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    Plan for Starting a New Business

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    Congratulations. You have decided to start a new business. You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire 3 managers and another 21 employees.

    discuss a plan of action that you and your partner would personally implement to avoid the 4 main failure mechanisms of small business:

    -managerial incompetence or inexperience
    -neglect
    -weak control systems
    -insufficient capital

    Identify what steps you and your partner will take to address each of the four failure mechanisms. You may be creative in your responses and you may use actual personal insight from previous business experiences if you wish; however, you must include 2 external internet sources on business management techniques and business success.

    © BrainMass Inc. brainmass.com October 9, 2019, 8:11 pm ad1c9bdddf
    https://brainmass.com/business/business-plan/plan-for-starting-a-new-business-142583

    Solution Preview

    -MANAGERIAL INCOMPETENCE OR INEXPERIENCE
    I will avoid managerial incompetence or inexperience by:
    1. Selecting 3 managers that have experience in my line of business;
    2. Choosing the 3 managers who have a track record of competence;
    3. I will carefully examine their academic records, these are good indicators of competence in work life.
    4. I will orient and train the managers to be efficient, have good time ...

    Solution Summary

    This posting gives you a plan of action for starting a new business. . It also discusses the four main reasons for failure of small businesses and the methods of countering them. .

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