Someone who undertakes the creation, organization, and ownership of a business Accepts the risks Gain profit and personal satisfaction Small business.

Someone who undertakes the creation, organization, and ownership of a business

Accepts the risks Gain profit and personal satisfaction Small business

◦ Vital to the U.S. economy

Independently owned and operated and is not dominant in its field

Requirements: (2 must be present) Management is independent Capital and management from few

individuals Local Operations Small in comparison with competitors

Encourage innovation and flexibility Maintain close relations with customers and

community Keep large firms competitive Provide employees with learning

experiences Develop risk takers Provide greater employee satisfaction

Economy Inadequate financing Inadequate Management Government regulations Technology Global challenges Industry shift

1. Reinvention – redesign of a business, often results in reduction in size and markets

2. Reengineering – redesign of operations3. Downsizing (rightsizing) – reducing the

number of employees

Gather information about the SBA of 1953 What was the Small Business Act of 1953?

◦ What did it do? Who was responsible? What other acts or laws came about because

of it?◦ What did they do?

Can be on note paper or computer generated Do not copy and paste or print out website Keep track of sources