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Entrepreneurship and Small-Business Ownership (Financing Options for Small…
Entrepreneurship and Small-Business Ownership
Economic Roles of Small Business
introduce new products
provide specialized goods and services
provide jobs
take larger risks that big companies sometimes avoid
meets the needs of larger organizations
Factors Contributing to the Increase in the Number of Small Businesses
E-commerce
Social media
Technological advances
Growing diversity in entrepreneurship
Corporate downsizing and outsourcing
Qualities of Successful Entrepreneurs
Passion
Drive
Confidence
Disadvantages of franchising
Little control over decisions the franchisor makes that affect the entire system
Don’t have the option of independently changing your business in response to market changes
Typically agree to follow the business format
Financing Options for Small Businesses
microlenders
venture capitalists
Seed money
initial public offering(IPO)
angel investors
crowdfunding
Business Start-Up Options
buy an existing independent business
buy into a franchise system
create a new,independent business
Franchise alternative
franchisor
franchisee
franchise
Advantages of franchising
Name recognition, national advertising programs, standardized quality of goods and services, and a proven formula for success
Combines at least some of the freedom of working for yourself with many of the advantages of being part of a larger, established organization