1. List different kinds of businesses that you might like t o establish or buy. Then, write a letter to an insurance agency requesting information on what kind of coverage is recommended for each kind of busine ss on your list. Keep a copy of your letter, and send the original to the insurance agency.

2. Comment on the way the insurance agency dealt with you. Do you feel they were just interested in selling insurance, or that they wanted to inform you so that you could make you a good choice? Did they provide the information you needed, or did they focus on selling? Do you understand your insurance options? Follow this exercise through - even if it takes time to get a reply! You will learn from it! You may send letters to more than one agency to ensure you get a reply.

3. What are the advantages and disadvantages of working in a partnership? What types of business would you operate as a partnership?

4. What are the advantages and disadvantages of setting up a p rivate company when you commence a small business? What type of business do you think should operate as a company? For what type of business do you think it is best NOT to operate as a company? Give some examples for each.

5. Why is it important for a small business owner to develop a business plan?

6. What are the major elements of a business plan?

7. List all the tasks that must be performed within your business. For each task, indicate the following: • the competencies required • number of staff required • time commitment.

8. Describe the quality assurance mechanisms you will establish in your business.

9. As you plan to commence your business and enga ge in research and develop your business plan, there will be a number of functions and responsibilities which need to be undertaken, both prior to the commencement of the business and in its daily operation. List all the functions and responsibilities in the business of your choice, and indicate how each one will be fulfilled.