Types of Risk
This clip introduces the concept of business risk and risk management. It notes that business risks can generally be classified into four categories: property, market, employee, and customer.
Eliminating or Minimizing Risk
This clip talks about ways to eliminate or minimize potential risks, such as buying an existing business or buying into a franchise. Sometimes, the clip explains, the best way to reduce risk is simply by using common sense.
Planning
This clip explores the management function known as planning. The clip explains that it is important to establish clear goals and forecast trends and events in order to make good decisions. Nonetheless, the clip notes, planning is often neglected in...
Leading
This clip looks at leading, the fourth of the five management functions. In some instances, the small business owner may find it difficult to play this role, because the same self-reliance that allows an entrepreneur to create a new venture sometime...
Managing a Small Business
This clip introduces the five major management functions: planning, organizing, staffing, leading, and controlling. It notes that the challenge for small business owners is to avoid what is sometimes called "entrepreneur's disease": the inability to...