Chapter 7
Small Business and Entrepreneurship
By Boundless
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Half of the U.S. private sector is populated by small businesses and the other half by large businesses.
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Industries with high concentrations of small and medium businesses generally do not require enormous capital investment up front.
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Successful entrepreneurs have a unique set of personal characteristics, including the drive to take risks and embrace failure.
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Due to technological aptitude, unemployment, and lack of dependents, a sizable percentage of U.S. entrepreneurs are young.
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Due to technology, unemployment and lack of dependents - a sizable portion of U.S. entrepreneurs are young risk-takers.
As the creator, organizer and manager of a business, a business owner is critical to the success or failure of a given venture.
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Small business owners may encounter significant stress due to the high risk of running a small business and the wide variety of competencies required of the job.
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Small Business Administration statistics show that one-third of all new businesses fail after two years, and 56% fail after four years.
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A business plan is a formal statement of a set of goals, the reasons they are believed attainable, and the plan for reaching those goals.
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A company has several options when it comes to the legal structure of ownership.
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A company can be self-financed or financed through the solicitation and participation of outside investors.
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The Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses.