workflow

An alternative to government control is self-regulation where an industry attempts to police itself. There are two problems with self-regulation: noncompliance by members and enforcement. An industry alliance created to institute self-regulation typically has no authority to enforce its regulations. Also, if the attempts at self-regulation are too rigorous, the members of the industry alliance may violate the Robinson-Patman Act. The best-known self-regulatory group is the Better Business Bureau (BBB). Although the BBB has no legal power, it does try to use "moral suasion" to get members to comply with its standards.

B

The organisation begins with the birth stage, where the entrepreneur struggles to get the new venture established and survive long enough to test the viability of the underlying business model in the marketplace. At this stage, the organisation will face the challenges of establishing the business, getting customers and finding the necessary capital to survive in the business. The organisations then pass into the breakthrough stage where the business model begins to work well, growth is experienced, and the complexity of managing the business operation expands significantly. At this stage the entrepreneur will face the management challenges of coping with growth and take-off. Next comes the maturity stage, where the entrepreneur experiences the advantages of market success and financial stability, while also facing continuing challenges of meeting the needs for professional management skills. At this stage the entrepreneurs will face the challenges of staying flexible and creating wise investments for the future of the business.

C

C