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Summary Chapter 5 - Business Management 114
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Summary of 2 pages for the course Business Management 114 at SUN
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Chapter 5 –Small Business, Entrepreneurship andFranchises
Small business – independently owned and operated to
make a profit and is not dominant in its field
Industries that attract small businesses
Distribution industries – retailing, wholesaling,
transportation and communications (movement of
goods from producers to consumers)
Service Industries – medical and dental care, watch +
shoe repairs, restaurant
Production Industries – Construction, mining and
manufacturing
Characteristics of an entrepreneur
Independence
Desire to determine own destiny
Willingness to accept and fight a challenge
Business family background
Age (24-44)
Importance of small businesses
1. Providing technical innovation
2. Provide employment
3. Provide competition
4. Satisfy society’s needs
Advantages of small business
Personal customer employee relationship
Ability to adapt to change ( no permission needed as
you are your own boss)
Simplified record keeping
Independence
Disadvantages of small business
Risk of failure
Limited potential
Limited ability to raise capital
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