The Big World Of Small Business Flashcards
0
Q
Economic roles of small business
A
Provide jobs
Introduce new products
Meet the needs of larger organizations
Inject considerable amount of money into the economy
Take risks larger companies sometimes avoid
Provide specialized goods/services
1
Q
Small business
A
Company that is independent owned and operated, is not dominant in its field, and employs fewer than 500 employees (depending on the industry)
2
Q
Characteristics of Small Businesses
A
Narrow focus
Limited resources
More freedom to innovate
Easier to make decisions quickly & adapt to marketplace
3
Q
Factors contributing to increase in the number of small businesses
A
E-Commerce Social Media Technological Advances Growing diversity in entrepreneurship Corporate downsizing & outsourcing
4
Q
Economic Impact of Small Businesses
A
Proprietorships are most of firms
Corporations are most sales
5
Q
Key Tradeoffs
A
Liability
Tax Treatment
Control
