Entrepreneurship and Small Business Management (MNE3701)
Institution
University Of South Africa (Unisa)
Book
Small Business Management
MNE3701 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 - DUE 27 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us..Having acquired sufficient knowledge and skills on financial management for small
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To finance a small business, there are several key strategies and options that a new entrepreneur
must consider, especially based on the type of business, its financial needs, and its long-term goals.
For this discussion, I will use the example of a small bakery business to critically explore various
financing options, explaining why some may be more suitable than others.
1. Personal Savings
The most common and straightforward option for a small business is personal savings. For a
bakery, this might involve using personal funds to purchase initial equipment, raw materials, and
renting a commercial space. This option is particularly favorable because it avoids debt and gives
the entrepreneur full control of the business. Moreover, personal savings provide a strong equity
base that can help secure additional funding from external sources later on.
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