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Questions and Answers
A large proportion of the ______ force are employed by small businesses
A large proportion of the ______ force are employed by small businesses
labor
The opportunity to gain ______ over his own destiny
The opportunity to gain ______ over his own destiny
control
Small business operators have the freedom to act within the limits of his ______
Small business operators have the freedom to act within the limits of his ______
potential
If small business succeeds, all profits, big or small, accrue to the ______
If small business succeeds, all profits, big or small, accrue to the ______
Wholesaling refers to the activities of persons or establishments which sell to the ______ and other merchants.
Wholesaling refers to the activities of persons or establishments which sell to the ______ and other merchants.
Entrepreneurs who make innovative products available to the public are recognized properly by ______
Entrepreneurs who make innovative products available to the public are recognized properly by ______
Retailing covers all activities involves in the sale of goods and/or services to the ______ consumers.
Retailing covers all activities involves in the sale of goods and/or services to the ______ consumers.
General construction firms are those engaged in the construction of buildings for ______ individuals or firms.
General construction firms are those engaged in the construction of buildings for ______ individuals or firms.
Operating a small business does not provide the assurance of a ______ income
Operating a small business does not provide the assurance of a ______ income
The owner-operator will take full ______ for whatever happens to the business
The owner-operator will take full ______ for whatever happens to the business
Small business requires only ______ capital and this can be supplied by a single or few individuals.
Small business requires only ______ capital and this can be supplied by a single or few individuals.
Small businesses usually operate in a certain ______ although there are cases when the market is not confined to a local area.
Small businesses usually operate in a certain ______ although there are cases when the market is not confined to a local area.
Income and profit are held in ______ until the business gets established
Income and profit are held in ______ until the business gets established
Small businesses provide economic opportunities for ______ who do not feel comfortable as employees.
Small businesses provide economic opportunities for ______ who do not feel comfortable as employees.
Small businesses are suppliers of ______ materials, semi-finished parts, finished components, or even labor to other businesses.
Small businesses are suppliers of ______ materials, semi-finished parts, finished components, or even labor to other businesses.
Organizing involves identifying the activities required to ______ these jobs and activities to departments and individuals.
Organizing involves identifying the activities required to ______ these jobs and activities to departments and individuals.
After determining objectives, ______ is the next logical step in the management process.
After determining objectives, ______ is the next logical step in the management process.
Small businesses support the government with the ______ they pay, as well as performing other functions.
Small businesses support the government with the ______ they pay, as well as performing other functions.
The process of establishing relationships between various sectors of an organization is known as ______.
The process of establishing relationships between various sectors of an organization is known as ______.
Delegation of authority allows employees to do their ______ and command the resources they require.
Delegation of authority allows employees to do their ______ and command the resources they require.
Controlling ensures that divisional, departmental, sectional, and individual results are in line with ______ goals and objectives.
Controlling ensures that divisional, departmental, sectional, and individual results are in line with ______ goals and objectives.
Organizing involves ______ the activities into self-contained jobs.
Organizing involves ______ the activities into self-contained jobs.
Directional consistency is a key aspect of ______.
Directional consistency is a key aspect of ______.
Each manager must determine what actions must be carried out in his or her department or sector in order to achieve the ______.
Each manager must determine what actions must be carried out in his or her department or sector in order to achieve the ______.
Successful entrepreneurs don’t believe in taking a ______, because for them it’s never been a risk.
Successful entrepreneurs don’t believe in taking a ______, because for them it’s never been a risk.
For entrepreneurs, taking the ______ and overcoming it is a common function that every entrepreneur must carry out.
For entrepreneurs, taking the ______ and overcoming it is a common function that every entrepreneur must carry out.
The purpose of innovation is to constantly grow an organization through new ______, more productive techniques, efficient processes, and flexible business models.
The purpose of innovation is to constantly grow an organization through new ______, more productive techniques, efficient processes, and flexible business models.
The decision-making function of an entrepreneur is the most ______ function among all managerial function.
The decision-making function of an entrepreneur is the most ______ function among all managerial function.
Entrepreneurs are the main role players in building a ______ business.
Entrepreneurs are the main role players in building a ______ business.
The managerial function of an entrepreneur represents the classification of a ______’s job.
The managerial function of an entrepreneur represents the classification of a ______’s job.
Planning is the first step of the managerial function of an entrepreneur, involving selection of ______ of action to achieve desired objectives.
Planning is the first step of the managerial function of an entrepreneur, involving selection of ______ of action to achieve desired objectives.
The managerial work is divided into 8 parts, as ______, organizing, staffing, directing, controlling, leading, supervision, co-ordination.
The managerial work is divided into 8 parts, as ______, organizing, staffing, directing, controlling, leading, supervision, co-ordination.
