33:011:100 Chapter 5: Chapter 5

• School: Rutgers University
• Department: Administrative Studies
• Course: 33:011:100
• Professor: Professor Reaves

Document Summary

Not a dominant force in its industry. Generates less than million in profit annually. Home based-business: businesses operated in the home of the business owner. Provide about 40% of private sales in the country. Account for more than half of america"s economic output. Employ about 50% of the private workforce. Represent 97% of all u. s. exporters: creating new industries. Companies such as google were once small businesses. Downsizing in major companies has led to companies branching out to other businesses to perform actions once done by in house employees: innovations. New businesses are adept at creating new and improved goods and services. Many times this leads to a new business/industry. 3 in 10 businesses close after 2 years. By 10 years only 18% of small businesses remain: management shortcoming: Poor assessment of competition: inadequate financing: Companies assume they will make a profit immediately, but products need to develop.