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02.10.09 small business video questions

02.10.09 small business video questions - Tuesday Year 11...

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Tuesday, February 10, 2009 Year 11 Business Studies – The Nature of Business. INVESTIGATING SMALL BUSINESS (video) Part One: What are the characteristics of small business ownership? The owners have firm control of the company and are responsible for the The firms operations are usually locally based, although its markets may be national or international In terms of capital for small business - who provides it and how? All decision made by one or two people, financial, or social With reference to employment in small business, what are the numbers and proportions? A small business is one in which employees less than 100 in manufacturing sectors or less than 20 people in other sectors What are the areas in which small business operates? Mining – 25 thousand Manufacturing – 60 thousand Construction – 136 thousand Retail trade – 150 thousand Whosale – 50 thousand Transport – 80 thousand Finance – 110 thousand Community services & recreational - ? Small agricultural – 160 thousand Employee less than half the work force of Australia (94% of all non-agricultural of business) What is the rate of success and the reasons for failure for small businesses? Lack of knowledge & preparation Failure blamed 18% - economic lack of finance, 20% - lack of capital, 24% - lack of business skills, 38% - other reasons Many operators don’t seek help until its too late
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What is the importance of researching and planning for a small business?
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