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Small Business, Entrepreneurship, and Franchising (Advantages Small…
Small Business, Entrepreneurship, and Franchising
The Nature of Entrepreneurship
and Small Business
Entrepreneurship
is the process
of creating and managing
a business to achieve
desired objectives.
The entrepreneurship
movement has
been accelerating.
Industries That Attract Small Business
Retailing and Wholesaling
Services
Manufacturing
High Technology
Advantages Small-Business Ownership
Independence
2 Costs
3 Flexibility
4 Focus
5 Reputation
Disadvantages of
Small-Business Ownership
1 High Stress Level
2 High Failure Rate
3 Undercapitalization.
4 Inability to Cope with Growth.
5 Managerial Inexperience
Starting a Small Business
The Business Plan
Financial Resources
Equity Financing
Debt Financing
Forms of Business Ownership
Approaches to Starting a Small Business
Starting from Scratch Versus
Buying an Existing Business
Franchising
A license to sell
another’s products
or to use another’s
name in business,
or both, is a
franchise.
The company that sells a franchise is the
franchiser
.
The purchaser of a franchise is called a
franchisee.
The Future for Small Business
Demographic Trends
Technological and Economic Trends