Page 153 - Introduction to Business

4

Small Business

and Entrepreneurship

Introduction Learning Objectives
What Is a Small Business? After studying this chapter, you should be able to

What Is the Role of Small Business Firms? 1 Explain why small business is
Creative Destruction important.
Invention and Innovation 2 Discuss the ways government can
Job Opportunities support small business enterprises.
Globalization 3 Describe the personal qualities and

Government Support of Small Business training needed to be a successful
entrepreneur, including the cases of
Who Is an Entrepreneur? women and minorities in small
Personal Qualities business.
Education and Training 4 List and briefly define each of the
Women in Small Business essential components of a business
Ethnic and Immigrant Small Business plan.
Developing a Business Plan 5 Compare the different small business
organizational forms, including sole
Essential Components
proprietorships, partnerships,
Business Ideas
corporations, and franchises.
Seed Money
6 Evaluate key small business
Initial Production and Sales
management decisions, including
Creating Value
hiring employees, ethics issues, family
Forms of Small Business Organizations business benefits and costs, going
public versus staying private, and
Sole Proprietorships and Partnerships
controlling internal and external
Corporations and Franchises
business risks.
Small Business Management Decisions
Hiring Employees
Ethics in Entrepreneurship
Running a Family Business
Going Public Versus Staying Private
Controlling Business Risks
Careers in Small Business

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