Premium Essay

Small Business Management - Chapter 1

In: Business and Management

Submitted By kpelletier1
Words 1033
Pages 5
1.2) All of us have had personal experiences with small business—as an owner, employee, friend, or relative of an owner, or in other relationships.
Explain one or more such experience(s) you have recently had.

I recently quit my job as a production coordinator and BCBG. This was a large company and in the end I realized that the benefits of a large company did not outweigh what I was losing in terms of personal job satisfaction. I returned to a much smaller business which only has 7 employees, including myself. I find that this provides me with more opportunity to learn all aspects of the business and gives me a more solid base of knowledge to build upon when I go to start my own company.
After returning to a small business I found myself sleeping better at night and being excited to wake up in the morning and go to work, never knowing what fun tasks the day held for me. My coworker is always available and since she has personally done every job in the entire company, is a walking encyclopedia of knowledge and is able to answer every question I have. I also enjoy having a direct communication line to the owner of the business and approvals for projects and tasks are instant! I love it and couldn’t be happier. Best career move I ever made.

1.4) Distinguish between a small business and an entrepreneurial venture.
If you were to start your own business, which would you wish it to be? Why?

According to the text, a small business is independently owned and operated and is not dominant in its field of operation. Distinguishing between a small business and an entrepreneurial venture can be difficult, but in the end it comes down to the intention behind the business. If the owner starts the business with the intention for it to remain relatively small, then the business is a small business. On the other hand, if the main goal is profit and rapid…...

Similar Documents

Premium Essay

I Do Not Know

...A Framework for IT Governance in Small Businesses by Herman Koornhof A FRAMEWORK FOR IT G O V E R N A N C E by IN SMALL BUSINESSES Herman Koornhof TREATISE Submitted for the partial fulfilment of the requirements for the degree MAGISTER TECHNOLOGIAE in Business Information Systems in the FACULTY ENGINEERING, BUILT ENVIRONMENT OF THE AND INFORMATION TECHNOLOGY of the N E L S O N M A N D E L A M E T R O P O L I T A N U N I V E R SI T Y Supervisor: Prof. Rossouw von Solms January 2009 ii Declaration I, Herman Koornhof, hereby declare that: • • • The work in this treatise is my own work. All sources used or referred to have been documented and recognised. This treatise has not previously been submitted in full of partial fulfilment of the requirements for an equivalent or qualification at any other recognised educational institution. higher Herman Koornhof iii Acknowledgements I would like to express my gratitude to the following people: • My love, Jenny, for your love and understanding during the past year. Without your encouragement and inspiration this work would not have been possible. • • My family and friends for your interest and support. My supervisor, Prof. Rossouw von Solms, for your guidance and advice, and your detailed and constructive comments. • To Him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within......

Words: 36563 - Pages: 147

Premium Essay

Business Plan

...[pic] FACULTY OF BUSINESS AND ECONOMICS DEPARTMENT OF BUSINESS ADMINISTRATION Fall 2014 |COURSE CODE AND TITLE |: |MGMT 101 – Introduction to Business I | | | | | |COURSE LEVEL |: |First Semester/First Year | | | | | |COURSE TYPE |: |Area Core | |LECTURERS   | | | |Group: 1 | |Turhan Kaymak Office: BE 322 (Business, 3rd floor) | | | |Tel: 630 2745 e-mail: turhan.kaymak@emu.edu.tr | | | | | |Groups: 4, 5 | |Semi Bora Office BE 315 ...

Words: 1446 - Pages: 6

Premium Essay

Drucker Chapter 18

...Summaries of Chapters 1) What are the themes of the chapter? How do the themes relate to management? Explain in a few sentences. Chapter 18 deals with the small, the large and the growing business, which Drucker breaks down into four stages of business size (small, fair-sized, large, very large business). He discusses the problems and potential solutions for each. The chapter’s title pretty much says what the chapter is about. The themes relate to management because they provide a sense of the different types of size of management. A key question they ask towards the middle of the chapter is when a company begins to get to large “How close are we to unmanageability? That question is key for companies that are involved with oil and such. Another key theme in this chapter was the smallness of a business. Drucker explains the problems that a small business might have during this chapter. During this part of the chapter he mentions that if the business is too small it might not be able to support the management they need. Financially sometimes it may not be able to pay what a first rate man can get in a larger company. Sometimes the smaller company does not offer a challenge to managers like the large businesses. A lot of small businesses are also family owned. The problem with this is that family members who get in the company might not like it and quit or they just do enough in the company to get by. I can relate to this in a way because my uncle owns a business and......

