Final Project : Family and Small Business

COURSE OBJECTIVES

Upon successful completion of this course, the student will be able to:

1. Describe the primary attributes of family-owned and small business ventures

2. Discern ethical and unethical business practices

3. Assess strategies for managing and minimizing conflict

4. Create viable marketing and business plans for a small business

5. Assess management and organizational strategies for a small business

BACKGROUND INFORMATION

For this project, you will select a specific type of small business and interview three business owners who run similar businesses. You will create three summaries of the information you gathered, one for each business, and then create a collection of "best practices" for the field you selected based on what you have learned.

You will then present your summaries and best practices in a final paper, estimated at 12 to 15 pages.

PROJECT INSTRUCTIONS

This project will assess your understanding of family and small businesses through a series of interviews with small business owners and a compilation of "best practices" for a specific family or small business field based on what you have learned. You will submit your project in the form of a final paper.

You will begin the project by deciding which type of small business you would like to investigate - auto repair shop, salon, restaurant, contractor, photographer, dentist, etc.

Next, you will choose at least three small business owners within the field you selected and interview them. Below are suggested questions to help you structure your interviews. You do not need to ask all of the questions listed below, and feel free to add to or subtract from the list in keeping with your goals for the interviews.

• What was your motivation to start a business?

• What are the advantages and disadvantages of owning your own business?

• What roadblocks or barriers have you encountered in starting and running your business?

• Do you have other family members working in your business?

• What are the advantages and disadvantages of working with family members?

• Who is the management team?

• Explain the functions of the executive management team for your business.

• Did you have a business plan when you started? Why or why not?

• What is the importance of a business plan?

• What financial risks have you taken for the business?

• How do you obtain capital for your business?

• What role has the Small Business Administration played in your venture?

• Is the capital requirement to start your type of business a barrier for some people?

• Who are the major competitors in the area, and how do you stand out from the competition?

• What marketing efforts have you made?

• Who is your target market? How do you identify and reach your target market?

• Which marketing efforts have been successful, and which have not been successful? • How do you evaluate a successful marketing plan

• What ethical issues have you encountered while in business and how have you dealt with them?

• What are some sources of either internal or external conflict that you have experienced in your business?

• How do you avoid or resolve conflict?

• Are there any licensing, educational, or ethical requirements for your type of business?

• How is your business regulated by government (for example, through zoning, inspections, permits, licenses, taxes, and so on)?

Lastly, compile what you have learned into summaries, one for each business, and create a summary collection of best practices for the specific type of small business you investigated. The final submission of your project will include the following:

1. A brief description of the type of small business you chose and an explanation of why you chose it

2. Summaries, one for each business, outlining the results of your interviews

3. A compilation of best practices that covers ethics, management, marketing and business plans, and strategies for handling conflict related to the type of small business you chose

Content Guidelines for Submissions:

Your 12- to 15-page paper should be structured around and contain the following topics:

1. Selection of Small Business: Adequately describes the type of small business selected and the student's reasons for selection (1-2 paragraphs)

2. Business Summaries: Adequately summarizes the information gathered from the given interview questions

3. Best Practices - Management: Sufficiently outlines a management strategy related to the chosen small business

4. Best Practices - Marketing and Business Plans: Outlines what should be included in successful marketing and business plans for the given business and explains how they should be used most effectively

5. Best Practices - Conflicts and Ethics: Examines strategies for maintaining ethical business operations and minimizing conflict