Should a son or daughter feel an obligation to carry on a family business? What might happen if that prospective successor chooses not to join the firm?
Answer to relevant QuestionsSuppose that you, as founder of a business, have a sales representative position open. Your sister has a step-daughter who is looking for a job and asks you to hire the young woman. What action would you take? Why?If you start a venture and expect some of your family members to join you, what rules do you think you should write down in advance?What are the two types of business plan? In what situation(s) would you use each type of plan?1. What would you need to know in order to answer her question? 2. If she decides to write a business plan, what advice would you give her?What types of variables are used for market segmentation? Would a small firm use the same variables as a large business? Why or why not?
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