BUSN 1101 Chapter Notes - Chapter 5: Small Business Administration, Business Plan, Small Business
31 Aug 2016
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Innovation - offering a new product, applying new technique or technology, opening a new market, or developing a new form of organization for the purpose of producing or enhancing a product. Running a business - setting one up to make a profit. Risk taking - working under uncertainty, won"t know outcomes of steps they take. Small business administration - government (in executive branch of u. s. government) agency that provides assistance to small businesses, can"t give out loans, comprised of ex-ceo"s, cites most common reasons for starting a business: Entrepreneurs are innovators who start companies to create new/improved products, strive to meet a need that"s not met. People who start a small business do so with the purpose for providing an income for themselves and family, don"t try to be innovative. Section 2: the importance of small business to the u. s. economy.
