Managing Talent Essay

277 Words2 Pages
Financial management of fast growth is one of the greatest challenges for entrepreneurial companies. What approaches can an entrepreneur take to reduce risks associated with financing growth? Having an effective marketing plan is key to reduce the risk of facing financial challenges. The marketing plan will help with knowing the needs of the community. The marketing plan will also show if the product or service would be needed in this particular market. The business owner should also plan ahead. Make sensible budgets based on the previous year’s expenses. The business owner should be willing to make changes immediately to the business plan if the plan is not as lucrative as planned. 1. With a better economy, J.W. Hulme may again face rapid growth. What steps should the company take to prepare? As suggested in the reading there are five options to prepare for financial success: change your business model, increase pricing (if market permits), lower expenses, change products and or service, and change your target market. 2. For an existing company that you would be in charge of, would you rather give up a majority of ownership to save your company (including the jobs of employees) or close the business and walk away? Yes. I would be willing to give up the majority of ownership to save my company because I would have “some” revenue coming in opposed to none. At some point I would create a way to get sole ownership of my company. I would 3. If you started your own company today and had to give up controlling interest to an investor to do so, would you accept this or walk

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