Home-based business

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Scenario

You have decided to open a cupcake bakery and move your home-based business into a storefront. Recently, you met with SBA National, a non-profit, that focuses on helping entrepreneurs start their business with funding and guidance. The non-profit also hosts a business pitch competition to anyone who is a client. One of the requirements of the SBA business pitch competition is that each participant must create a memo about how an entrepreneurial mindset can be used to start a business.

Instructions

Create a memo outlining how you plan to use the entrepreneurial mindset for your business. Conduct research on the entrepreneurial mindset and do the following in the memo:

  • Describe what aspects of the entrepreneurial mindset can be used in a business.
  • Outline how you would use those aspects in your business.
  • Provide your recommendation from your research on how the entrepreneurial mindset can be beneficial to your business.
  • Provide attribution for credible sources.

Requirements: substantial

Not sure on the relevance, but here is the assignment I just did before this one if you need it to reference to.

Answer preview

According to Baggen et al. (2022), when many people think of entrepreneurs, they often imagine them as complicated individuals with smart business plans that are destined to succeed. However, I believe this is not always the case because what majorly make successful entrepreneurs distinct are not only their good business plans but also their entrepreneurial mindset and individual characteristics. The entrepreneurial mindset will be beneficial to my cupcake bakery business in a variety of ways. One of the ways is that it will help me identify the different potentially profitable opportunities. Secondly, the mindset will enable me to generate creative and innovative solutions to challenges and problems that will face the business. Thirdly, it will help me effectively assess and minimize risks that will face the business. The fourth benefit is that the entrepreneurial mindset will enable me to gather the various critical resources for the business to grow and thrive. Lastly, the mindset will enable me to make smart decisions by smartly and innovatively analyzing opportunities and challenges. This will also enable me to create and optimize new ventures hence enhancing the success likelihood of my cupcake bakery.

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Home-based business