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Managing a Small Business

Managing a Small Business. Chapter 12. What it takes. Small business ownership is risky. Fewer then half of all new businesses will survive for 5 years. Requires skill in management, finance, marketing, and other business activities. Willing to work long hours. . Starting a Small Business.

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Managing a Small Business

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  1. Managing a Small Business Chapter 12

  2. What it takes • Small business ownership is risky. Fewer then half of all new businesses will survive for 5 years. • Requires skill in management, finance, marketing, and other business activities. • Willing to work long hours.

  3. Starting a Small Business • An Idea plus experience. • Right Place and Right Time • Team Approach • Preparation and research

  4. Developing a business Plan • Business Plan- a written description of the business idea and how it will be carried out, including all major business activities.

  5. Financing a Small Business • Start-up Financing- the amount of money needed to open the business. • Short-Term Financing- the money needed to pay for the current operating activities of a business. • Long-Term Financing- Money needed for the important resources of a business (such as land, buildings, and equipment) that will last for many years.

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