A business which is independently owned & operated & is not dominant in its field of operation
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
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
Economic contributions of small business in the United States
Interdependence, Competition & Innovation
The practice of trying to obtain something that is being sought by others under similar circumstances @ the same time
function of determing in advance what needs to be accomplished in order to acheive a particular goal.
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.
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
Lack of available money; securing funds or good interest rates, maintaing cash reserves
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
Lack of expertise; Financial shortages or poor cash flow; Human Resource Management