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Small Business Management - Business Plan, Budget, Company Policies, Cash Flow and Profit

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1. If you are not a good manager could you or should you own your own business? Why or why not?

2. What are the differences between a business plan, a budget and company policies?

3. What are the differences between Cash Flow and Profit?

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Solution Preview

1. If a person is not a good manager, it is not advisable for him to open his own business because an entrepreneur needs to possess strong managerial and leadership skills in order to make his venture successful. Even though a person with weak managerial skills has the option of hiring a manager to fill the void in the organization, it is imperative that the owner himself should possess such skills ...