This week has been very interesting to learn about family businesses and the pros and cons of these relationships. While many of the basics are the same it takes special care to make plans that are fair and create success both in the business world and in the family. I have come to learn that communication and plans are the key parts of building a lasting family business that can extend past the first or second generation of ownership.
I have also learned a great deal about the prospect of purchasing an already established business. There are many advantages to starting your own business, acquiring one with customers, facility, staff, equipment, and reputation can be a very lucrative option, but requires risk in the debt of the company and other problems that are already a part of the business that may be unknown at the time of purchase. However, with research, this is an option for entrepreneurs to consider when starting a business.
$100 Challenge - This week I wrapped up final orders for my company and was able to meet my final goal of $100 in revenue. It was helpful to no longer have further orders to fulfill and to promote that this would be the final week to place orders. Supply and demand in action.
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