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Final

AFM131 Study Guide - Final Guide: Small BusinessPremium

2 pages72 viewsFall 2018

Department
Accounting & Financial Management
Course Code
AFM131
Professor
David H A
Study Guide
Final

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Chapter 7, module 3
Characteristic of entrepreneur:
o Self-directed: being your own boss
o Self-nurturing: believing in your idea when no one else does
o Action oriented: building your idea not just dreaming it
o Highly energetic: able to work long and hard
o Tolerant of uncertainty: can’t be afraid to fail
o Able to learn quickly: learn from mistakes
Small business
o Independently owned and operated
o Not dominant in its field
o Meets certain standards of size (typically 1 to 99 employees)
Functions of a business:
o Planning your business
o Knowing your customers (marketing)
o Managing your employees (human resource development)
o Keeping records (accounting)
Financing your business (starting off with the right
amount?
Why small businesses don’t go global?
o Financing is difficult
o Don’t know how to get started
o Lack in understanding cultural differences
o Bureaucratic red tape
Lawyer helps with leases, contracts etc
Commercial account officer helps you design an acceptable
business plan, financial advice, lend you money
Insurance agent explains the risks
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