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Lecture Business: A changing world (4/e): Chapter 6 - O.C. Ferrell, Geoffrey Hirt

Chapter 6: Small business, entrepreneurship, and franchising. This chapter include objectives: Define entrepreneurship and small business, investigate the importance of small business in the U.S. economy and why certain fields attract small business, specify the advantages of small-business ownership, summarize the disadvantages of small-business ownership and analyze why many small businesses fail, describe how you go about starting a small business and what resources are needed,. | Chapter Six Small Business, Entrepreneurship, and Franchising Entrepreneurship and Small Business Entrepreneurship The process of creating and managing a business to achieve a desired objective. Small Business Any independently owned and operated business that is not dominant in its competitive area and employs fewer than 500 people. Why Do Entrepreneurs Go Into Business? 41% 36% 27% 25% 5% Joined family business Wanted more control over future Tired of working for someone else Wanted to fulfill longtime goal Had been downsized or laid off Source: Dun & Bradstreet 19th Annual Small Business Survey, May 2000 from “The Rewards,” Inc. State of Small Business, vol. 23 (2001), issue 7, p. 50. Just What Is A Small Business? Source: Small Business “Vital Statistics,” Small Business Administration from http://www.sba.gov/aboutsba/ (accessed May 2,2001). Represents over 99.7% of all employers. Employs 53% of the private work force. Accounts for 47% of all sales in the U.S. Provides 51% of the | Chapter Six Small Business, Entrepreneurship, and Franchising Entrepreneurship and Small Business Entrepreneurship The process of creating and managing a business to achieve a desired objective. Small Business Any independently owned and operated business that is not dominant in its competitive area and employs fewer than 500 people. Why Do Entrepreneurs Go Into Business? 41% 36% 27% 25% 5% Joined family business Wanted more control over future Tired of working for someone else Wanted to fulfill longtime goal Had been downsized or laid off Source: Dun & Bradstreet 19th Annual Small Business Survey, May 2000 from “The Rewards,” Inc. State of Small Business, vol. 23 (2001), issue 7, p. 50. Just What Is A Small Business? Source: Small Business “Vital Statistics,” Small Business Administration from http://www.sba.gov/aboutsba/ (accessed May 2,2001). Represents over 99.7% of all employers. Employs 53% of the private work force. Accounts for 47% of all sales in the U.S. Provides 51% of the private sector output. Represents 96% of all U.S. exporters of goods. Receives 35% of federal contract dollars. The Role of Small Business in the American Economy Job creation Innovation Exporting Fast Fact: 9.1 million women-owned businesses employ 27.5 million and contribute 3.6 trillion to the economy. 3.25 million minority-owned firms employ 4 million and account for $495 billion in revenues. Number of Firms by Employment Size Source: US Census Bureau from http://www.census.gov/epcd/smallbus.html#EmpSize (accessed July 30, 2001) What are the Advantages of Owning a Small Business? Personal Independence Business Lower startup costs Greater flexibility Focus on niche markets Easier to build a good reputation Fast Fact: 12% of Internet start-ups were launched in a garage. Disadvantages of Small Business Ownership High stress level High failure rate Undercapitalization Managerial inexperience or incompetence Inability to cope with growth Why Do Small Businesses Fail? 39% 28% 6% 27% .