Small Business Mgmt.
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Created by:
stayntrble on January 10, 2008
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26 terms
Terms | Definitions |
|---|---|
 Small Business | A business which is independently owned & operated & is not dominant in its field of operation |
| Entrepreneur | One who organizes, manages & assumes the risk of a business firm or venture |
| Quantitative Criteria | Number of employees; Dollar sales volume |
| Qualitative Criteria | Actively managed by its owner or owners, higly personalized, largely local in its area of operations, largely dependent on internal sources of capital to finance growth |
| Business | An organization that combines inputs of raw materials, capital, labor & management skills to produce useful out puts of goods & services so as to earn a profit. The business is not a major force in the particular industry |
| Trends of small business | Service sector increase, women in small business, minority ownership |
| Manufacturing Business | A business that makes finished goods from raw materials by hand or machinery |
| Merchandising Business | A business that purchases finished goods for resale |
| Service Business | A business that provides a service as oppose to a product. |
| Funeral Homes are what type of business? | Service & Merchandise business |
| Economic contributions of small business in the United States | Interdependence, Competition & Innovation |
| Interdependence of business | Relyant on others to help |
| Competition | The practice of trying to obtain something that is being sought by others under similar circumstances @ the same time |
| Innovation | Introduction of something new; a new idea; method or device |
| What are the functions of management? | Planning; organizing; motivating; controlling; directing |
| Planning | function of determing in advance what needs to be accomplished in order to acheive a particular goal. |
| Organizing | To arrange or constitute in interdependent parts, each having a specific function or relation with respect to the whole; the arrangement & distribution of work among members of an organization. |
| Motivating | Energizing, channeling & sustaining peoples behavior. |
| Controlling | A management function which compares organizational & individual performance with pre-determined standards or expected results. |
| Capital shortages, tax burdens, government regulations, consumerism. | The problems & risk of business ownership which may result in business failure |
| Capital shortages | Lack of available money; securing funds or good interest rates, maintaing cash reserves |
| Tax Burdens | IRS; State & local |
| Government regulations | OSHA; FD License, auditors |
| Consumerism | The emphasis placed on providing consumers, products & services that are safe, reliable & honestly advertised; also a social movement that seeks to strengthen the rights of consumers relative to sellers |
| Internal problems | Lack of expertise; Financial shortages or poor cash flow; Human Resource Management |
| External problems | Capital shortages (Securing funds or good interest rates) (Maintaining cash reserves)- Tax burdens; Government regulations. |
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