FM 116 Chapter Notes - Chapter 7: Business Plan, Small Business Administration, Startup Company

• School: FIT
• Department: Fashion Business Management
• Course: FM 116
• Professor: George Sanchez

Document Summary

Reasons to launch small business: financial success, independence, flexibility, challenge, survival. Entrepreneurs: aim to change the world through blockbuster goods and services, deliver the best ideas, changing the economic and social landscape: But always to earn a profit for themselves: entrepreneurial vision: Vision: bringing out new ideas and solutions. Energy: putting in extra hours and days. Confidence: in their own ability to achieve and act boldly. Tolerance of uncertainty: turning uncertainty into an advantage. Tolerance of failure: viewing failure as a chance to learn. Are small businesses important: 99. 9% of all businesses in the us have fewer than 500 employees, yet they generate about half of the gdp, they provide jobs for about 50% of the nation"s private workforce. Funding for small businesses: always a big challenge: Not always easy to get: alternative lenders: private firms that: Collect payments on daily or weekly basis to reduce risks.