Small Business Mgmt.

26 terms by stayntrble 

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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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