Final answer:
When starting a small business, an entrepreneur must make decisions regarding the business structure, financing, target market, marketing and sales, and operations.
Step-by-step explanation:
When starting a small business, an entrepreneur needs to make several important decisions.
1. Business Structure: The entrepreneur must decide on the legal structure of the business. They can choose to establish a sole proprietorship, partnership, corporation, or limited liability company (LLC), depending on their goals and preferences.
2. Financing: The entrepreneur needs to determine how they will fund the business. This can involve using personal savings, borrowing money, or attracting investments from angel investors or venture capitalists.
3. Target Market: The entrepreneur must identify their target market and understand their needs and preferences. This will help in developing products or services that will appeal to the intended customers.
4. Marketing and Sales: The entrepreneur needs to create a marketing strategy to promote the business and attract customers. This includes deciding on pricing, advertising, and distribution channels.
5. Operations: The entrepreneur must plan the day-to-day operations of the business, including hiring employees, managing inventory, and ensuring the smooth running of the business.