Small Business and Entrepreneurship Flashcards
1
Q
What is a small business?
A
A small-scale independent firm, usually managed, funded and operated by it’s owners, and where staff size, financial resources and assets are comparatively limited in scale.
2
Q
A key factor that drives people to start their own business is…
A
Independence
3
Q
What are some generic features of a small business?
A
Owned by one or two individs Limited market share Financing provided by owner Limited life-span Sometimes run on a part time basis Can be home based Located only in the private sector
