Risk can be defined as the chance of damage, injury, or loss. Every business firm operates with daily risks, and the small firm is no exception. The small firm is characteristically less able to absorb losses from risks. These facts make it very important that every small firm understands the risks to which it is […]

If the small business entrepreneur is going to have a growing and successful business, that person must understand how to manage one of the business’s most important resources, people. The main objective of the personnel function is to recruit1 and maintain an efficient work force. This calls for the effective management of people, ensuring a […]

Good planning, financing and management are essential to any type of small firm. This is true whether the firm is a franchisee1, a newly created firm, or an established firm under new ownership. That franchisees have a lower failure rate than other new small businesses is due in most cases to the managerial assistance provided […]

Sidorenko_g_i_tolstouhova_v_f_ Today small businesses are the heart of the market economy. There are a great number and variety of small businesses. People become owners and operators of small business firms in one of three ways: start a new firm, buy a franchise, buy or inherit an existing firm. Small firms have been established to do […]

Understanding business law takes many years. No one expects a small business owner to get a law degree or to have a complete understanding of legal concepts related to business ownership and operation. Because you will deal with numerous people, products and companies, you should be aware of your rights and responsibilities. Common sense and […]

Small firms actually have advantages over large firms in many cases. One advantage of small firms is that they often grow into large firms. Many of today’s small firms will become giants in tomorrow’s business world. Some of the situations in which small firms have distinct ADVANTAGES are the following: 1. When new products or […]

1. Match the words with their definitions. EFFICIENCY, FACILITIES, DEMAND, COSTS, EXPANSION, OVERHEADS, CONSUMERISM, REWARD, GOODWILL, TAX 1) A need for or a desire for a commodity, together with the ability to pay for it, as in the law of supply and demand. 2) A consumer protest against the perceived injustices in exchange relationships and […]