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Understanding Business Chapter 6 Learning Goal 2

According to your text, the owners of small firms believe they have certain advantages over larger companies, including the ability to offer more personal customer service and respond more quickly to opportunities
The easiest businesses to start usually have the slowest (revenue and profit) growth rates and the greatest failure rates. (Restaurants are an example)
About 80% of all U.S. workers find their first job in a small business
According to economist Bruce Kirchhoff, small business failures are
Lower than traditionally reported due to misinterpretations of Dun & Bradstreet statistics by earlier researchers
A study reported in the Monthly Labor Review concluded that 56% of all small businesses fail in their first four years of operation
Which of the following are among the causes of small business failure, according to your text?
*starting with too little (financial) capital
*underestimating how much time it will take to build a market
*attempting to do too much business with too little capital
*failing to keep complete, accurate records, so that the owners drift into trouble without realizing it
*going into Business with little or no experience and without first learning something about the industry or market
According to your text, The principles that govern the successful management of a small business are largely applicable to The management of large businesses and nonprofit organizations as well
According to SBA guidelines, a manufacturing firm with 1000 employees
May be classified as a small business depending upon the size of other firms in the industry
The Small Business Administration (SBA) defines a small business as one that
* is independently owned and operated
* is not dominant in its field of operation
* meets certain standards of size in terms of employees and annual receipts (such as under 2 million a year for service businesses)
Small businesses create 60 to 80% of the new jobs each year
Small businesses account for more than 50% of the gross domestic product
Of all nonfarm businesses in the United States, almost 97% are considered small by SBA standards
According to your text, in manufacturing, a plant can have 1500 employees and still be considered small by SBA standards

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