Words: 789 - Pages: 4

Premium Essay

It Services

...Five Services to Help Grow Your IT Services Business in 2013 — and Beyond ConnectWise.com Introduction 2013 is a year of great opportunity for Managed Service Providers (MSPs). As reported in the Wall Street Journal, IT spending by businesses with fewer than 500 employees is expected to grow by $4 billion to a total of $27.2 billion in 2015.1 The good news does not end there for MSPs. According to a recent study, 89% of MSP clients are “very” or “mostly” satisfied with their providers.2 In fact, a significant majority of clients reported that they intend to increase their IT spending in the next two years. Now is the time to position your company for growth by preparing to meet new and evolving client needs. 3 If you are an MSP seeking to grow or maintain your business in 2013 and beyond, market conditions are such that there will be many opportunities to acquire new clients or expand on the services provided to your existing clients. Your challenge is in differentiating your business from thousands of other providers in the marketplace who share your ambitions. A recent Wall Street Journal article revealed that there are now over 300,000 independent IT consultants and 114,000 small IT services companies providing support to small and mid-sized businesses (SMB).4 There may also be new competitors on the horizon as technology retailers such as Staples, Apple, and Best Buy eye the SMB marketplace and work to develop offerings that will compete with the traditional......

Words: 2822 - Pages: 12

Premium Essay

Heyy

...foundation in business operations through a survey of major business functions (management, production, marketing, finance and accounting, human resource management, and various support functions). Offers an overview of business organizations and the business environment, strategic planning, international business, and quality assurance. INSTRUCTIONAL MATERIALS Required Resources Kelly, M., McGowen, J., & Williams, C. (2014). BUSN (6th ed.). Mason, OH: South-Western Cengage Learning. (Note: This is a textbook uniquely created for Strayer and can only be purchased via Strayer’s Virtual Bookstore, available through iCampus. The chapters within this custom textbook are the same as those from the national title, only rearranged in a different order.) Supplemental Resources Asare, S. K., & Wright, A. M. (2012). Investors’, auditors’, and lenders’ understanding of the message conveyed by the standard audit report on financial statements. Accounting Horizon, 26(2), 193-217. Aytaç, G., & Turan, O. Z. (2012). Issues of business ethics in domestic and international businesses: A critical study. International Journal of Business Administration, 3(5), 82-88. Bulu, I., Radojicic, M., & Nesic, Z. (2012). Some considerations on modern aspects of marketing promotion. Technics Technologies Education Management, 7(4), 1741-1750. Franks, R. A., & Spalding, A. D. (2013). Business ethics as an accreditation requirement: A knowledge mapping approach. Business......

Words: 913 - Pages: 4

Premium Essay

Strategies for Competitive Success

...Table of Contents About Author of the Book 2 Summary of the Book Contents 3 Chapter 1 3 Chapter 2 4 Chapter 3 5 Chapter 4 5 Chapter 5 6 The Best Chapter in The Book 8 RECOMMENDATION TO OTHER TO READ THE BOOK 9 About Author of the Book Robert A. Pitts is professor of Strategic and International Management at Gettysburg College in Pennsylvania since 1986, Robert Pitts has authored a wide range of successful strategy texts, articles, and case studies during his 27 years of teaching. His teaching and research focus also includes the field of corporate finance. Prior to Gettysburg, he taught for 13 years in the management department at Penn State University. Pitts has been a visiting professor at the Sasin Graduate Institute in Bangkok, Thailand and IMEDE Management Institute in Lausanne, Switzerland, among others. Before entering academia, he worked in industry as an Investment Analyst for Prudential, a Plant Manager in Thailand, and as a US Peace Corps volunteer. Pitts holds degrees from Harvard (DBA), Columbia (MBA), and Yale (BA). Snow is Professor of Business Administration at Pennsylvania State University and a frequent lecturer in executive development programs throughout the world. Summary of the Book Contents The book differs from other book since it is about providing strategy formation that counters specific questions of problem at a more specific level where compared to others that provides strategy formation at a generic......

