...TITLE: SMALL BUSINESS ASARE, NANA 19 JUL 2015 MBA 610 There are three types of small entities. • "Small businesses" are defined in section 3 of the Small Business Act, 15 U.S.C. . 632, and in the SBA's regulations at 13 C.F.R. . 121.201 (2002). 5 U.S.C. . 601(3). • "Small organizations" are any not-for-profit enterprises that are independently owned and operated and not dominant in their fields (for example, private hospitals and educational institutions). 5 U.S.C. . 601(4). • "Small governmental jurisdictions" are governments of cities, counties, towns, townships, villages, school districts, or special districts with a population of less than 50,000. The size standard used by the Small Business Administration to define small businesses varies by industry; however, the SBA uses the "fewer than 500 employees" cut off when making an across-the-board classification. (A large percentage of small entities are not covered by EEOC laws, because they employ fewer than 15 employees.) If EEOC wishes to use a different definition for any of these types of small entities for purposes of an RFA analysis, it must consult with the Office of Advocacy at the SBA, publish the alternative definition for comment and publish the final definition in the Federal Register. If EEOC seeks to change the definition of small business in a general rulemaking context, it should contact the Administrator of the SBA. In accessing the Equal Employment Opportunity...
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...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 us. iv Table...
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...Entrepreneurial Leadership 1 Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. What is an Entrepreneur? We find entrepreneurs in manufacturing, business, agriculture, health care, tourism, education, government, and the arts. Essentially, we find them among employees and employers in all sectors of life. Being an entrepreneur means more than being a business owner. It means possessing entrepreneurial qualities and characteristics essential to being a productive citizen and excelling in one’s career. Being entrepreneurial means creating something new or developing ideas or projects; it means not following prescribed paths and thinking outside the box. The entrepreneurial spirit is the heart of a society that moves forward and adapts to changing economic, technological, and social challenges. Entrepreneurial leaders tend to crave new beginnings, recognize a need for change and aren’t afraid to take the necessary risks. In regards to Case’s podcast “People, Passion, Perseverance: You’ve Got Entrepreneurship”, Kouzes’ podcast “Rising to the Leadership Challenge” and Drucker’s article “Entrepreneurial Strategies”, all three passionately briefed about possessing the spirit of being an entrepreneur. The gentlemen shared the same common leadership elements...
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...their business. What makes them different from other small business owners is their overwhelming desire to make their businesses grow. These entrepreneurs can be broken down into many different categories based on their entrepreneurial approach. The classic entrepreneur Fred Wells founded Blue Bunny ice cream. As a classic entrepreneur, he started his company by identifying a business opportunity and allocating his resources to create a profit. The wellsenterprisesinc.com site states they believe in consistent, predictable financial performance that provides a competitive return to the stakeholders, and they believe in being goal and performance-oriented through individual responsibility and accountability. Each year Wells Enterprises has supported and contributed to nonprofit community organizations that reflect the company values and complement business priorities, but their primary goal is to make profits. Social entrepreneurs Ben Cohen and Jerry Greenfield founded Ben & Jerry’s ice cream. They started their business in the same way as Fred Wells, but in addition to making a profit, they also focused on solving society’s challenges through their business. They took a strong internal view that created a value-led organization advocating on issues that don’t have an obvious fit with its business operations, such as peace. With very different leadership techniques, each business has been tremendously successful. Fred Wells founded his first business in...
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...who discovers a market needs and launches (a) new firm(s) to meet that/those needs. They are risk takers who provide an impetus for change, innovation, and progress in economic life (Longenecker, 2008). It should be noted that this definition of an Entrepreneur is very broad, as it encompasses quite a lot but for the purpose of this report, we would limit the scope of an Entrepreneur to the Small Business owner/manager. The definition can extend as far as second-generation business owners who inherited a business, or saw the potential in an existing business and decided to acquire it. It could also extend as far as top-level managers in larger corporations, who go sourcing for business opportunities for the companies remunerating them. They, after all, identify business potentials and take risks. LITERATURE REVIEW AND ANALYSIS According to Scarborough, Norman M. and Zimmerer, Thomas W, 2006, p27: “Sometimes the manager of the small business does not have the capacity to operate it successfully. The owner lacks the leadership ability and knowledge necessary to make the business work”. The above statement is a two-fold and yet, related...
