BUSN 70 Lecture Notes - Lecture 9: Lyft, Temporary Work, High Tech
13 Mar 2021
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Document Summary
Small businesses are found in nearly every industry, but these are some of the most attractive: Relatively easy to enter and require low initial financing. Retailers acquire goods from producers or wholesalers and sell them to consumers. Wholesalers supply products to industrial, retail, and institutional users for resale or for use in making other products (supplier of goods) Service sector includes businesses that do not actually produce tangible goods (80% of u. s. jobs) Attracts individuals whose skills are not required by large firms. Manufacturing goods can provide unique opportunities for small businesses (like customizing products for customers) The malcolm baldrige national quality award rewards innovative small manufacturing firms. High technology describes businesses that depend heavily on advanced scientific and engineering knowledge. 3 areas for starting a business = technology, inventory, and marketing. 43% of high-tech jobs are with small businesses. High-technology businesses require greater capital and have higher initial startup costs than do other small businesses.