Words: 1839 - Pages: 8

Premium Essay

Mm4711

...​DEPARTMENT OF MANAGEMENT AND MARKETING ​MM 4711 BUSINESS TO BUSINESS MARKETING ​2013/14 TERM 2 Morning Class LECTURER/TUTOR Lecturer:​Dr. Thomas LEUNG- Associate Professor Office:​M821 Li Ka Shing Building (The Main Building) Tel no:​(852) 2766 7106 Email: ​thomas.leung@polyu.edu.hk UNIT AIM This unit is to provide students with an understanding of the operations in the business to business market. All discussions will be evolved around the interactions between a product/service provider (seller) and a product/service receiver (buyer). Management (internal dynamics) and marketing (Sales/Costs/Profits etc) problems within the business market will be systematically synthesised, analysed, and managed. LEARNING OUTCOMES Upon completion of this unit, students should be able to have: 1. An understanding of the scope of business market especially the differences between Consumer and Business to Business Market; 2. An appreciation of management, marketing, costs etc problems emerges in an organizational context; 3. An ability to solve problems arise in a business environment;& 4. A concept in business planning of marketing activities in a business marketing environment. EVALUATION​ 1 small case presentation (no written report)​10.0% 1 bigger case presentation and written report ​15.0% 1 group project with individual component​​25.0%​ 1 final Examination​​​50.0%​ 100% LEARNING APPROACH 1. The lecturer will present the individual......

Words: 2247 - Pages: 9

Premium Essay

Business Plan

...|Qatar University | |College of Business and Economics | |Course Syllabus - Undergraduate | |Course Name: Entrepreneurship & Small Business Management-14478 | |( Course No: MAGT 303 – L52) | |(FALL, 2012) | |(Web Site: qu.edu.qa ) | | | | |Department Information: |Instructor Information: | | |Instructor: Dr.......

Words: 1971 - Pages: 8

Premium Essay

The Practice of Management

...PRACTICE OF MANAGEMENT BY PETER DRUCKER The introduction is titled “The Nature of Management” and features three chapters. The first chapter is titled “The Role of Management”. The first two sentences in this chapter might be the best definition of a manager anyone has ever written. Drucker states that “the manager is the dynamic, life-giving element in every business. Without his leadership the “resources of production” remain resources and never become production”. To me this sums up what being a manager is all about. Later in the chapter he says “from the peak there is only one easy way to go: downwards. It always requires twice as much effort and skill to stay up as it did to climb up”. A powerful statement, that many do not realize. The second chapter, titled “The Jobs of Management”, Drucker talks about how the jobs of management are usually not known by people within the company. People know who the managers are but aren’t quite sure what they do. He breaks down what a managers’ job involves into a couple of key areas. The first of which is “economic performance”. With this Drucker say that management must always put economic performance first in every decision and action they make because this will justify their existence. Other areas of this chapter focus on management functions which include: their first job is managing a business, managing managers and managing both worker and work. The third chapter is called “The Challenge to Management”. This chapter......

Words: 2971 - Pages: 12

Premium Essay

World Class Manufacturing

...from local Small and Medium Enterprises in Anglo American operations By LCP Mohale Student No: 46059091 Qualification aimed at: BTech Industrial Engineering Lecturer: Mr Steadyman Chikumba, UNISA Senior Lecturer: Mechanical & Industrial Engineering Submission Date: 29 October 2011 Copyright © 2011 LCP Mohale Declaration I, LCP Mohale, student no 46059091, hereby declare that the work contained in this report is my own original work and I have acknowledged all additional sources that I have used/quoted directly. This report and all the information it contains may not be reproduced by any means without my written consent. Acknowledgement I am grateful to individuals who have assumed an instrumental role in bringing this project to completion: * My employer, Anglo American management for providing the environment and opportunity to execute this project. * Mr Tumisho Kekana, Commodity Implementation Manager for Underground Mining Equipment and Heavy Mining Equipment at Anglo American, for guidance and selfless mentoring throughout the project * Mr S Chikumba, Senior Lecturer: Mechanical and Industrial Engineering at UNISA, for his guidance and contribution in developing the research concept, and approach. His contribution played an essential role in the foundation and formulation of this project * Mr Vusi Mabena, for continually supporting, motivating and encouraging me at all times to keep on * Zimele Small Business hub......

