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For the past six weeks, you have explored the behind the scenes process of starting a small business, by analyzing hypothetical scenarios and referencing existing small businesses. You now will consider the small business life cycle for a potential small business.
For this Assignment, create an idea for a small business. Next, review the small business life cycle (Chapter 20 in your Entrepreneurial Small Business textbook.). With your small business idea in mind, and reflecting on the concepts and best practices you have learned throughout the past six weeks, write a 2- to 3-page paper that addresses the following:
- Briefly describe your small business (i.e. name, industry, goods or services provided, location, size).
- Explain the strategies you would use to ensure your company is successful at each of the five stages of the small business life cycle.
- Explain risks and opportunities associated with each of the five stages of the small business life cycle.