2.  Entrepreneurship: is a business started by someone who notices a need for a product or service.  Soared in the late 1990s….but why?  Because of Virtual Businesses ( Dot-Coms ) or businesses that operate on the Internet.

3.  Satisfaction from taking a risk and becoming a success.  Showing expertise and skills.  Working from home.  Gaining profit.  Total responsibility for the business.  Long hours.  Financial risks.

4.  The Small Business Administration (SBA) defines a small business as an independently owned business that has the owner as its manager and:  Serves a limited geographic area.  Employs fewer than 500 people.  Not dominant in its industry.

5.  Most business in the United States are small businesses; about 25 million.  Employ more than 50 percent of the total workforce in the U.S.  Generate more than ½ the nation’s income.  Principle source of new jobs.  Account for about 38% of jobs in technology.  4 out of 5 businesses fail in their first 5 years.

7.  Effect of change.  Styles & trends constantly change.  Managerial skills needed.  Financing, employee relations, production, and customer relations.  Inadequate financial planning.  Being the boss.  Opportunity to offer services large companies cannot offer.  Ease of formation. Advantages Disadvantages