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...ASSIGNMENT #1: ENTREPRENEURIAL LEADERSHIP Introduction This paper analyzes and describes the founding leaders, their leadership styles, and major business principles. It also describes founding leaders with profit orientated and social responsibility orientated approaches. Finally, it gives resources or tools available through Small Business Administration (SBA) and Service Corps of Retired Executive (SCORE) that would be most useful to the type of entrepreneurial approach identified with. Founding Leaders, Leadership Styles and Major Business Principles In the profit oriented leadership style, in which the primary goal is to provide a product or service to consumers and to make a profit, the founding leader is Adam Smith. Adam Smith is identified as the father of capitalism. His leadership style is based on the capitalist model of Laissez Faire. Laissez-Faire leadership style is a non-authoritarian leadership style. Laissez faire leaders try to give the least possible guidance to subordinates, and try to achieve control through less obvious means. Capitalism is an economic system in which the primary motive is to make a profit with little or no regards for the welfare of the population. For example Adam Smith said, “Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens. Even a beggar does not depend upon it entirely” (Smith, 2005, p.18). Adam Smith described the concept of capitalism in his book, The Wealth of Nations, published...
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...entrepreneurial leadership. The main elements shared by entrepreneurs and the new definition of entrepreneurial leadership is entrepreneurial leaders have a clear understanding of leadership styles, opportunities and the ability for change. One common element Case, Koruzes, and Drucker share with the definition of Entrepreneurial leadership is that entrepreneurial leaders have a vision for their businesses success. All entrepreneurs should have a clear understanding of the aspirations for their business endeavor, potential for success, a plan to achieve the goals, and a clear understanding of the main business objective(s). Entrepreneurial leaders not only have a vision, but can effectively articulate their vision to employees, stakeholders, and others in order to inspire and facilitate a shared vision. Another similarity among those philosophies is that entrepreneurial leadership creates and/or takes advantage of a good opportunity. Exceptional entrepreneurs recognize opportunities for business and actively takes advantage when necessary and at the appropriate time....
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...own enterprise. Times may be tough, but the American entrepreneurial spirit is tougher.” - Nydia M. Velazquez Small businesses are starting up every day across the nation, new business founders are spewing with talented ideas, creating job opportunities as well as goods and services in hope to drive our economy back into good standing. Currently speaking, successful small businesses are a key strategy to increase our economy’s recovery stage. Small businesses lead our economy in many ways; not only are they fulfilling the needs, wants and desires of consumers, they are creating jobs as well as supporting banks and lending companies stay in business by borrowing money. All successful, big corporations were once small businesses and with high demand from consumers of its goods and services, the business is able to expand, create more revenue and hopefully become a successful, profitable company. The growth for small businesses in our economy is vital, especially during tough times of high unemployment rates. The SBA states, small business firms with fewer than 500 employees drives the U.S. economy by providing jobs for over half of the nation's private workforce as well as making up more than 99.7% of all employers. Also, small businesses are responsible for 75% of all new jobs within the economy. With those numbers, we see the importance in the growth of small businesses and why adequate funding should be tolerated within banks and lending companies at a reasonable interest...
