9:29:10 - Small Business Failure o 1 in 3 businesses closes...

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Intro to Business 30/09/2010 19:42:00 Options for Organizing Small and Large Businesses Small Business Facts o 90% of firms with employees have fewer than 20 people on staff o More than 20 million people in the United States earn business income  without employees o Small Businesses generate 60%-80% of new jobs over the last decade o Launching pad for entrepreneurs and prevalence of minorities Small Business Administration defines a small business to be a firm that is  independently owned and operated and is not dominant in the field o Manufacturing business: fewer than 500 workers o Wholesalers: fewer than 100 workers o Retailers: les than $6million in annual sales o Agricultural business: less than $750,000 Small Business size ranges from $500,000 to $25million in sales and from  100 to 1500 employees
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Unformatted text preview: Small Business Failure o 1 in 3 businesses closes permanently within two years o 50% of businesses fail after four years o More than 60% of business fail within six years o BY the 10-year mark, 82% of all small businesses have closed permanently Creating a Business Plan o Written documentation that provides orderly statement of goals, methods, and purpose Small Business Administration o Government agency concerned with helping small business firms Set-aside Programs o Government Contracts 5%for women and minorities o Assistance in Financing Government Procurement Business Incubators o Local community initiatives to share resources for small start-ups The University of Tennessee 30/09/2010 19:42:00 30/09/2010 19:42:00...
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This note was uploaded on 01/31/2012 for the course EXPOSITORY 101 taught by Professor Mr during the Spring '06 term at Rutgers.

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9:29:10 - Small Business Failure o 1 in 3 businesses closes...

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