SMALL BUSINESS MANAGEMENT.PPT

SMALL BUSINESS MANAGEMENT Chapter 2 The Small Business Decision CHAPTER OBJECTIVES 1. To discuss the ___________ and disadvantages of small business ownership as a starting point in making the small business decision. 2. To review the personal and organizational attributes of a successful small business owner. 3. To explain the reasons some ___________ succeed and others fail. 4. To discuss entrepreneurial development in large business. 5. To identify the differences between an ___________ and a manager. The Small Business Decision Personal Evaluation Self evaluation exercise Advantages of Small Business Ownership More personal ___________ with people Independence Skill ___________ Potential ___________ Rewards Challenge ___________ Disadvantages of Small Business Ownership Risk ___________ Need for Many Abilities Limited Financial Rewards People ___________ Time Demands Entrepreneur Defined A person who ___________ and/or operates a business. All active owner-managers and second generation ___________ of family owned firms and owner-managers which buy out founders of existing firms. Also includes ___________ managers of larger corporations who have a flair for innovation and risk. Demographic Characteristics of Entrepreneurs Parents ___________ business Foreign parents High school degree or less ___________ or more Age 31 and under ___________ 40 or more Personality Characteristics Required by Successful Entrepreneurs Achievement Orientation Risk Taking Independence, Self ___________, Self Assurance Innovativeness Strong Verbal and ___________ Skills Selling Skills Personality Characteristics Required by Successful Entrepreneurs (cont) Problem ___________ Abilities Strategic Planning ___________ The Small Business Decision Organizational Evaluation Small Business Successes Alertness to ___________ Ability to ___________ and Hold Competent Employees Staying ___________ to the Consumer Small Business Successes Thoroughness with Operating Details Abilit