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Summary Chapter 4
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Chapter 4 of Introduction to Business, required course of first year IBA
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Small business,Entrepreneurship and
franchises
4.1: Small business: a profle
“One which is independently owned and operated for proft and is not dominant in its
feld.” – mmall Bussiness administraion (mBuA)
There are gsidelines following specifc “smallness” for indsstries (Table 4.1)
Keep in mind, proft is only a small percentage of sales. High nsmber of sales does not
mean high profts.
mmall bssinesses are essenial in the economy. They create new jobs, and represent a
majority percentage of employer frms.
Moreover, they prodsce way more patents than large patening frms.
o Greater level of entreprenesrial and creaive spirit in small bssinesses
4.1.1: Small businesses sector
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