6  Small Business

 

Chris Madden

 

SMALL BUSINESS

1.  Small Business:  Independently owned and operated and not dominate in its field

                                 Generally less than 100 -500 employees

                                Over 99% of business are classified as small

                                 Over 50% of employees are from small business

                                 Over 70% of business fail within the first 5 years

 

                What are the fastest growing industries?  Table 6.1 (169)

 

 

                Microloans (p. 172)

 

 

                The Entrepreneurs

                                What age are most entrepreneurs?

 

                                What are entrepreneur characteristics?

 

                                How many women owned businesses?

 

                                Can you start a business?

 

                Why businesses fail?  Capital, management, and planning

 

2.  Importance of Small Business

                Technical Innovation

 

                Providing Employment

 

                Competition

 

3.  Advantages and Disadvantages of Small Business

                (+)

 

                (-)

 

 

4.   What is a business plan and how can the SBA help?

 

 

FRANCHISING

1.  Franchising:  license to operate an individually owned business

                What is a franchisor and franchisee?

 

                What are the types?

 

                Agreements (Table 6.4) and Top Ten Franchises (Table 6.5)

 

2              Advantages and Disadvantages of Franchising

                (+)

 

                (-)

 

 

                 

What are 5 ideas that you think would be a great foundation for a business?

 

 

If you start your own business, should you plan on keeping the business for life?

 

 

What is the biggest headache and greatest thrill you can think of from owning your own business?