Business Start-Up
3 advantages of sole proprietorships
EX. managed by their owners, ease/cost of formation, secrecy, profits are exclusively the owners, control of business, little gov't regulations, taxed at individual rate, dissolves easily
____________ are entrepreneurs who develop businesses with five or less employees.
Microentrepreneurs
When considering opening up a small business, it is recommended to start a _________ _______.
business plan
Management is a process designed to achieve an organization’s objectives by using its resources ___________ and ____________ in a changing environment.
effectively and efficiently
In the leadership role of a manager, they are in charge of POLC. This stands for what?
planning, organizing, leading, controlling
Money invested, duties for partners, division of profits/losses, how a partner may leave partnership
Social entrepreneurs are individuals who use entrepreneurship to _________________
adress social problems
A business can perform a _______ analysis not only to analyze how they are doing now, but also to look into potential changes for the future. It stands for what??
SWOT; strengths, weaknesses, opportunities, threats
Highest managers develop ___________ plans, which are _< or >__ than 1 year.
strategic, greater than
Along with leadership skills, managers need to be able to think ___________, and ____________ options before taking action.
creatively; analyze or weigh
Sole proprietorships are businesses owned and operated by one individual. They make up _____% of businesses & often focus on ________.
75%; services/retail
When two companies combine to form a new company, it's called a __________; When one company purchases another, it's called a(n) _____________.
merger; acquisition
Franchises are a common small business start-up because they already have ___________ paid for and proven/successful _____________.
advertising, products or business formats
Managers create goals and objectives for their teams. Goals and objectives are similar, but __________ are measurable. What are 3 ways to measure them?
amount of profit, in time using a timeline, percentages of growth, number of sales
There are three types of leaders. What are they?
autocratic, democratic, and free-reign
Corporate owners, called _______________, can ________, ________, or _________ stock
shareholders or stockholders; buy, sell, inherit
66.6% (4.5 million firms) of all firms have ____ - ____ employees.
1-19
The most common small business industries include services and retailing. What are 5 potential small businesses within these industries?
restaurants, boutiques, salons, dog kennels, bakeries, photographers, farmers, carpenters, authors
Operational plans are short term, often one _____, one ______, or one _______. They typically specify actions for individuals or ____________.
day, week, month; departments or divisions
When employees are provided with the ability to take on responsibilities and make decisions about their jobs, they have _____________ _________________.
employee empowerment
Managers of public corporations are usually the founders. Mark Zuckerberg holds _____% of ___________'s stock
16.1%; Facebook
All entrepreneurs' businesses have a ___________ statement, their reason for existing. What are 3 of the 5 questions that mission statements attempt to answer?
Who are we?, Who are our customers?, What are our beliefs?, What is our competitive advantage?, What are our social/environmental responsibilities?
As well as a high stress level due to ____________, small business ownership also has a high failure rate: ____% of all small businesses fail in the first 5 years.
competition, employee problems, etc.; 50%
A top manager might be the _____, ______, or _____ of a company. First-line managers direct employees and are more of a shift ____________.
president, owner, CEO, COO, CFO; lead or supervisor
___________ leaders involve their employees in their decisions. They want / value _________ and ________.
Democratic; opinions and ideas