1. Small business Management Flashcards
Definition of a small business.
A small business is one that employs a relatively small number of people. It is usually characterized by yearly sales revenue and ownership of assets (like cash, land, equipment and stock inventory.)
What is the main difference between entrepreneurship and small business management?
Innovation
What are the (4) areas of difference between Small businesses and entrepreneurial ventures?
- Ownership
- Growth
- orientation
- position on the market
What are the (5) main characteristics of small business?
- Independently owned, operated and financed
- Has less than 100 employees
- Not oriented towards innovation
- Not the dominant players in the industry
- Owners prefer stability over growth
Which kind of venture is “an organization engaged in pursuing opportunities”?
Entrepreneurial ventures
Which kind of venture is characterized as having less than 100 employees (U.S)?
Small businesses
Which kind of ventures are not the dominant players in the market?
Small businesses
Which kind of venture pursues growth and profit?
Entrepreneurial ventures
In which kind of venture do the owners tend to prefer stability (therefore the business is less likely to grow)?
Small businesses
Which kind of venture is motivated by innovation and seeks out new opportunities in the environment?
Entrepreneurial ventures
Which kind of venture is independently owned, operated and financed?
Small businesses
Which kind of venture is not oriented towards new or innovative practice, new start- ups; and job creation?
Small businesses
Which kind of venture has greater potential for becoming big employers based on growth and profit motives?
Entrepreneurial ventures
Which kind of venture is characterized by new start- ups where ideas propel the new business?
Entrepreneurial ventures
