buy directly from the website. Weak Brand Reputation. Slow and Outdated Technology. Tight Marketing Budget. Not Enough Human Resources.
Strong employee attitudes. Excellent customer service. Large market share. Personal relationships with customers. Leadership in product innovation. Highly efficient, low-cost manufacturing. High integrity.
Financial Limitation. Small enterprises find it difficult to get enough funds for their operations. Staffing Problems. High Direct Cost. Lack of Credibility. Personal Touch. Greater Motivation. Greater Flexibility. Less bureaucracy.
Inadequate definition of customer for product/market development. Confusing service policies. Too many levels of reporting in the organizational structure. Limited product availability. Lack of involvement from top management in developing a new service. Lack of quantitative goals.
Small start-up firms enjoy more flexibility compared to larger firms and they also have capacity to respond immediately to industry or community developments. They can innovate and create new products and services more rapidly and creatively than larger companies that are caught up by bureaucracy.
Financial risk. The financial resources needed to start and grow a business can be extensive. Stress. As a business owner, you are the business. Time commitment. People often start businesses so that they'll have more time to spend with their families. Undesirable duties.
Strengths and weaknesses are internal to your companythings that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location. Opportunities and threats are externalthings that are going on outside your company, in the larger market.