What Is a Small Business?
An
independently owned and managed profit-seeking enterprise with fewer than 100
employees
Exploding
Myths about Small Businesses
The
80%-failure-rate myth: Research shows a failure rate of only 18% for small
businesses over an 8-year period.
Low-wage-jobs
myth: Although small businesses on average pay less than big companies do and
are about half as likely to offer health insurance benefits, they are not low-wage
havens.
Entrepreneurship
Entrepreneurship: The process by which
individuals–either on their own or inside organizations–pursue opportunities
without regard to the resources they currently control
Limits of Entrepreneurship
Founder’s disease: organizations tend to
outgrow the entrepreneur’s ability to manage them.
Entrepreneurs face a tough
dilemma:
Either grow with the company, or have the courage to step aside and hand the
reins over to professional managers.
Contrasting Trait Profiles for Entrepreneurs and Administrators
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