1. Starting a small firm WHY? Independence Increase rewards Redundancy
Commitment to a product
Extend hobbies to a business
Satisfy creative needs
Can’t find work in chosen field
Dissatisfied with current job

2. Problems facing a business’ survival
The owners skills, experience and determination
What product to make/ service to provide?
Will people want to buy the product?
Can it be supplied at the right time, the right quality, the right quantity and at the right price?
Has the firm enough finance to supply itself with the factors of production it requires?
The firm must be efficient