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4. Small Businesses and U.S. Jobs The Prevalence of Small Businesses The Small Business Small Business and Entrepreneurship > The Small Business Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/business?campaign_content=book_6020_section_48&campaign_term=Business&utm_campaign=powerpoint&utm_medium =direct&utm_source=boundless

5. The U.S. government often defines small and medium-sized businesses (SMBs, also referred to as small and medium-sized enterprises, or SMEs) as firms with fewer than 500 employees. While business has seen great consolidation in recent years, the share of employment in small firms has been relatively stable over the past few decades. Just over half of U.S. employees work for SMBs. Small businesses often serve as seeds for new industries, such as Apple and Google did in their early stages. By addressing a need left unmet or innovating more rapidly than large multinational corporations, small businesses are able to carve out new niches for themselves. Recent advancements in technology can reduce the amount of capital needed to start a small business and increase opportunities to scale up rapidly and cost efficiently. The primary hurdle for most SMBs, particularly when they are starting out, is acquiring funding. Small Businesses and U.S. Jobs Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/business/textbooks/alternative-to-understanding-business-10th-william-nickels-james-mchugh-susan-mchugh-0077474511- 9780077474515/small-business-and-entrepreneurship-6/the-small-business-48/small-businesses-and-u-s-jobs-264- 642?campaign_content=book_6020_section_48&campaign_term=Business&utm_campaign=powerpoint&utm_medium=direct&utm_source=boun dless Small businesses' share of employment, 1988– 2006 View on Boundless.com Small Business and Entrepreneurship > The Small Business

6. If you're going to start a business, it's important to realize that there are specific forces acting upon each industry that affect profit. Industries with high concentrations of small and medium-sized businesses (SMBs) generally do not require an enormous amount of up-front capital investment (i.e., they have lower barriers to entry). Goods producers make and sell some sort of physical product or material, while service providers don't make tangible goods. The service industry tends to be more SMB-friendly, as it (generally) requires fewer assets. Manufacturing goods competitively involves being able to do so in high volumes in order to remain cost efficient. This requires a large initial investment of capital and access. As a result, manufacturing is more commonly for larger enterprises. The Prevalence of Small Businesses Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/business/textbooks/alternative-to-understanding-business-10th-william-nickels-james-mchugh-susan-mchugh-0077474511- 9780077474515/small-business-and-entrepreneurship-6/the-small-business-48/the-prevalence-of-small-businesses-265- 2158?campaign_content=book_6020_section_48&campaign_term=Business&utm_campaign=powerpoint&utm_medium=direct&utm_source=bou ndless Small-business owner View on Boundless.com Small Business and Entrepreneurship > The Small Business

7. Free to share, print, make copies and changes. Get yours at www.boundless.com Appendix

8. Key terms employment The work or occupation for which one is used, and often paid. goods-producers An company that makes and sells some sort of physical product or material. service provider An organization that operates in areas such as finance, real estate, or buying products from a wholesaler and reselling them to consumers, but does not make tangible goods. Free to share, print, make copies and changes. Get yours at www.boundless.com Small Business and Entrepreneurship

9. Small businesses' share of employment, 1988–2006 The small-business share of employment is relatively stable. Free to share, print, make copies and changes. Get yours at www.boundless.com U.S.Small Business Administration. Public domain http://archive.sba.gov/advo/research/rs359tot.pdf View on Boundless.comPublic domainhttp://archive.sba.gov/advo/research/rs359tot.pdfView on Boundless.com Small Business and Entrepreneurship

10. Small-business owner Small businesses often begin in the services sector due to a number of factors. Free to share, print, make copies and changes. Get yours at www.boundless.com Alcove 9. "Small Business Owners Share The Best Advice They Ever Received." License: Other http://www.alcove9.com/small-business-owners-share-the-best- advice-they-ever-received View on Boundless.comLicense: Otherhttp://www.alcove9.com/small-business-owners-share-the-best- advice-they-ever-receivedView on Boundless.com Small Business and Entrepreneurship

11. Free to share, print, make copies and changes. Get yours at www.boundless.com Small Business and Entrepreneurship In response to economic conditions, employment in small businesses A) declines when the economy is doing well and increases when the economy struggles. B) increases when the economy is doing well and decreases when the economy struggles. C) remains flat when the economy is doing well, but increases when the economy struggles. D) increases when the economy is doing well, but remains flat when the economy struggles.

12. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Small Business and Entrepreneurship In response to economic conditions, employment in small businesses A) declines when the economy is doing well and increases when the economy struggles. B) increases when the economy is doing well and decreases when the economy struggles. C) remains flat when the economy is doing well, but increases when the economy struggles. D) increases when the economy is doing well, but remains flat when the economy struggles.

13. Free to share, print, make copies and changes. Get yours at www.boundless.com Small Business and Entrepreneurship Industries with a high concentration of small businesses generally require A) enormous capital investment up front. B) physical product or material. C) little investment capital up front. D) service products that can be resold to consumers.

14. Free to share, print, make copies and changes. Get yours at www.boundless.comwww.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/CC BY-SA 3.0http://www.boundless.com/ Small Business and Entrepreneurship Industries with a high concentration of small businesses generally require A) enormous capital investment up front. B) physical product or material. C) little investment capital up front. D) service products that can be resold to consumers.

15. Attribution U.S.Small Business Administration. Public domain http://archive.sba.gov/advo/research/rs359tot.pdfPublic domainhttp://archive.sba.gov/advo/research/rs359tot.pdf Wiktionary. "employment." CC BY-SA 3.0 http://en.wiktionary.org/wiki/employmentCC BY-SA 3.0http://en.wiktionary.org/wiki/employment Wikipedia. "service-providers." CC BY-SA 3.0 http://en.wikipedia.org/wiki/service-providersCC BY-SA 3.0http://en.wikipedia.org/wiki/service-providers Wikipedia. "goods-producers." CC BY-SA 3.0 http://en.wikipedia.org/wiki/goods-producersCC BY-SA 3.0http://en.wikipedia.org/wiki/goods-producers Free to share, print, make copies and changes. Get yours at www.boundless.com Small Business and Entrepreneurship