List the advantages and disadvantages of owning your business
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What are a few major benefits of owning your business? How could a small business owner use his/her personal relationship skills to improve the business?© BrainMass Inc. brainmass.com March 6, 2023, 3:32 pm ad1c9bdddf
Small business owners may not have enough finances to start and run a profitable business, but with determination, and stamina will accomplish their goal. Also, it is a challenge to adjust to competitive markets domestically and globally. However, there are several advantages and disadvantages to an entrepreneur.
1. Small business owners can establish personal relationships with their customers and employees.
a. Customer relationship - they are in a position to know their customers by name, and sometimes on a personal level.
b. Community relationships - they often get involved in the community, including social, cultural, and political affairs.
c. Employer and employee relationship - they may develop closeness in the relationship between employer and employee, which helps with teamwork.
d. Personal services - they offer additional services to customers and employees, a significant competitive benefit.
2. Small business owners can adjust to change.
a. Can make their own decisions whether to hire ...
A small business owner is responsible for company operations, including products and services. Also, the owner has to raise capital and accepts all risks.