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Small Business Management: Starting Up

Flexible hours, the opportunity to make large profits, and being your own boss can all make the idea of starting up a business very appealing—but getting that idea off the ground can be quite a challenge. This program explores what it takes to be a successful small business owner, covering topics such as product demand, niche markets, profitability, the importance choosing an appropriate name, and legalities. With solid market research, an understanding of business principles, and a lot of hard work, success may well come your way. Produced in Australia. A viewable/printable worksheet is available online. (33 minutes)

Playing preview clip:
Do I Have What It Takes to Run a Business?
Key qualities for a new small business owner include a passion for business and good entrepreneurship. Goal setting is essential. Start-up costs include fixed and variable costs. Bank loans are typical sources of start-up funds, but one should avoid high-interest loans.