BUS 1 Lecture Notes - Lecture 5: Small Business Administration
Document Summary
Entrepreneurs = innovators who take the risk of starting and managing a business to make a profit. 4 main reasons to become entrepreneur: opportunity for profit, independence, personal satisfaction, lifestyle. Classic entrepreneurs may be micropreneurs want to keep businesses small, or growth- oriented entrepreneurs. Multipreneurs start multiple companies, while intrapreneurs work within large corporations. Companies started by entrepreneurs and small-business owners make significant contributions to the u. s. and global economies. Account for 99% of all employer firms: produces half of us economic output. The desire to be one"s own boss cuts across all age, gender, and ethnic lines. Small business administration (sba) - main federal agency serving small businesses, providing guarantees of private lender loans and management assistance services. Wide range of management assistance services, including courses, publications, and consulting. Entrepreneurs have flexibility to respond to changing market conditions. Specialized markets more profitability than large firms higher level of personal service. Burden of complying with increasing levels of government regulation.
