1. Visit the following site: www.sba.gov Describe what the SBA is about. At the
ID: 2487164 • Letter: 1
Question
1. Visit the following site: www.sba.gov
Describe what the SBA is about.
At the top left, click on the red tab “Small business planner.” Briefly describe the four areas of managing your business from start to finish. Please do not exceed 2-3 paragraphs each for each area mentioned.
Select any search engine you want. NOTE: You should use the same search engine for both parts a & b of this question.
Do the following search: “accounting education” (Use the quotation marks in your search.) Which search engine did you use? How many hits did you get? Select any 2 and summarize.
Now, do a search of the phrase accounting education. Use the same search engine as in a above and state. (Do NOT use quotation marks in this search)? How many hits did you get? Select any 2 and summarize.
Why was the number of hits different in search (a) than in search (b)?
Explanation / Answer
SBA
Since its founding on July 30, 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses.
SBA was officially established in 1953, but its philosophy and mission began to take shape years earlier in a number of predecessor agencies, largely as a response to the pressures of the Great Depression and World War II.
By 1952, a move was on to abolish the RFC. To continue the important functions of the earlier agencies, President Dwight Eisenhower proposed creation of a new small business agency -- Small Business Administration (SBA)
.In 1964, SBA began to attack poverty through the Equal Opportunity Loan (EOL) Program. The EOL Program relaxed the credit and collateral requirements for applicants living below the poverty level in an effort to encourage new businesses that had been unable to attract financial backing, but were nevertheless sound commercial initiatives.
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a) 10
b)10
no difference
The Small Business Planner. These are excerpts from the book.
The remainder of the mistakes I will discusss occur in delivering the 4p’s (Product, Place, Price, and Promotion) during the Action Planning stage.
Lack of Focus
Most new and many seasoned business owners assume that everyone is their customer. This is a very common problem with small businesses that don’t want to lose a sale and the result is a diluted message that no one pays attention to. This mistake is overcome through target market analysis and market segmentation.
Misunderstanding Customer Needs
The truth is that you sell entirely to needs and if you don’t get this one right it will be very costly. If the need is not properly identified then people will not buy
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CORE COMPONENTS OF A BUSINESS PLAN
1. Cover and title page
2. Executive summary
3. Table of contents
4. Business description
5. Service description
6. Marketing plan (market analysis and marketing strategy)
7. Financial plan (financial statements and projections)
8. Management team
9. Operations
10. Appendices
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