Small Business Mgmt.
Terms
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- Business
- An organization that combines inputs of raw materials, capital, labor & management skills to produce useful out puts of goods & services so as to earn a profit. The business is not a major force in the particular industry
- Qualitative Criteria
- Actively managed by its owner or owners, higly personalized, largely local in its area of operations, largely dependent on internal sources of capital to finance growth
- Entrepreneur
- One who organizes, manages & assumes the risk of a business firm or venture
- Government regulations
- OSHA; FD License, auditors
- Motivating
- Energizing, channeling & sustaining peoples behavior.
- Small Business
- A business which is independently owned & operated & is not dominant in its field of operation
- Trends of small business
- Service sector increase, women in small business, minority ownership
- External problems
- Capital shortages (Securing funds or good interest rates) (Maintaining cash reserves)- Tax burdens; Government regulations.
- Interdependence of business
- Relyant on others to help
- Organizing
- To arrange or constitute in interdependent parts, each having a specific function or relation with respect to the whole; the arrangement & distribution of work among members of an organization.
- Funeral Homes are what type of business?
- Service & Merchandise business
- Innovation
- Introduction of something new; a new idea; method or device
- Service Business
- A business that provides a service as oppose to a product.
- Internal problems
- Lack of expertise; Financial shortages or poor cash flow; Human Resource Management
- Capital shortages, tax burdens, government regulations, consumerism.
- The problems & risk of business ownership which may result in business failure
- Quantitative Criteria
- Number of employees; Dollar sales volume
- Controlling
- A management function which compares organizational & individual performance with pre-determined standards or expected results.
- Capital shortages
- Lack of available money; securing funds or good interest rates, maintaing cash reserves
- Tax Burdens
- IRS; State & local
- Consumerism
- The emphasis placed on providing consumers, products & services that are safe, reliable & honestly advertised; also a social movement that seeks to strengthen the rights of consumers relative to sellers
- Manufacturing Business
- A business that makes finished goods from raw materials by hand or machinery
- Economic contributions of small business in the United States
- Interdependence, Competition & Innovation
- What are the functions of management?
- Planning; organizing; motivating; controlling; directing
- Merchandising Business
- A business that purchases finished goods for resale
- Planning
- function of determing in advance what needs to be accomplished in order to acheive a particular goal.