Words: 6610 - Pages: 27

Premium Essay

Green Computing

...AMERICAN INTERNATIONAL UNIVERSITY-BANGLADESH Faculty of Business Administration Department of Management BBA Program COURSE OUTLINE Term : Summer 2014-2015 I. Course Code and Title :BBA 1101– Introduction to Business II. Credit : 3 Credit hours III. Course Faculty :Stanley Rodrick Assistant Professor, Department of Marketing Faculty of Business Administration Faculty Room, Level# 3, Campus# 1, AIUB Email: stanley@aiub.edu Telephone: 8820865, 9890804, 9894641 Ext: 532 Section | Day | Time | Room | A1 | Sunday & Tuesday | 10:00 am – 12:00 pm | 121 | A8 | Monday & Wednesday | 12:00 pm – 02:00 pm | 521 | Vision AMERICAN INTERNATIONAL UNIVERSITY-BANGLADESH (AIUB) envisions promoting professionals and excellent leadership catering to the technological progress and development needs of the country. Mission AMERICAN INTERNATIONAL UNIVERSITY-BANGLADESH (AIUB) is committed to provide quality and excellent computer-based academic programs responsive to the emerging challenges of the time. It is dedicated to nurture and produce competent world class professional imbued with strong sense of ethical values ready to face the competitive world of arts, business, science, social science and technology. Course Description The lesson has been prepared to provide students a revelation of the different forms of business activities. It covers up the thought of business, ideas, social responsibilities, moral values,......

Words: 1303 - Pages: 6

Free Essay

Econs

...TABLE OF CONTENT AND CHAPTER ONE OF YOUR APPROVED TOPIC FOR FREE. CHOOSE FROM THE LIST OF TOPICS BELOW. SEND THE APPROVED PROJECT TOPIC TO ANY OF THESE NUMBERS-08068231953,08168759420 WE WILL THEN SEND YOU THE ABSTRACT,TABLE OF CONTENT AND CHAPTER ONE FOR FREE NOTE ALSO: IF YOU ALREADY HAVE AN APPROVED PROJECT TOPIC THAT IS NOT ON OUR WEBSITE,WE CAN ALSO DEVELOP IT FOR YOU.WE WILL SEND YOU THE ABSTRACT,TABLE OF CONTENT AND CHAPTER ONE FOR FREE WITHIN 48 HOURS JUST SEND THE APPROVED TOPIC TO 08068231953,08168759420 PROJECT TOPICS IN ECONOMICS: 1. URBANIZATION A PROBLEM TO FOOD PRODUCTION AND AGRICULTURAL DEVELOPMENT. (A CASE STUDY OF ENUGU STATE) ( 5 chapters and 62 pages)     2. CAREER OPPORTUNITIES FOR ADULT EDUCATION GRADUATES IN ENUGU STATE NIGERIA)(5 chapters and 76 pages)     3. THE GROWTH OF INDIGENOUS FIRMS IN NIGERIA PROBLEMS AND PROSPECTS: (A CASE STUDY OF AJAOKUTA STEEL COMPANY LIMITED IN KOGI STATE) ) ( 3 chapters and 37 pages)         4. TRAINING AND DEVELOPMENT PREREQUISITE FOR HIGH PRODUCTIVITY (A CASE STUDY OF BEECHAM PLC) ( 3 chapters and 38 pages)     5. EMPLOYEE MOTIVATION AND PRODUCTIVITY (A CASE STUDY OF ESUT, ENUGU) (5 chapters and 69 pages)      6. THE ROLE OF PLANNING AND FORECASTING IN BUSINESS ORGANIZATION (A CASE STUDY OF EASTERN SHOP NIGERIA LIMITED OGUI ENUGU, ENUGU STATE) ) (5 chapters and 68 pages)     7. STRATEGIES OF PROMOTING PRODUCTIVITY IN CIVIL SERVICE (A CASE STUDY OF ENUGU STATE CIVIL SERVICES COMMISSION)  (5 chapters and 48......

