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Chapter Five

Chapter Five. Small Business, Entrepreneurship, and Franchises. 5 | 1. Learning Objectives. Define what a small business is and recognize the fields in which small businesses are concentrated Identify the people who start small businesses and the reasons why some succeed and many fail

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Chapter Five

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  1. Chapter Five Small Business, Entrepreneurship, and Franchises 5 | 1

  2. Learning Objectives • Define what a small business is and recognize the fields in which small businesses are concentrated • Identify the people who start small businesses and the reasons why some succeed and many fail • Assess the contributions of small businesses to our economy • Judge the advantages and disadvantages of operating a small business • Explain how the Small Business Administration helps small businesses • Appraise the concept and types of franchising • Analyze the growth of franchising and franchising’s advantages and disadvantages 5 | 2

  3. Small Business • Be able to define Small Business • What are some of the key statistics regarding small businesses from the textbook? • What are the advantages and downsides of owning a small business? • Know the Small Business Administration standards for what is considered a “small” business 5 | 3

  4. Industries That Attract Small Businesses • Know the key characteristics that make owning a small business attractive • What are the main industries that attract small businesses? • Why are these industries appealing to small business? • What are the advantages and disadvantagesof smallness? 5 | 4

  5. Entrepreneurs • Define Entrepreneur • What are the key characteristics and personal factors of most entrepreneurs? • What motivates entrepreneurs? • How old to entrepreneurs tend to be? • What are the principal reasons why some entrepreneurs and small businesses fail? • What are the main sources of capital for entrepreneurs? 5 | 5

  6. Entrepreneurs (cont’d) • Be able to discuss Women and entrepreneurship • How many small businesses do women own? • How many jobs do women-owned businesses provide in the U.S.? • What role do Teenagers play in entrepreneurship? • What has helped fuel a boom in teen entrepreneurs? • What pressures do teen businesspeople face? • What skills do young entrepreneurs require? 5 | 6

  7. The Importance of Small Businesses in Our Economy • Why are small businesses important to the economy? • Be able to discuss the following in relation to small businesses • Technological innovation • Providing employment • Providing competition • Filling needs of society and other businesses 5 | 7

  8. Developing a Business Plan • Define Business Plan • Know the components of a business plan • What are the three basic purposes of a business plan? • What are the questions key stakeholders (like investors and banking officials) might ask about a small business? 5 | 8

  9. The Small Business Administration • What is the Small Business Administration (SBA)? • What does the SBA do? • What services and organizations does it offer to help businesses? • How does the SBA provide financial assistance to businesses? • Regular business loans • Small-business investment companies 5 | 9

  10. The Small Business Administration (cont’d) • Be able to discuss how the most recent economic recession affected small businesses • What were the hardest-hit sectors? • What did the government do to help the struggling economy? • Howdid government assistance help improve market conditions? 5 | 10

  11. Franchising • Define • Franchise • Franchising • Franchisor • Franchisee • Know the different types of franchises 5 | 11

  12. The Growth of Franchising • Be able to discuss the growth of franchising • Why have franchises expanded? • What are the advantages and disadvantages? • From the perspective of the franchisor • From the perspective of the franchisee • What kind of person is attracted to the idea of owning a franchise? 5 | 12

  13. Franchising Success and Failure • On average, how successful are franchises? • How does the franchise success rate compare to small businesses in general? • What can cause a franchise to fail? • What are dual-branded franchises? 5 | 13

  14. Global Perspectives in Small Business • Be prepared to discuss small business from a global perspective • How has globalization affected small businesses? • How have communications and technology changed? • What role does the Internet play in small businesses? • How have changes in trade barriers and international legislation affected the international business climate? • How can the SBA help a business that wants to market overseas? • In what ways must small businesses adapt when entering the world marketplace? 5 | 14

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