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Side A ------ Side B
Name the advanages of small business ownership. (5) ------ Independence, Cost, Flexibility, Focus, and Reputation.
Leading reasons why entrepreneurs go into business for themselves. (2) ------ Independence and opportunity to better themselves.
How is the cost difference in a small business versus large ones? ------ Usually require less money to start and maintain.
What do small businesses have the flexibilty to do? ------ Adapt to changing market demands.
How can small businesses benefit from one layer of management? ------ Decisions can be made quickly.
Small firms can focus their efforts on what? ------ A precisely defined market or niche or a specific group of customers.
Small firms can develop what? This demonstrates what? ------ Reputations for quality and service demonstrating a commitment to customer satisifcation.
Name the disadvantages of small business ownership. (2) ------ High stress level and high failure rate.
What are the worries in small business ownership that cause high stress? (3) ------ Business, competition, or changing market demand.
In a small business, what is the norm for work days and vacations? ------ Long work days and few vacations.
What are some reasons why small businesses have a high failure rate? (3) ------ Poor business management, a poor business concept, and burdens imposed by governement regulation, insufficient funds during slow periods, and competition from others.
What are the 3 major causes of small business failure? ------ Undercapitalization, Managerial Inexperience or Incompetence, and Inability to Cope with Growth.
Define Undercapitalization ------ Lacking sufficent funds to operate the business efficiently.
The shortest path to failure in a business is what? ------ Undercapitalization
Along with a vision, an entreprenuer needs what to manage a growing business effectively? ------ Knowledge and/ or experience.
Why can growth be a problem for a small business? ------ The owner may not have (or have the time to aquire) the specialized management skills needed.
Immediate threats to small and mid-sized businesses include? (5) ------ Rising inflation, collapse of the dollars value, energy and other supply shortages, excessive household or corporate debt, and the growing federal deficit.

Side A ------ Side B
Name the advanages of small business ownership. (5) ------ Independence, Cost, Flexibility, Focus, and Reputation.
Leading reasons why entrepreneurs go into business for themselves. (2) ------ Independence and opportunity to better themselves.
How is the cost difference in a small business versus large ones? ------ Usually require less money to start and maintain.
What do small businesses have the flexibilty to do? ------ Adapt to changing market demands.
How can small businesses benefit from one layer of management? ------ Decisions can be made quickly.
Small firms can focus their efforts on what? ------ A precisely defined market or niche or a specific group of customers.
Small firms can develop what? This demonstrates what? ------ Reputations for quality and service demonstrating a commitment to customer satisifcation.
Name the disadvantages of small business ownership. (2) ------ High stress level and high failure rate.
What are the worries in small business ownership that cause high stress? (3) ------ Business, competition, or changing market demand.
In a small business, what is the norm for work days and vacations? ------ Long work days and few vacations.
What are some reasons why small businesses have a high failure rate? (3) ------ Poor business management, a poor business concept, and burdens imposed by governement regulation, insufficient funds during slow periods, and competition from others.
What are the 3 major causes of small business failure? ------ Undercapitalization, Managerial Inexperience or Incompetence, and Inability to Cope with Growth.
Define Undercapitalization ------ Lacking sufficent funds to operate the business efficiently.
The shortest path to failure in a business is what? ------ Undercapitalization
Along with a vision, an entreprenuer needs what to manage a growing business effectively? ------ Knowledge and/ or experience.
Why can growth be a problem for a small business? ------ The owner may not have (or have the time to aquire) the specialized management skills needed.
Immediate threats to small and mid-sized businesses include? (5) ------ Rising inflation, collapse of the dollars value, energy and other supply shortages, excessive household or corporate debt, and the growing federal deficit.