ch. 6 und. bus.
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- Why are small businesses important to the U.S. economy?
- small business accounts for almost 50 percent of gross domestic product (GDP). Perhaps more important to tomorrow's graduate, 80 percent of American workers' first jobs are in small business.
- Why do small business fail?
- because of managerial incompetence and inadequate financial planning
- Where is the future growth of small businesses?
- foreign markets
- What have modern entrepreneurs done to ensure longer terms of management?
- formed entrepreneurial teams that have expertise in the many different skills needed to start and manage a business
- What kind of sources of CAPITAL does a new entrepreneur have?
- personal savings, relatives, former employers, banks, finance companies, venture capital organizations, gov. agencies, and more.
- What does the small in small business mean?
- the Small Business Administration defines a small business as one that is independently owned and operated, not dominant in its field of operation, and meets certain standards of size in terms of employees or sales (depending on the size of others in the industry
- What are some of the special problems that small business owners have in dealing with employees
- ?- difficulty finding competent employees and grooming employees for management responsibilities
- What hints would you give someone who wants to learn about starting a small business?
- first, learn from others. Take courses and talk with some small business owners. Second, get experiences working for others. Third, take over a successful firm. Finally, study the latest in small business management techniques, including the use of computers for payroll, inventory control, and mailing lists.
- What is the first step in organizing a business?
- writing a business plan
- People willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle
- micropreneur
- Who are directed, self nurturing, action-oriented, highly energetic, and tolerant of uncertainty
- successful entrepreneurs
- ...people willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced life
- Micropreneur
- Why has there been such an increase in the number of home based and Web-based businesses in the last few years?-
- the increase in power and decrease in price of computer technology has leveled the field and made it possible for small businesses to compete against larger companies- regardless of location
- Intrapreneuring
- establishment of entrepreneurial centers within larger firms where people can innovate and develop new product ideas internally
- What are a few of the reasons people start their own business
- profit, independence, opportunity, and challenge.
- Where can budding entrepreneurs find help in starting their business?
- accountants, lawyers, marketing researchers, loan officers, insurance agents, the SBA, SBDCs, SBICs, and even college professors