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1、Small Business Management Professor Hornaday,Lecture 1,Entrepreneurship - Innovative Economic Leadership Small Business - Self-employed Management,Competitive Advantages of Small Business,They Offer Superior Quality & Service such as: 1. Flexibility 2. Short Decision Time 3. Short Production Runs 4.
2、 Small Inventory Holdings 5. Personal Contact with Customers,Competitive Advantages of Small Business,As suppliers to large firms, small businesses can offer low prices because they have low overhead costs. Small retail firms cannot compete with larger retail chain stores on price, but they offer co
3、nsumers superior service.,Porters Generic Strategies,Competitive Advantage,Competitive Scope,Broad Target Narrow Target,Lower Cost Differentiation,1. Cost Leadership,2. Differentiation,3A. Cost Focus,3B. Differentiation Focus,Big Business and Small Business,Big Business Salaried Top Level Managers a
4、re not Owners; Personal Assets not at Risk Functional and Special Staff Price Makers (Buy & Sell) Oligopoly or Monopoly,Small Business Owner is Manager; Personal Assets at Risk; Owner Income from Profits Generalist; Little Staff Expertise Price Takers (Buy & Sell) Competitive Markets - Supply and De
5、mand,The Marketing Niche,Small Firms Need a Niche Characteristics of Viable Niche Identifiable Market Segment Satisfy the Segment at a Profit Defend against ALL Competitors,Importance of U.S. Small Firms,Contribute about 51% of U.S. GDP 13% of All Workers Self-Employed 47% of all Sales in the U.S. 5
6、2% of the Private Work force Create about 76% of New Jobs Major Source of Innovation Flexibility to Meet Short Term Fluctuations Economic Shock Absorbers,Small Firm Employment in U.S.,Industry All Agriculture, Forestry, Fishing Mining Construction Manufacturing Transportation Wholesale Trade Retails
7、 Trade Finance, Insurance, Realtors Service,% in Small Firms 50% 77% 45% 76% 26% 45% 79% 74% 59% 45%,U.S. Business Population,000s of Firms,Source: SBA, 1994,Number of U.S. Firms by Size,Source: IRS, 1994,The Average U.S. Millionaire,A 57-Year-Old Married Man with 3 Children Self-Employed: Farmer, S
8、ervice Firm or Construction Median Household Income of $131,000 Mean Household Net Worth of $3.7 Million Owns a Home Valued at $320,000 First Generation Wealthy Drives an Older Automobile Attended Public Schools Sends Children to Private Schools,Three Phases of Ownership,1. Startup Become a Going Co
9、ncern 2. Get on Desired Growth Track Limited, Rapid, Controlled 3. Get Out Sell, Pass to Family, Liquidate,Small Business Management GILDERS DIVING BOARD MODEL,Going Concern Level,Time,Revenue,Small Business Management Owner Strengths,Technical Competence Marketing Competence Financial Competence Hu
10、man Relations Competence,Small Business Management Failure Factors,Management Incompetence Lack of Experience Poor Financial Control Lack of Capital Lax Customer Credit,Overinvesting in Fixed Assets Failure to Plan Inappropriate Location Lack of Inventory Control Improper Attitudes,Small Business Management Avoiding Pitfalls,1. Know Business in Depth 2. PLAN! 3. Understand Financial Statements 4. Manage Financial Resources 5. Seek Professional Assistance 6. Keep in Tune with Yourself,
