Chapter 5 focuses on Small Business, Entrepreneurship and Franchises. According to the Small Business Administration (SBA), a small business is “one which is independently owned and operated for profit and is not dominant in its field.” The SBA periodically revises and simplifies its small-business size regulations. Most small firms have annual sales well below the maximum limits.
1. Which two areas of business generally attract the most small businesses? Why are these areas attractive to small business?
2. What are the major causes of small-business failure? Do these causes also apply to larger businesses?1
3. What are the major components of a business plan? Why should an individual develop a business plan?
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