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1、Small Business ManagementProfessor HornadayLecture 1Entrepreneurship-Innovative EconomicLeadershipSmall Business-Self-employed ManagementCompetitive Advantages of Small BusinessThey Offer Superior Quality&Service such as:1.Flexibility2.Short Decision Time3.Short Production Runs4.Small Inventory Hold
2、ings5.Personal Contact with CustomersCompetitive Advantages of Small BusinessAs 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 consumers superior service.Por
3、ters Generic StrategiesCompetitive AdvantageCompetitiveScope Broad Target Narrow Target Lower Cost Differentiation 1.Cost Leadership2.Differentiation3A.Cost Focus3B.Differentiation Focus Big Business and Small BusinessBig BusinessSalaried Top Level Managers are not Owners;Personal Assets not at Risk
4、Functional and Special StaffPrice Makers(Buy&Sell)Oligopoly or MonopolySmall BusinessOwner is Manager;Personal Assets at Risk;Owner Income from ProfitsGeneralist;Little Staff ExpertisePrice Takers(Buy&Sell)Competitive Markets-Supply and DemandThe Marketing NicheSmall Firms Need a NicheCharacteristic
5、s of Viable NicheIdentifiable Market SegmentSatisfy the Segment at a ProfitDefend against ALL CompetitorsImportance of U.S.Small FirmsContribute about 51%of U.S.GDP13%of All Workers Self-Employed47%of all Sales in the U.S.52%of the Private Work forceCreate about 76%of New JobsMajor Source of Innovat
6、ionFlexibility to Meet Short Term FluctuationsEconomic Shock Absorbers Small Firm Employment in U.S.IndustryAllAgriculture,Forestry,FishingMiningConstructionManufacturingTransportationWholesale TradeRetails TradeFinance,Insurance,RealtorsService%in Small Firms50%77%45%76%26%45%79%74%59%45%U.S.Busine
7、ss Population000s of FirmsSource:SBA,1994Number of U.S.Firms by SizeSource:IRS,1994The Average U.S.MillionaireA 57-Year-Old Married Man with 3 Children Self-Employed:Farmer,Service Firm or Construction Median Household Income of$131,000Mean Household Net Worth of$3.7 MillionOwns a Home Valued at$320
8、,000First Generation WealthyDrives an Older AutomobileAttended Public Schools Sends Children to Private SchoolsThree Phases of Ownership1.Startup Become a Going Concern2.Get on Desired Growth TrackLimited,Rapid,Controlled3.Get OutSell,Pass to Family,LiquidateSmall Business ManagementGILDERS DIVING B
9、OARD MODELGoing Concern LevelTimeRevenueSmall Business ManagementOwner StrengthsTechnical CompetenceMarketing CompetenceFinancial CompetenceHuman Relations CompetenceSmall Business ManagementFailure FactorsManagement IncompetenceLack of ExperiencePoor Financial ControlLack of CapitalLax Customer Cre
10、ditOverinvesting in Fixed AssetsFailure to PlanInappropriate LocationLack of Inventory ControlImproper AttitudesSmall Business ManagementAvoiding Pitfalls1.Know Business in Depth2.PLAN!3.Understand Financial Statements4.Manage Financial Resources5.Seek Professional Assistance6.Keep in Tune with Yourself