Homework answers / question archive / Rio Hondo College Intro to Business MGMT 101 March 7, 2017 Class: T/Th Review Questions for Chapter 5 Question1)Describe how a small business might use innovation to create new jobs

Rio Hondo College Intro to Business MGMT 101 March 7, 2017 Class: T/Th Review Questions for Chapter 5 Question1)Describe how a small business might use innovation to create new jobs

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Rio Hondo College

Intro to Business MGMT 101

March 7, 2017

Class: T/Th

Review Questions for Chapter 5

Question1)Describe how a small business might use innovation to create new jobs.

Question 2: Why do so many small businesses fail before they reach their tenth year?

Answer: So many small business fail because the lack of funding, ineffective marketing, the wrong location, and poor planning.

Question 3: What are the benefits of developing and writing an effective business plan?

Question 4: What is the Small Business Administration? How does it assist small companies, financially and in other specialized ways?

Question 5: Describe how local governments and business incubators help small firms get established and grow.

Question 6: Why are so many small-business owners attracted to franchising? Under what circumstances might it be better to start an entirely new business instead of purchasing a franchise?

Question 7: What are the benefits and drawbacks to traditional corporate structure? How do S corporations and limited liability corporations enhance the corporate legal structure?

Question 8: In proprietorship and in partnerships the owners and the managers of the business are the same people. How are ownership and management separated in corporations?

Question 9: How might a joint venture between a commercial firm and a not-for-profit organization help both achieve their goals?