Understanding what contributes toward business success is essential for a new business owner. Learning from your mistakes or the mistakes of others is essential to a successful business.
Please review the following case study and answer the two questions that follow:
Eric is a young man with a vision. He sees himself as heading up a large corporation someday, a company that he has started and helped to grow. He has basically supported himself since he was fifteen, and has, at the age of 20, already started and sold two successful small businesses.
Right now Eric attends college full time because he feels that getting an education will be beneficial to him in the long run. He is supporting himself partially with the money he received from the sale of his last business. He intends to start yet another business as soon as he graduates.
Eric's most recent business was in a fairly competitive market in the area in which he lives. He says that while he received some encouragement from a few friends most of them said he was crazy to work as hard as he was working. Eric says he just felt that he "had to do things my own way" and built his business to become the second largest of its type in the area.
Answer these two questions in an essay format in at least 250-500 words:
1. Eric seems to have beaten the odds already. What do you think Eric would tell you about success (or failure) and how to learn to be a successful small business owner? 2. Now, fast forward a few years. Eric has graduated from school, and is ready to start his new business. He has never completed a business plan and does not know what key components should be included within a business plan. Describe for Eric the purpose for each of the following components of a business plan:
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