• Analyze funding opportunities for small businesses, including the role of the Small Business Administration (SBA). Then, evaluate the effectiveness of these funding opportunities in light of the current economy. • In this time of economic challenges, suggest two ways that the SBA might be of assistance to your small business. Explain how you would request this assistance.
Small businesses have two major options for funding; a bank loan or pursue the Small Business Administration (SBA). A bank loan is standard, acceptance is granted based on a business plan, credit score, collateral and likeliness of success. The same process can be accomplished through the SBA but grants are also available. A grant would be the best option for the start of a small business because these monies do not have to be paid back where as payment of a loan is definite as well as interest. Even if a small business were given a grant in addition to a loan it would only benefit.
The SBA would be helpful in today’s economy because they provide information of how to start a business and how to create a business plan. Also, information on government contracts, how laws could effect your business and taxes is available for anyone wanting to start a small business.
• Compare and contrast three different types of entrepreneurs and state which you are most likely to emulate should you begin a small business. • Assess the impact of globalization and information technology on the creation of small businesses. Determine if and how these two trends have helped or hindered the growth of small business in the U.S.
The three different entrepreneur categories include; social, serial and lifestyle. The social entrepreneur is focused on contributing to an issue in society whether it be economical, educational, environmental or health related. Next there is a serial entrepreneur, dedicated to expanding from their first business and being successful in different avenues....
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