RSM100Y1 Chapter Notes - Chapter 5: Small Business Administration, Business Plan, Independent Business
Document Summary
Lo 5. 1 describe the characteristics of a small business. Small business: an independent business with fewer than 100 employees and revenues less than. million which is not dominant in its market. Small businesses provide many jobs in construction, agriculture, wholesale trade, services, and retail trade. Government agencies offer benefits to help small businesses compete with larger firms. In the past 15 years, many small businesses have closed because larger firms have bought out the small independent businesses and replaced them with larger operations. They provide busy consumers with customized services that meet the needs of individual customers in a way that big firms often can"t. Home-based businesses: firms operated from the residence of the business-owner. Have more control over both their business and their personal time: setting up a website is generally less expensive than opening a retail store, a website can also reach a wider range of customers.
