Business
...a corporation] leads to more flexibility and faster results with less liability. Corporations shield their stock owners from liability, but have serious tax implications, government regulations and legal red tape to contend with in exchange for that protection. The corporation has easy access to funds by selling its stock but probably needs it to afford all those attorney and accountant fees. :) Small business definition is based on the number of employees a company has, and its revenue relative to its market. (A manufacturing company could have 500 employees and be considered small, and a computer software company could have 25 employees to get the same consideration) Being a proprietor of a small business equals flexibility, but not freedom. The business owns you as much as you own it. Being highly independent and very entrepenureal help to start you on your way, but you must have the skills for your particular business product/service and there must be a market to sell to. You must tolerate risk well, know your competition, and be prepared to come up with ALL of your necessary capital. Some small businesses are franchises. A franchiser has a trademark or a brand that must be worth investing in. A franchisee pays a fee to the franchiser to carry the trademark or brand and gains support and added recognition by allying with a recognizable and proven profit winner. Small businesses are twice as likely to be the ones introducing new products and forcing larger businesses to compete. Over 90% of businesses are considered small businesses, and 54% of the employed persons are employed by small businesses of under 100 people. However, 50% of all small businesses fail within five years, and 95% of those fail due to inadequate financing. (Couldn’t get/pay loans, didn’t earn profits, and/or didn’t have enough capital to properly start) Management brings focus and cohesiveness to a business. Managers typically achieve four goals for a company: Plan - visualize goals and objective Organize - align resources (human-mechanical) to do your plan Direct - assign or delegate work Control - Measure results/effectiveness and monitor progress There are three tiers of management; top/senior management, middle ma...