Term
| Small business characteristics (4) |
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Definition
indep owned;
not dominant (in its field of operation)
fewer than 250 employees
limited capital |
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Term
| Advantages of small business |
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Definition
independence,
financial opportunities,
community service,
job security,
family employment,
challenge,
creative freedom,
tax advantages,
necessity |
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Term
| Disadvantages of small business |
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Definition
sales revenue fluctuation,
competitiion,
incr responsibility,
risk of financial loss,
employee relations,
laws/regulations,
risk of failure,
sacrifice/time,
tax disadvantages |
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Term
| Why small business owners succeed (5) |
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Definition
drive,
thinking ability,
human relations,
communication skills,
technical knowledge |
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Term
| 10 common reasons businesses fail |
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Definition
lack of market research,
legal problems,
nepotism,
1-person management,
lack of technical competence,
absentee management,
inadequate recordkeeping,
expansion beyond resources (uncontrollable growth),
lack of info about customers,
failure to diversify market |
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Term
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Definition
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Term
| Traits of entrepreneurs (5) |
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Definition
high self-confidence (x2),
high energy level,
need to achieve,
tolerance for ambiguity,
awareness of passing time |
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Term
| 10 factors that can make you a failure |
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Definition
weak personality,
"loaner" syndrome,
the wrong people,
nebulous business idea,
no business plan,
cash flow problems,
no marketing strategy,
lack of effective control strategy,
underestimating the competition,
too little financial backing |
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Term
| Advantages of buying existing business (3) |
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Definition
start-up already taken care of,
business' track record,
bargain price |
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Term
| Disadvantages of buying existing business (3) |
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Definition
success due to former manager,
market has peaked,
high price |
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Term
| Questions to ask before buying existing business (7) |
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Definition
Why is business being sold?
What is physical condition of the business?
Building owned or leased?
State of business' other assets?
Good bookkeeping?
Business have any past contracts?
Goodwill value of business? |
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Term
| Permanent employees (tax form...) |
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Definition
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Term
| Contract employees (tax form...) |
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Definition
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Term
| Scoping out financial picture of small business (3) |
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Definition
hire accountant to review records,
review profit trend of business,
compare similar businesses |
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Term
| Benefits of home-based business (3) |
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Definition
eliminate overhead (office space),
partial write-off on taxes for space in home,
flexible hours |
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Term
| Pitfalls of home-based business (3) |
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Definition
vague boundaries,
self-discipline,
insurance |
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Term
| Strategies for self-management (4) |
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Definition
stay organized,
fight procrastination,
learn to be alone (but not lonely),
organize office space |
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Term
|
Definition
| marketing/providing services in your area of expertise |
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Term
|
Definition
teaching ConEd,
assisting existing companies to improve,
assisting new businesses to develop |
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Term
| Ways of getting into small business |
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Definition
start from scratch,
buy existing,
buy a franchise,
start a home-based business |
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