SOM 122 Chapter Notes - Chapter 3: Small Business Administration, Small Business, Business Plan

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Small business- a business that is independent and that has relatively little influence on its market. Small business administration- government agency that assists small businesses. Measure contribution of small business in terms of: Hire and lay off at a faster rate. First to hire in times of economic recovery. Most of the products made by big businesses are sold to consumers by small ones. Sell products made by other firms directly to consumers. Buy products in bulk from manufacturers or other producers and store them in quantities and locations convenient for selling them to retailers. Affiliates or agents for larger national firms. Ex: small research labs, independent media companies, etc. Entrepreneurs: people who assume the risk of business ownership. Entrepreneurship: the process of seeking business opportunities under conditions of risk. Concern for good, often personal customer relations. Strong desire to be their own bosses. Today: open-minded leader who relies on networks, business plans, and consensus.

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