Chapter 6

Chapter 6 - Chapter 6 Small Business, Entrepreneurship, and...

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Small Business, Entrepreneurship, and Franchising Objectives o Define entrepreneurship and small business. o Investigate the importance of small business in the U.S. economy and why certain fields attract small business. o Specify the advantages of small-business ownership. o Summarize the disadvantages of small-business ownership and analyze why many small businesses fail. o Describe how you go about starting a small business and what resources are needed. o Evaluate the demographic, technological, and economic trends that are affecting the future of small business. o Explain why many large businesses are trying to “think small.” o Assess two entrepreneurs’ plans for starting a small business. Entrepreneurship o Entrepreneurship 0. The process of creating and managing a business to achieve a desired objective 10 Reasons to Start a Business What Is a Small Business? o Any independently owned and operated business 0. Not dominant in its competitive area 1. Does not employ more than 500 people Facts about Small Businesses The Role of Small Business in the American Economy o Job creation o Innovation o Exporting Number of Firms by Employment Size Industries That Attract Small Business o Retailing and Wholesaling o Services o Manufacturing o High Technology What are the Advantages of Owning a Small Business? 1
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Chapter 6 - Chapter 6 Small Business, Entrepreneurship, and...

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