Please answer the following 5 questions. These questions are based on the information in the textbook. If you choose to quote any part of the text, please make sure you cite the quotation in MLA format. Each question should not go over 300 words per answer.
1. What are the repeated areas that create problems for small business owners and entrepreneurs?
2. Why do small business owners prefer proprietorship? What are the disadvantages of proprietorship?
3. Describe in detail each of the stages of the product lifecycle, and how could (does) your business plan incorporate innovation to stave off possible decline in sales of your products?
4. What are the four methods used for setting an advertising budget in a small business context? Which method would you incorporate into your business plan and why did you choose this method?
5. Describe the two types of risks that small business owners face, and what are the different ways of coping with risk that you would apply in your company business plan.