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A snapshot of the summary - Small Business For Dummies
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1 Is Small Business for You?
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What are the financial basics associated with the 4 basics?
- Accounts Payable
- Accounts Receivable
- Cash Flow
- Assets
- Liabilities
- Net Worth (Assets - Liabilities)
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What is small business?Any business with 100 employees or fewer, a category that includes more than 98 percent fo all U.S. businesses.
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What are the basic needs of small businesses?
- Marketing to make its products or services known.
- Sales to get its products or services in the hands of the customer.
- Varying degree of administration and financial accounting to satisfy a number of internal informational needs, as well as the needs of the IRS.
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What is the definition of a small-business owner?A small-business owner (or entrepreneur), by our definition, is anyone who owns a business that has 100 or fewer employees, period.
"A person who is motivated by independence, creativity, and growth rather than by the security of an employer's paycheck." -
What are the skills needed to be a small-business owner?
- Number skills
- Sales skills
- Marketing skills
- Leadership skills
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What are the required traits for small-business owners?
- Confidence
- Intuition
- Optimism
- Drive
- Passion
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What are the best reasons why people choose to own a business?
- The satisfaction of creation
- Establishment of their own culture
- Financial upside
- Self-sufficiency
- Flexibility
- Special perks
- The satisfaction of creation
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What are the reasons not to own a business?
- Responsibility:
- Competition
- Change
- Chance
- Red tape
- Business failure
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What are several other options to consider, in lieu of becoming an entrepreneur?
- Become a better employee.
- Be an entrepreneur inside a larger company.
- Move from a large company to a small company.
- Buy an existing business.
- Invest in someone else's business.
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2 Laying You Personal Financial Foundation
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Where can I find a good retirement planning workbook or program?
- www.troweprice.com
- www.vanguard.com
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The following topics are covered in this summary
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business, wholesaler's, discounted
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business, plan, mission
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business, businesses, ownership
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franchise, buy, franchiser
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business, owner, employees
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value, book, business
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expenses, employee, job
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distribution, products, advertising
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solution, customers, customer
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sales, business, days
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board, benefits, mentor
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employee, performance, employees