Ch06_IM_Daft AISE - Chapter 6 Managing Small Business...

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This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. Chapter 6 Managing Small Business Start-Ups Chapter Outline I. What Is Entrepreneurship? II. Entrepreneurship and the Environment A. Entrepreneurship Today B. Definition of Small Business C. Impact of Entrepreneurial Companies III. Who Are Entrepreneurs? A. Diversity of Entrepreneurs B. Personality Traits IV. Starting an Entrepreneurial Firm A. New-Business Idea B. The Business Plan C. Legal Form D. Financial Resources E. Tactics V. Launching a High-Tech Start-Up VI. Managing a Growing Business A. Stages of Growth B. Planning C. Organizing D. Leading E. Controlling Annotated Learning Objectives After studying this chapter, students should be able to:
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This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. This may not be resold, copied, or distributed without the prior consent of the publisher. 136 PART 2 The Environment of Management 1. Describe the importance of entrepreneurship to the U.S. economy. Entrepreneurship is the process of initiating a business venture, organizing the necessary resources, and assuming the associated risks and rewards. Today, entrepreneurship and small businesses are increasingly important parts of the business world. Small businesses in the U.S. create two out of every three new jobs and account for more than half the sales of all goods and services. There are approximately 20 million Americans who make their living as “solo professionals,” often working out of their homes. One-person offices constitute a $7.5 billion segment of the computer and office equipment markets. New data shows that most new businesses survive for the first three to five years. Small entrepreneurial companies are responsible for the creation of most new jobs in the United States. Small business (excluding farming) represents 58 percent of all U.S. business employment and directly or indirectly provides the livelihood of more than 100 million Americans. 2. Define personality characteristics of a typical entrepreneur. A survey of the CEOs of the nation’s fastest-growing small firms found that these entrepreneurs could be best characterized as hardworking and practical, with great familiarity with their market and industry. Characteristics common among most successful entrepreneurs are as follows: Internal locus of control. The belief by individuals that they are in control of their future and that other external forces will have little influence. High energy level. Business start-ups require great effort. Need to achieve.
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This note was uploaded on 03/22/2009 for the course MANAGEMENT 5689-9856 taught by Professor Nialamnu during the Fall '08 term at Indiana State University .

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Ch06_IM_Daft AISE - Chapter 6 Managing Small Business...

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