| Business: A Changing World, 4/e O.C. Ferrell,
Colorado State University Geoffrey Hirt,
DePaul University
Small Business, Entrepreneurship, and Franchising
Learning ObjectivesAfter reading this chapter, you should be able to: Define entrepreneurship and small business. Investigate the importance of small business in the U.S. economy and why certain fields attract small business. Specify the advantages of small-business ownership. Summarize the disadvantages of small-business ownership and analyze why many small businesses fail. Describe how you go about starting a small business and what resources are needed. Evaluate the demographic, technological, and economic trends that are impacting the future of small business. Explain why many large businesses are trying to "think small." Assess two entrepreneurs' plans for starting a small business.
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