Raising funds for the organization could be the most important function of an ______.
Raising funds for the organization could be the most important function of an ______.
Almost 94% of the business fails within the first few years of launching due to not having enough ______.
Almost 94% of the business fails within the first few years of launching due to not having enough ______.
The social functions of an entrepreneur may not have a direct connection with the company's ______.
The social functions of an entrepreneur may not have a direct connection with the company's ______.
Money management is the process of managing your business's ______ through proper budgeting, tracking expenses and setting financial goals.
Money management is the process of managing your business's ______ through proper budgeting, tracking expenses and setting financial goals.
Fixing problems and creating jobs and community development are part of the ______ functions of an entrepreneur.
Fixing problems and creating jobs and community development are part of the ______ functions of an entrepreneur.
Entrepreneurs build businesses to bring ______ and develop society.
Entrepreneurs build businesses to bring ______ and develop society.
To keep track of your expenses and stay top of your business, follow these 6 tips including ______ cash.
To keep track of your expenses and stay top of your business, follow these 6 tips including ______ cash.
Failing to manage money can lead you to late payments and coming up short on ______.
Failing to manage money can lead you to late payments and coming up short on ______.
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Study Notes
Types of Businesses
- Wholesaling refers to the activities or persons or establishments that sell to retailers and other merchants, industrial, institutional, and commercial users, but not to consumers in large amounts.
- Retailing involves the sale of goods and services to final consumers.
- General construction firms are engaged in the construction of buildings for private individuals or firms, and for the government.
Characteristics of Small Businesses
- Independent management: the owner is also the manager.
- Small capital requirement: small business requires only small capital, which can be supplied by a single or few individuals.
- Mostly local operation: small business usually operates in a certain locality, although there are cases when the market is not confined to a local area.
Economic Importance of Small Businesses
- Providers of economic opportunities for entrepreneurs.
- Providers of products and services to consumers: small businesses produce many products and services that are not feasible with big and medium business operations.
- Suppliers of products and services to other businesses: small businesses perform tasks for other businesses, such as providing raw materials, semi-finished parts, finished components, or labor.
- Distributors of products and services of other businesses: small businesses assume the role of distributing products and services for manufacturers.
- Supporters of government: small businesses support the government with taxes and other functions.
- Providers of employment: a large proportion of the labor force are employed by small businesses.
Advantages of Operating a Small Business
- Opportunity to gain control over one's own destiny.
- Opportunity to reach full potential.
- Opportunity to reap unlimited profits.
- Opportunity to make a contribution to society and receive recognition for efforts.
Disadvantages of Operating a Small Business
- Uncertainty of income: operating a small business does not provide the assurance of an income, unlike being employed.
- Risk of losing one's entire capital investment: independence in making decisions exposes the small business operator to the consequences of judgment, which can wipe out the investment.
- Lower quality of life until the business gets established: income and profit are held in abeyance as the SBO assembles the needed resources, starts actual production, and makes moves to attract customers.
- Complete responsibility: the owner-operator takes full responsibility for whatever happens to the business.
Management Functions
- Organizing: identifying activities required to achieve objectives, assigning tasks to departments and individuals, delegating responsibility and authority, and providing support for activity synchronization.
- Sub-functions of organizing: identifying activities, organizing actions into self-contained jobs, delegating authority, and creating a network of coordinating relationships.
- Staffing: hiring suitable personnel to carry out tasks after determining objectives, formulating strategies, policies, programs, procedures, and rules to achieve them.
- Directing: process of establishing relationships between various sectors of an organization so that they all pull in the same direction.
- Coordinating: process of connecting all of an organization's decisions, operations, activities, and efforts in order to achieve organizational goals through unity of action.
- Controlling: ensures that divisional, departmental, sectional, and individual results are in line with predetermined goals and objectives.
Entrepreneurial Functions
- Risk-taking: entrepreneurs take calculated risks to achieve their objectives.
- Innovation: entrepreneurs are responsible for innovation in existing markets and the invention of entirely new products, services, and even new markets.
- Decision-making: the decision-making function of an entrepreneur is the most sensible function among all managerial functions.
- Organization building: entrepreneurs are the main role players in building a successful business.
Managerial Functions
- Planning: predetermined strategic thinking process that involves selecting a course of action to achieve desired objectives.
- Raising funds: entrepreneurs raise capital from various sources, such as bootstrapping, crowd funding, angel investors, venture capitalists, and bank loans.
- Utilizing money: entrepreneurs manage their business's capital through proper budgeting, tracking expenses, and setting financial goals.
- Social functions: entrepreneurs solve potential community-based problems, create jobs, and develop society.
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