Small Business Management

Small Business Management:
Entrepreneur:
A person, who starts and/or operates a business.

The Rewards and Drawbacks of Entrepreneurship:
The reward of profit
The reward of independence
The reward of satisfying way of life
Drawbacks:
Hard work
Long hours
Emotional energy
Risks

Characteristics of Entrepreneurs:
Need for achievement
Willingness to take risks
Self-confidence
Passion for the business

Types of Entrepreneurs:
There are three types of entrepreneurs: founders, general managers, and franchisees.

Founders:
An entrepreneur who brings a new firm into existence.
General Managers:
An entrepreneur who functions as an administrator of a business.
Franchisees:
An entrepreneur whose power is limited by a contractual relationship with a franchising organisation.

A winning hand of Entrepreneurs:
Customer Focus
Integrity and responsibility
Innovation

Business Pl...