Profile of a Small Business

Running head: PROFILE OF A SMALL BUSINESS

Profile of a Small Business

Jim Jones

MGT 300

December 19, 2010

Jane Johnson

Profile of a Small Business

In my Profile of a Small Business, I will examine three issues of an entrepreneur: (1). the product sold and its opportunities, (2). what has made the business successful: marketing, location, product, management, and (3). discuss the effects, challenges, and benefits of globalization on the business.

The Product Sold and its Opportunities

Ali Perry and her friends (Byron Myers and Brenton Taylor) were inspired to develop a business idea for her grandmother, who was ill and had relied on the use of a bulky, inconvenient oxygen tank for her survival. After performing a feasibility analysis to identify and answer questions on major issues that could affect the success of the team’s discovery as potential entrepreneurs, Ali’s team would execute a Strengths Weakness Opportunity Threats (SWOT) analysis on their business idea for viability purposes. Following the completion of the Strengths Weaknesses Opportunities and Threats analysis, the assemblage would create a solution to Ali’s grandmother’s problem, which was “a portable oxygen concentrator that filters out nitrogen from room air to replace the oxygen tank” (Scarborough, Wilson, & Zimmerer, 2009, “Entrepreneurial Profile: Byron Myers, Ali Perry, and Brenton Taylor and Inogen”). The entrepreneur team’s next step was to devise a business plan, which is “a written summary of an entrepreneur’s proposed business venture that describes its operational and financial details, its marketing opportunities and strategies, and its manager’s skills and abilities” (Scarborough, Wilson, & Zimmerer, 2009, “Entrepreneurial Profile: Byron Myers, Ali Perry, and Brenton Taylor and Inogen”). Upon concluding the group’s business plan, the dream team would enter the...