Week 6 Slides Flashcards
What is a small business
Less than 100 employees
Less than $2 million in revenue
Pros and Cons of Small Businesses
Pros:
More control
More control of personal time
Low start up costs
Cons:
Feel isolated
Less visible to consumers
What do small businesses do for the economy
New jobs
Create new industries
Promote innovation
Why do small businesses fail
Low management experience
Not enough money
Fail to meet government regulations
What is a business plan
Goals, methods, purpose
Mission and vision
Analyze advantage, customers, comp, risks
What are pros of franchising
Big company name
Prior performance record
Quicker expansion
What are cons of franchising
Franchise fees
Future payments needed
Tight control
Restrictions
What is a sole proprietorship
Owner is just one dude
Simple/most common
Repair shops
What is partnership
2 or more ppl agree to operate a business as co-owners
What is corperation
legal organization
What is not for profit
the main goal of org is not to make profit
What is public (goverment) ownership
Gov owns and operates an organization
TTC
What is collective (cooperative) ownership
Owners work together to operate all or part of activities
Vacinity credit union VCU
What are share holders
buy shares in exchange for ownership
