Small Business Managment
Small Business Management
Chapter One
Starting Your Small Business
Page 27 Questions 4, 9, 10
4. What comes to your mind when you think of a small business? How does your concept differ from the definition given in this chapter? When I think of a small business, I think of smaller stores like on the main street in old Ellicott City. Small stores in shopping centers where there is only one like it. Also, businesses people run from their house like small home improvement company’s or hair salons. The definition from the text book states that a small business is one that is independently owned and operated and is not dominant in its field of operation, and does not engage in new or innovative practices. My ideal of what a small business is pretty much goes along with the definition in the book, although I didn’t know that they didn’t engage in new or innovative practices.
9. Discuss the four personal objectives that people seek when starting a new business. The four primary personal objectives of small business owners, according to the text, are to achieve independence, obtain additional income, help their families, and provide products not available anywhere else. Achieving Independence is the main objective in starting a new business because people start businesses to be there own boss, to have creative freedom and be able to express their ideas how they want to. People also start businesses to obtain additional income. Some people what extra money on top of the money they already make, and some people are looking for a whole new job life where they can make more money then they were making at their old job. Another personal objective when staring a new business is to help their families. Many people start businesses to have more money to help support their families or they may take over a family owned business to take some of the stress off their family. The last personal objective is to provide products that aren’t available elsewhere.
Chapter One
Starting Your Small Business
Page 27 Questions 4, 9, 10
4. What comes to your mind when you think of a small business? How does your concept differ from the definition given in this chapter? When I think of a small business, I think of smaller stores like on the main street in old Ellicott City. Small stores in shopping centers where there is only one like it. Also, businesses people run from their house like small home improvement company’s or hair salons. The definition from the text book states that a small business is one that is independently owned and operated and is not dominant in its field of operation, and does not engage in new or innovative practices. My ideal of what a small business is pretty much goes along with the definition in the book, although I didn’t know that they didn’t engage in new or innovative practices.
9. Discuss the four personal objectives that people seek when starting a new business. The four primary personal objectives of small business owners, according to the text, are to achieve independence, obtain additional income, help their families, and provide products not available anywhere else. Achieving Independence is the main objective in starting a new business because people start businesses to be there own boss, to have creative freedom and be able to express their ideas how they want to. People also start businesses to obtain additional income. Some people what extra money on top of the money they already make, and some people are looking for a whole new job life where they can make more money then they were making at their old job. Another personal objective when staring a new business is to help their families. Many people start businesses to have more money to help support their families or they may take over a family owned business to take some of the stress off their family. The last personal objective is to provide products that aren’t available elsewhere.