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...substitution to small scale industries with immense potentials for developing domestic linkages for rapid, sustainable industrial development. Apart from their potential for ensuring a self reliant industrialization, in terms of ability to rely largely on local raw materials, small scale enterprises are also in a better position to boost employ raw materials, small and medium enterprise, are also in a better position to boost employment, guarantee a more even distribution of industrial development in the country, including the rural areas, and facilitate the growth of non-oil exports. In Nigeria, the definition of small and medium enterprises also varies from time to time and according to institutions, for instance, the Central Bank of Nigeria’s (CBN) monetary policy circular No:27 of 1988 define small scale enterprises (excluding general commerce) as enterprises in which total investment (including land and working capital) did not exceed #500,000 and or the annual turn-over did not exceed #5.0 million. Medium enterprise (excluding general commerce) as enterprises in which total investment and not exceed #1,000,0000 (1 million) and the annual turnover did not exceed #1.2 million. Small scale enterprises is one of the modern strategies underdeveloped countries are employing to break into the “league” of developed countries. Fasua (2006:85) categorized business that fall under small scale as follows firewood supply, plantain production, restaurant services, small scale poultry raising...
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...Small business network management: just another job or an exciting career? Managing a small business network can be tough work, but it is a fun and exciting career, than provides endless opportunities for learning new technologies and ideas. Although this is a good career choice, there are many times where this job can be frustrating and tough. The frustrating times come when mission critical equipment fails, or a configuration file gets corrupted. First I will talk about the equipment needed to make a small business network function, with minimal errors. Next I will explain the pros and cons to managing a small business network. Lastly I will talk about what I recommend for a small business network. To start the body off, I will be explaining what equipment is needed to start a small business network. First we have our routers and switches. Routers perform many functions, one of which is serving as a firewall. Computers have tens of thousands of ports, or "doors" as this essay will refer to them as. Without a firewall, all the doors on the computer are unlocked and available for anyone to use. Anyone could be your brother sending an email, or hacker from Indonesia using your computer to send SPAM. Firewall's will recognize all the doors your computer isn't using and lock them, so no one can use the doors, unless you know the password for the firewall. Routers also have various other functions, which may or may not be used by businesses; it all depends on your application....
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...women-owned or minority-owned firms, a stricter more complicated process is involved since more qualifications asked of them. The same applies to small-businesses. Small businesses that use competitive bidding usually have prior experience of the process. However, if they small business lacks the proper and prior experience, it may have to educate itself with culture ad nature of competitive bidding. To help with such need, the US Small Business Administration (SBA) provides excellent learning resources for these small businesses in order to properly get involved in competitive bidding. There are major elements of this process that are important to both the buyer and the seller. From the point of view of the buyer, it is always important to identify the right supplier who has prior experience and full resources needed to meet the requirement of the bid. Some examples of experience involve qualifications, prior achievements, responsiveness, and of course cost. Since evaluating a proposal is time-consuming, buyers usually require bidders to go through formal qualification process in order to study their history, experience, and over-all performance. The buyer then selects the most trust party who will provide the buyer with most if not all of their requirements. On the other hand, the seller is not allowed to conduct any business until they are accepted as a bidder and after they have won the bid. The seller's tasks...
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...Franchises & Business Plans What is a franchise? Using examples from the real world, explain three advantages to the franchiser and to the franchisee. A franchise is where a business with a well-known brand name (the franchisor) lets a person (the franchisee) or a group of people set up their own business using that brand. This is in exchange for an initial fee and continuing royalty payments (a certain percentage of turnover or profit) for as long as the franchise lasts. A franchise is not a type of legal structure in itself. The liability for the person using the franchise depends on the how the business is established. A franchisee can choose which legal structure to adopt, although the franchisor may recommend a type. They have unlimited liability if they are in business as a sole trader or partnership but have limited liability if they set up the franchise as a company. Advantages for the franchiser: * The firm does not have to spend a large amount of money in order to expand * The products necessary for the franchise to operate are under the franchisers direct control * Issuing franchises should generate a continuous stream of revenue from franchisees who are determined to succeed Disadvantages for the franchiser: * The control it has over the product is not as great as if the business sold the product itself, bad publicity from a franchisee could affect the brand image * Franchisers have to offer continuous support, training and development and...
