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Chapter 2

MGT 3806 Chapter Notes - Chapter 2: Cash Flow


Department
Management
Course Code
MGT 3806
Professor
M I K E M A D O R E
Chapter
2

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Chapter 2: The small business decision
The Small Business Decision
Personal Evaluation
ADVANTAGES OF SMALL BUSINESS OWNERSHIP
More personal contacts with people
Independence
Skill Development
Potential Financial Rewards
Challenge
Enjoyment
DISADVANTAGES OF SMALL BUSINESS OWNERSHIP
Stress: being the only person, pressure of building the business, dealing with financials
Need for Many Abilities
People Conflicts
Risk limited number of tries with opening a small business
Time Demand Laughing stock vineyards Cynthia & David Enns
Limited Financial Rewards average salary of biz owners only make 80% of what an
employed person would make
DEMOGRAPHIC CHARACTERISTICS OF ENTREPRENEURSHIPS
Parents owned a business - high
University or college educated - high
Immigrant-started sme - low
Sme owned by people aged 50 or more - medium
PERSONALITY CHARACTERISTICS OF ENTREPRENEURS
Achievement Orientation
Risk Taking
Independence, Self Confidence, Self Assurance
Innovativeness
Selling Skills
Problem Solving Abilities
Strategic Planning
Perseverance
SMALL BUSINESS SUCCESSES
Alertness to Change
Ability to Attract and Hold Competent Employees
Staying Close to the Consumer
Thoroughness with Operating Details
Ability to Obtain Needed Capital
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