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The lesser time a small business owner devotes to the business, the more important it is
to have capable employees.
Small firms are now subject to federal regulation in the same way as their larger
competitors.
Marketing research should be done only by professional firms in order to meet the
needs of the business owner.
When people buy something, they purchase satisfaction as well as goods and services.
Infomercials are long, usually half-hour TV ads selling a relatively new product or
service.
Leased manpower is a source of permanent employees.
With the shortage of skilled job applicants some small businesses are turning to
cross-training to make their employees more versatile and keep them more satisfied.
In the context of small businesses, moving manufacturing plants off shore usually
results in higher operating costs.
Efficient information systems are needed by small firms to convert data to information
so management can use it to operate successfully.
The articles of copartnership should be drawn during the preoperating period and
should show the rights, duties, and responsibilities of each partner.
When the choice of replacements is limited in a family-owned business, the owner may
broaden a manager's job specification in order to utilize him/her effectively.
Because planning for the future is so risky, not making a plan is the safest alternative.
Managers of small firms must be specialists rather than generalists.
Net profit is the total amount of revenue generated.
