BUSINESS ADMINISTRATION: CHAPTER 1 NOTETAKER
CHARACTERISTICS OF BUSINESS
NATURE OF BUSINESS
Small Business Management—
___________________________________________________________________________
What is an Entrepreneur?
___________________________________________________________________________
 Product- ______________________________________________________________
o Industrial/Manufacturing = tangible
o Commercial/Service firms = intangible
 Service - ______________________________________________________________
Types of businesses
 Industry/Sector - ________________________________________
o List (4) examples - ________________________________
STOP AND THINK……
What would be the best and worst thing about owning your own business?
Label the following examples as either a service firm or a manufacturing firm?
 Apple Computers….. ________________________
 Facebook……__________________________
 Home Depot…..______________
 DOW Chemical Company…...______________________
Changing Nature of Business
Five ways that entrepreneurs find opportunities to create new businesso –
o –
o –
o –
o –
GLOBAL COMPETITION & ESTABLISHING STRATEGIES
 Total Quality Management - ______________________________________________
 SWOT Analysis - ________________________________________________________
 Five Roots of Opportunity in the Marketplace –
1.
2.
3.
4.
5.
BUSINESS ADMINISTRATION: CHAPTER 1 NOTETAKER
CHARACTERISTICS OF BUSINESS
Achieving efficiency 3 ways to achieve efficiency
o _________________________________- employees become experts
o Better ______________________________
o Reorganization- changing the way work gets done
STOP AND THINK……
With your partner, think of a recent purchase of a new innovative service or product that you love. Explain why
and include reasons related to technology, efficiency or cost reduction.
___________________________________________________________________________________________
_______________________________________________________________________________
WHAT IS SMALL BUSINESS?
Small business - ___________________________________________________________________________
 _________________________________________________________
 _________________________________________________________
PATHS TO SMALL BUSINESS OWNERSHIP
Small businesses
 FRANCHSIING  ACQUISITION  LICENSING TECHNOLOGY  MICROENTERPRISES –
STOP AND THINK……
List several examples of types of small businesses in our community ________________________________________________________________________________
FRANCHISE BUSINESS –
 Franchisor –
 Franchisee PRIMARY REASONS FOR BUSINESS FAILURE…..
1. ______________________________
2. ______________________________