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Chapter 9

Special Topics in Management

Small Business Management
& Entrepreneurship

Entrepreneurship is an innovative,
creative, risk-taking, and
growth-oriented behavior that brings
new opportunities for
individuals/organizations to start a new
business and produce new products that
are beneficial to society.
Small Business
Business that has a fewer than
100 to 500 workers;
independently owned,
operated, and financed.
Single Proprietorship
Business owned by one
person only; the owner’s
income and the business
income are one and the
Partnership is business
formed when two or
more persons formally
agree to be joint owners
of a business.
A business company involving
five or more persons owning it.
It is registered and recognized
by law as a “legal person” that
has legal rights and
A group enterprise made up of several
traders, consumers, and producers
who are interested to produce or
trade as a group. A group of officers
called board of directors and the
committees, headed by a chairman,
manage its activities.
A government requirement that
orders new business owners to
furnish government agencies
with necessary information prior
to legal operation of their
business firm.
Registration procedure
of the legal forms of
business differ from
each other.
Family Business
It is defined as a business
owned and financially
controlled by members of
the family.
Family Business
Globally, there are many
successful family businesses run
by the entrepreneurs who have
different stories to tell and
different formulas for their
business success.
Family Business
Some common characteristics of
members of successful family
businesses include the following:
creativity, innovativeness, service
orientation, ability to take risks,
and do the hard work.
Why Small Business
1. Lack of experience/expertise /
2. Poor financial control
3. Growing too fast
4. Insufficient commitment
5. Ethical failure
Lack of
experience/expertise / strategy
What shall I do?
1. Attend on-the-job
training/apprenticeship programs
on the chosen business.
2. Consult experts on the essentials of
running the business.
3. Take time to craft your mission and
vision about the chosen business.
Poor financial control
What shall I do?
1. Consult finance experts and
practice tight controlling
For Growing too fast
What shall I do?
1. Take time to think things over
before deciding to branch out;
make sure that your business
already has the capability to
For Insufficent
1. Have enough time to
oversee the running of
your business.
For Ethical failures
What shall I do?
1. Avoid temptations to
engage in unfair
business practices.