Discussion questions:
1. Business Opportunity - What types of advantages create a business opportunity? How might these types of advantages be obtained? Name a small business, with which you are familiar, that thrives due to a business advantage. What advantage does that company have over other businesses in the same industry?
2. Existing Business - What are the advantages of purchasing an existing business opposed to opening a new venture? If a business is purchased, what factors would influence the decision to grow the business versus operating the business as is? Suppose you purchased a small business. What would you do to ensure your business is financially successful? What would you not do?
3. Working in Capitol - What factors determine the amount of working capital that a new small business must budget? Suppose you start a business that has a soft opening and sells half of the expected product in the first quarter. You notice towards the end of the quarter that sales pick up near what was expected. How much working capital might you need to budget ahead of time to overcome this obstacle, and how would you obtain this amount of working capital?
4. Viable Investment - What makes a small business venture a viable investment? Suppose you are starting a small business venture of your choice. How would you convince other potential financial stakeholders that your business venture is a viable investment?