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Chapter 5: Small Business, Entrepreneurship, and Franchises. Learning Objectives. Define what a small business is and recognize the fields in which small businesses are concentrated. Identify the people who start small businesses and the reasons why some succeed and many fail.
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Learning Objectives • Define what a small business is and recognize the fields in which small businesses are concentrated. • Identify the people who start small businesses and the reasons why some succeed and many fail. • Assess the contributions of small businesses to our economy. • Judge the advantages and disadvantages of operating a small business. • Explain how the Small Business Administration helps small businesses. • Appraise the concept and types of franchising. • Analyze the growth of franchising and franchising’s advantages and disadvantages.
Small Business: A Profile • The Small-Business Sector • Industries That Attract Small Businesses • Distribution Industries • Service Industries • Production Industries
The People in Small Businesses: The Entrepreneurs • Characteristics of Entrepreneurs • Other Personal Factors • Motivation • Women as Small-Business Owners • Teenagers as Small-Business Owners • Why Some Entrepreneurs and Small Businesses Fail
The Importance of Small Businesses in Our Economy • Providing Technical Innovation • Providing Employment • Providing Competition • Filling Needs of Society and Other Businesses
The Pros and Cons of Smallness • Advantages of Small Business • Personal Relationships with Customers and Employees • Ability to Adapt to Change • Simplified Record Keeping • Independence • Other Advantages
The Pros and Cons of Smallness (cont.) • Disadvantages of Small Business • Risk of Failure • Limited Potential • Limited Ability to Raise Capital • Developing a Business Plan • Components of a Business Plan
The Small Business Administration • SBA Management Assistance • Management Courses and Workshops • SCORE • Help for Minority-Owned Small Businesses • Small-Business Institutes • Small-Business Development Centers • SBA Publications • SBA Financial Assistance • Regular Business Loans • Small-Business Investment Companies • State of Small Business During the Recession
Franchising • What Is Franchising? • Types of Franchising
The Growth of Franchising • Are Franchises Successful? • Advantages of Franchising • To the Franchisor • To the Franchisee • Disadvantages of Franchising • Global Perspectives in Small Business