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...AN EVALUATION OF THE INTERNAL CONTROLS SYSTEM FOR CASH FOR THE CASE OF NAIROBI SMALL BUSINESSES BY CLEOPHAS MUSINGA A Management Research Project Submitted In Partial Fulfillment For The Requirements Of The Award Of Bachelor Of Commerce (BCOM), School Of Business, University Of Nairobi JULY, 2008 DECLARATION This research project is our own original work and has not been submitted for academic purposes in any institution of higher leaning. Name Number Sign CLEOPHAS MUSINGA D33/6646/05 ………………………….. This research project has been submitted for examination with my approval as the university supervisor Signed……………………………. Date…………………………………………. Mr. Abdulatif Essajee Lecturer University of Nairobi TABLE OF CONTENTS DECLARATION i CHAPTER ONE 1 INTRODUCTION 1 1.1 Background of the study 1 1.2 Statement of the problem 5 1.3 Objectives of the study 6 1.4 Research questions 6 1.5 Scope of the study 6 1.6 Justification of the study 7 CHAPTER TWO 9 LITERARURE REVIEW 9 2.1 Evolution of internal controls 9 2.2 Components of Internal Controls 12 2.4 Relationship between a firm’s age and internal control 18 2.6 Internal controls in small businesses 19 CHAPTER THREE 21 RESEARCH METHODOLOGY 21 3.1 Research design 21 3.2 Population 21 3.3 Sample and Sampling Technique 21 3.4 Data collection methods 22 3.5 Data analysis 22 CHAPTER FOUR 23 DATA ANALYSIS AND FINDINGS 23 4.1 Introduction...
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...Assignment #5 - Business Succession Planning Dr. Kerry Lanza Entrepreneurship & Innovation – BUS521 12/11/2011 1. Discuss the current small business start up success and failure rate in the U.S. market. As of 2009, according to the U.S. Small Business Administration Office of Advocacy there were 627,200 in successful start-ups, 595,600 in business closures and another 43,546 in bankruptcies. According to the Small Business Administration, over seventy five percent of jobs are created by small companies; and according to the Bureau of Labor Statistics' (BLS) job-growth projections for small businesses in the next ten years are on the rise for the following categories: IT, employment services, management, home health care, childcare, and entertainment. However, the business closures and bankruptcies are staggering. The recent failure rates in the US are due to a variety of reasons; the greatest at this point is the global economic recession. 2. Discuss the red flags for a small business related to business failure and bankruptcy. Approximately fifty percent of company start-ups shut their doors in approximately four years. This is due business owners not recognizing red flags such as insufficient planning, meager cash-flow managing, undercapitalizing, and too much debt. Many businesses fail to due the appropriate market research which would have justified whether there was a demand for their service or product. A major red flag, yet one time and again overlooked...
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...207 There are organizations that are still out of date with technology either these companies do not want to conform to the trends or do not have the resources or knowledge to advance their company. From witness the companies that have issues with creating any type of new information system are small businesses like restaurants ran by family. It tends that these small businesses are having issues with attaining the resources at an affordable price and sometimes they do not knowledge of what exactly the company needs to advance. Providing an example of a small business that is run by family in my neighborhood is a Chinese restaurant name Mai Dragon. Two years ago a Chinese restaurant in my neighborhood closed shop. Before they closed shop it showed on the building and in business that it was not doing well. Even with the appearance on the outside I gave them a chance and gave them my business. In my opinion their food was not the best Chinese cuisine in the neighborhood; as well they did not have any sort of website to check out their menu. The re-opening of the restaurant in the beginning of this year, I admit I was skeptic of the service and business. However upon further debating within myself I decided to give their business another try, what I discovered is that not only did the owners do a complete restructure of business, they as well added a simple information system for the customers. Discovered that this company added an information system by chance, this simple Chinese...
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