37.
Employees in large workplaces have higher job satisfaction than those in smaller firms.
38.
A small business provides employees with a variety of learning experiences not open to
individuals holding more specialized jobs in larger companies.
39.
The reality that small businesses train people to become better leaders and managers and
to develop their talents and energies more effectively has led more college graduates to
seek full-time jobs with small businesses.
40.
Managers of small firms must be specialists rather than generalists.
41.
Nowadays, smaller firms are exempt from many federal regulations and even some state
and local ones.
42.
Few jobs in small firms are unaffected by improvements in communications and computer
technology.
43.
Downsizing or rightsizing is reducing the number of employees in order to achieve
efficiency.
44.
Technological advances in automation, computers, robotics, and electronic
communication, along with changing markets resulting from cultural, demographic, and
economic changes, have affected traditional “smokestack” industries.
45.
Reengineering is the fundamental redesign of a business, often resulting in reduction in
size and markets.
46.
Those interested in small business management need to understand what the challenge of
being active globally is and what the rewards may be.
47.
One result of the current trends in business is the decreasing number of large and small
U.S. businesses that are or become foreign owned.
48.
Not all small business owners and managers make a lot of money, nor do they all intend
to.
49.
Growth depends on attaining both profit and social objectives, which are not necessarily
incompatible.
50.
Small business owners expect quick and concrete results from their investment of time
and capital instead of engaging in the long-range planning.
51.
With so much time, money, and energy devoted to the business, small business owners
tend to have more zeal and devotion than do managers of big companies.
52.
Most of the growing industries are dominated by large companies.
53.
With advances in technology, many tasks in the health care industry are now performed by
highly paid and skilled workers.
54.
Most creative entrepreneurs are very good managers.
55.
The length of service of professional managers (as opposed to owner-managers) in small
businesses tends to be relatively long.
56.
In formal failures, an owner who cannot succeed voluntarily terminates the business.
57.
Personal failures are failures ending up in court with some kind of loss to creditors.
58.
Personal failures are more common than formal failures.
59.
While the usual incubation period of a business is two to three years, 30 percent of
incubator clients typically graduate each year.
60.
One of the causes of discontinuance or failure is that the amount of time and/or physical
effort demanded of the small business manager was not recognized and/or planned for.
Essay Questions
61.
Mention some of the reasons for the increased interest in small business.
62.
Mention the features required for a small business to be classified as “small.”
63.
Mention some major contributions made by small businesses.
64.
What are the repeated areas that create problems for small business owners and
entrepreneurs?
65.
Describe some of the current trends challenging small business owners.
66.
Explain why people start small businesses.
67.
Mention the characteristics of successful owners of small businesses.
68.
Explain how a poorly planned growth and the threat of failure limit the success of small
firms.
69.
Mention the causes or reasons of discontinuance or failure.
70.
What are business incubators? How do they help young firms succeed?