Chapter_5_business - Nancy Crawley Sep. 20, 2009 MWF...

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Nancy Crawley Sep. 20, 2009 MWF Chapter 5 1. A. Small business- one that is independently owned and operated for profit and is not dominant in its field B. Business plan- a carefully constructed guide for the person starting a business C. Small business administration (SBA)- a governmental agency that assists, counsels, and protects the interest of small businesses in the U.S. D. Service Corps of Retired Executives (SCORE)- a group of retired businesspeople who volunteer their services to small businesses through the SBA E. Small-business institutes (SBIs)- groups of senior and graduate students in business administration who provide management counseling to small businesses F. Small-business development centers (SBDCs)- university-based groups that provide individual counseling and practical training to owners of small businesses G. Venture capital- money that is invested in small (and sometimes struggling) firms that have the potential to become very successful H. Small-business investment companies (SBICs)- privately owned firms that provide venture capital to small enterprises that meet their investment standards I. Franchise- a license to operate an individually owned business as though it were part of a chain of outlets or stores J.Franchising- the actual granting of a franchise K. Franchisor- an individual or organization granting a franchise L. Franchisee- a person or organization purchasing a franchise 2. The information you would need to determine whether a particular business is small according to SBA guidelines are: the number of employees or the average annual sales. 3. Service industries, distribution industries, and production industries are all different. Service industries accounts for over 48% of all small businesses. They provide nonfinancial services as medical and dental care; watch, shoe, and tv repairs; haircutting and styling; restaurant meals; and dry cleaning. Distribution industries accounts for 33% of small businesses. They provide retailing, wholesaling, transportation, and communications. Production industries accounts for only about 19% of small businesses. They provide construction, mining, and manufacturing industries.
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This note was uploaded on 01/05/2012 for the course BUS 101 taught by Professor Mr.bishop during the Fall '09 term at Wingate.

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Chapter_5_business - Nancy Crawley Sep. 20, 2009 MWF...

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