Words: 3648 - Pages: 15

Premium Essay

Science Paper

...Lar03342_ch01_002-021.indd Page 2 C H A P T E R 1/27/10 2:04:01 PM f-500 /Users/f-500/Desktop/28-12-09/MHBR120:ARENS:PRINTER CRX O N E Modern Project Management Estimate 5 Schedule resources & costs 8 Project networks 6 l iona rnat Inte ojects pr 15 Reducing duration 9 Define project 4 ht Oversig Introduction 1 Strategy 2 Managing risk 7 Organization 3 Leadership 10 Teams 11 Monitoring progress 13 Project closure 14 Outsourcing 12 Modern Project Management What Is a Project? The Importance of Project Management Project Management Today—An Integrative Approach Summary Text Overview 2 16 17 Agile PM 18 Career p aths Lar03342_ch01_002-021.indd Page 3 1/27/10 2:04:02 PM f-500 /Users/f-500/Desktop/28-12-09/MHBR120:ARENS:PRINTER CRX All of mankind’s greatest accomplishments—from building the great pyramids to discovering a cure for polio to putting a man on the moon—began as a project. This is a good time to be reading a book about project management. Business leaders and experts have proclaimed that project management is a strategic imperative. Project management provides people with a powerful set of tools that improves their ability to plan, implement, and manage activities to accomplish specific organizational objectives. But project management is more than just a set of tools; it is a results-oriented management style that places a......

Words: 9667 - Pages: 39

Premium Essay

Kala Jfdfj Jkdfulk Jkdfj Jkdf

...GUIDEBOOK FOR FACILITATING SMALL BUSINESS TEAM ARRANGEMENTS SEPTEM BER 2007 DEPARTMENT OF DEFENSE OFFICE OF SMALL BUSINESS PROGRAMS Contents Preface .......................................................................................................... v Chapter 1 Introduction................................................................................... 1 GROWTH OF TEAMING .................................................................................................. 1 GROWTH OF CONTRACT CONSOLIDATION ....................................................................... 1 PURPOSE .................................................................................................................... 2 STRUCTURE OF THIS GUIDEBOOK .................................................................................. 2 Chapter 2 Challenges of Consolidation and Bundling to Small Business............................................................................................... 4 CONSOLIDATION ........................................................................................................... 4 BUNDLING .................................................................................................................... 5 Diversity, Size, and Specialized Nature of the Requirement................................. 6 Aggregate Dollar Value ........................................................................................ 6 Geographical Dispersion of......

Words: 29004 - Pages: 117

Premium Essay

Sexyshubham

...BCO1102 Information Systems for Business 2014 Semester 1 Prepared by Paul Darbyshire Prepared by Paul Darbyshire Welcome Welcome to BCO1102 Information Systems for Business for Semester 1, 2014. For the vast majority of you it will be a compulsory unit of study as it is part of the Business Core in all undergraduate Bachelor of Business degrees. The major focus of this unit is on how computer- based information systems can support decision making in organizations and businesses. Those decisions often need to be made by professionals who come from discipline areas you are studying such as accounting, management, information systems or marketing. One of the most important elements of an information system is people, so all of us need to know what role we can play and what role information and communication technologies (ICT) can play in supporting decisions. This unit will look at the theoretical side of information systems as well as personal productivity tools such as spread sheets and databases. In addition we will look at global trends in information systems and in particular the emerging use of Cloud Computing and Social Networking, which is sometimes called Web 2.0. The unit of study requires the textbook Introduction to Information Systems by Rainer, Prince and Cegielski 5th Edition. The textbook is used for the theory and some of the practical work in tutorials. All reading for this subject during the semester is assigned from this textbook. Feedback from......

Words: 3033 - Pages: 13