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The Dynamic Role of a Small Business

The Dynamic Role of a Small Business. Chapter 1. Who are these people?. Bill Gates. Sam Walton. Bill Rosenberg. Fred Deluca. Richard Branson. Ray Kroc. Debbi Fields. What did they start with?. What is a Small Business and why is it important?.

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The Dynamic Role of a Small Business

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  1. The Dynamic Role of a Small Business Chapter 1

  2. Who are these people? Bill Gates Sam Walton Bill Rosenberg Fred Deluca Richard Branson Ray Kroc Debbi Fields What did they start with?

  3. What is a Small Businessand whyis it important?

  4. Reasons for increased interest in small business • Number of small businesses is ______________ rapidly • Every year about 750,000 people in the US start a business • Public ___________ small business • Increasing _____________ at high schools and universities • Growing trend toward ____________ • Small business _________to all ages

  5. VERY SMALL Under 20 employees MEDIUM 100-499 employees SMALL 20-99 employees LARGE More than 500 employees Classification of Businesses by Size, According to SBA The IRS classifies 96% of American Businesses as small

  6. Small Business vs. Entrepreneurial Ventures

  7. Small Business • Established to further ______________and make a ___________ • ______________ owned and operated • not __________ in its field

  8. Entrepreneurial Venture • ___________are profitability and growth • objectives achieved through innovation and __________ management • ____________ may eventually become an entrepreneurial venture

  9. Contributions of Small Business • Maintain close __________ with customers and community • Keep larger firms ________________ • Provide employees with _____________ learning experiences • Develop ___________________ • Generate ___________________

  10. PROBLEMS FACINGSMALL BUSINESS • Lack of • Gov’t regulations (red tape) • Competition from companies • Management

  11. Current Challenges to Entrepreneurs and Small Business Owners • Diversity in the workforce • Empowering employees • Work team performance • Exploding technology • Occupational and industry shifts • Global Challenges

  12. Entrepreneur Characteristics • Confidence • Drive • Risk-taker • Competitive • Organized • OPTIMISTS

  13. ADVANTAGES Independence Satisfaction Financial Reward Self-Esteem DISADVANTAGES Failure Obstacles Loneliness Financially Insecure Long Hours Hard Work Entrepreneur

  14. SBASmall Business Administration • Helps to start, build and grow businesses • Supplies aid, counseling, assistance and protection to small businesses. www.sba.gov

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