2.  Someone who undertakes the creation, organization, and ownership of a business  Accepts the risks  Gain profit and personal satisfaction  Small business ◦ Vital to the U.S. economy

3.  Independently owned and operated and is not dominant in its field Requirements: (2 must be present)  Management is independent  Capital and management from few individuals  Local Operations  Small in comparison with competitors

4.  Encourage innovation and flexibility  Maintain close relations with customers and community  Keep large firms competitive  Provide employees with learning experiences  Develop risk takers  Provide greater employee satisfaction

5.  Economy  Inadequate financing  Inadequate Management  Government regulations  Technology  Global challenges  Industry shift

6. 1. Reinvention – redesign of a business, often results in reduction in size and markets 2. Reengineering – redesign of operations 3. Downsizing (rightsizing) – reducing the number of employees

7.  Gather information about the SBA of 1953  What was the Small Business Act of 1953? ◦ What did it do?  Who was responsible?  What other acts or laws came about because of it? ◦ What did they do?  Can be on note paper or computer generated  Do not copy and paste or print out website  Keep track of sources