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1、Small Business Management Professor Hornaday,Lecture 3,Small Business Management Success Factors,1. Existence of a Business Opportunity 2. Adequate Capital and Credit 3. Personal Attributes Entrepreneurial Inclination Willingness to Work Long Hours Management Ability Know Modern Business Methods,Sma
2、ll Business Management CHARACTERISTICS FOR SUCCESS,Technical Competence Know how to Sell Craft Experience Industry Experience,Mental Ability Street Smarts Generalist,Human Relations Communication Motivation Leadership,Small Business Management CHARACTERISTICS FOR SUCCESS,High Achievement Drive Chara
3、cteristics of Achievers Like to Win Take Personal Responsibility Moderate Risk Takers Want to keep Score Becoming Achievers Seek Feedback Emulate Successful People Develop Self-Image Think Positively,Creativity Types of Creativity Innovation Synthesis Extension Duplication Creative People Bright Gen
4、erate New Ideas Positive Self-Image Sensitive to Others Motivated by Challenges Wait to Decide Independent Can Fantasize Flexible Recognize Key to Problems,Small Business Management THE OWNERSHIP DECISION,Adapted from Martin, 1984.,Social,Personality,Ownership,Model,Choice,Period,Supportive,Family,V
5、enture,Opportunity,Entrepreneurial,Environment,Financial,Support,START,Situation,Precipitating,Event,The Two Sides Must Fit,OWNER,MARKET,Skills,Wants,Needs,Knowledge,Desire,Gaps,Changes,Resources,SMALL BUSINESS MANAGEMENT PRIMARY DECISIONS,1. What does the Owner want the Firm to Be? 2. Craft 3. Prom
6、oter 4. Professional Manager 5. Owner/Goal Fit,Overhead 74C,Three Types of Business Owners,Craft Promoter Professional Seeks Independence Seeks Wealth Seeks Career Limits Growth Very Rapid Growth Controlled Growth Resists Delegation Readily Sells Out Delegates Easily Does “The Work” Likes to “Deal”
7、Seeks Outside Funds Family Members Non-Conformist A “Winner” Values Experience Scoffs at Education Civic Minded,Business Owner Types,Business Ownership,Exploitation of innovation and growth,Desires independence and personal control,Loyalty to the firm and career,PROMOTER,PROFESSIONAL MANAGER,CRAFT,Building an Organization,Practicing a Trade, Craft or Profession,Pursuing Personal Wealth,Growth Patterns,CRAFT, PROMOTER & PROFESSIONAL MANAGER,Revenues,Time,