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Small Business Management - Chapter 1

In: Business and Management

Submitted By kpelletier1
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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...

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