You Work as an Advisor at the Small Business Administration

question 41

Multiple Choice

You work as an advisor at the Small Business Administration. Sally Sheridan has come to you seeking your advice. She is an aesthetician who is just thinking about starting her own business. She wants to own a beauty-services salon that provides manicures, pedicures, massages, hair styling, make-up, and other services. What is the best piece of advice you can give her?

• A) Quit your current job so that you can devote all of your time to researching and planning the type of business you want to open.
• B) At the start, plan to hire only friends and family-the people most likely to help your business become successful.
• C) Learn the importance of budgeting and understand how to read a balance sheet and income statement.
• D) As you begin to think about your business, your key long-term goal should be to have as many employees as possible.
• E) Assume that the local market wants and needs the service that you plan to offer; the fact that you see a need for that service means that the community does, too.

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Definitions:

Surveys

Research methods involving the collection of data from a predefined group of respondents to gain information and insights on various topics.

Interviews

A formal meeting in which one or more persons question, consult, or evaluate another person.

Observation

The act of closely monitoring or noting phenomena or behaviours through systematic scrutiny.

Collection

The act of gathering items or data together from various sources, often for a specific purpose or analysis.