OPPORTUNITIES IN SMALL BUSINESS Define a small business. Identify reasons why small businesses fail. Describe several sources of help for small-business.

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OPPORTUNITIES IN SMALL BUSINESS Define a small business. Identify reasons why small businesses fail. Describe several sources of help for small-business owners. List characteristics of successful small-business owners. Unit 6, Part 4

SMALL-BUSINESS OPPORTUNITIES The term small business refers to a business that: Usually has the owner as the manager. Is not dominant in its field of operation. Employs fewer than 500 people. Usually is local, serving the nearby community.

COMMON TYPES OF SMALL BUSINESSES 26.8% 25.1% 13.9% 11.0% 10.2% 7.2% 3.6% 2.2% Services Retail Construction Wholesale Manufacturing F.I.R.E T.C.U. Other

SMALL-BUSINESS PROBLEMS Most common reasons for failure:  Not keeping adequate records  Not having enough start-up money  Lack of sales and management experience  Lack of experience with the type of business  Not controlling operating expenses  Poor location for the business  Failure to manage payments due from customers

HELP AVAILABLE FOR SMALL BUSINESSES  Small Business Administration (SBA)  Small Business Institutes (SBIs)  SCORE (Service Corps of Retired Executives)  Venture capital

CHARACTERISTICS OF BUSINESS OWNERS  Can do things on their own  Have leadership abilities  Can take charge of things  Like to plan what must be done  Are hard workers  Are decision makers  Can be trusted  Are achievers  Have good health

YOUNG ENTREPRENEURS entrepreneur An entrepreneur is someone who takes a risk in starting a business to earn a profit. Entrepreneurship Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business.