BUS 148 - Small Business Management

1. Explain the nature of small business.
   1. Describe criteria used to distinguish small business from big business.
   2. Identify which industries small business makes the greatest contribution to.
   3. List the special contributions of small firms to our nation’s economic welfare.
2. List the characteristics of success.
   1. Describe the rewards and drawbacks of entrepreneurship.
   2. Outline traits necessary for successful small business operation.
3. List the characteristics of failure.
4. Explain the different alternatives and legal forms of ownership.
   1. List advantages and disadvantages of the following small business alternatives: startup, buyout, franchise, and homebased businesses.
   2. List advantages of sole proprietorships, partnerships and corporations.
5. Explain the business plan process.
   1. List reasons for preparing a business plan and how it is used.
   2. Describe features in a business plan that are most critical for obtaining financing and business operations.
6. Develop a specific business plan outline for a business.
7. List questions that should be addressed in each part of the business plan.
8. Explain the marketing plan.
   1. List the essential elements of a formal marketing plan.
   2. Describe core marketing activities that small business persons encounter.
   3. Summarize considerations in choosing a business location.
9. Describe the personnel plan.
   1. Identify the strengths and weaknesses of small business management.
   2. List typical constraints small business managers face.
10. Develop a working relationship with cash flow projections.
    1. Describe the cash-flow system in a small business.
    2. Describe how receivables, payable, and inventories can be managed effectively.
    3. Solve a cash flow problem.
11. Describe the elements of the financial plan.
12. Discuss the sources of capital for small business.
    1. List the typical startup capital needs.
    2. List the typical operating capital needs.
13. Discuss the record keeping needs for a small business.