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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Small Business ManagementProfessor Hornaday,Lecture 3,Small Business Management,Success Factors,1.Existence of a Business Opportunity,2.Adequate Capital and Credit,3.Personal Attributes,Entrepreneurial Inclination,Willingness to Work Long Hours,Management Ability,Know Modern Business Methods,Small Business Management,CHARACTERISTICS FOR SUCCESS,Technical Competence,Know how to Sell,Craft Experience,Industry Experience,Mental Ability,Street Smarts,Generalist,Human Relations,Communication,Motivation,Leadership,Small Business Management,CHARACTERISTICS FOR SUCCESS,High Achievement Drive,Characteristics of Achievers,Like to Win,Take Personal Responsibility,Moderate Risk Takers,Want to keep Score,Becoming Achievers,Seek Feedback,Emulate Successful People,Develop Self-Image,Think Positively,Creativity,Types of Creativity,Innovation,Synthesis,Extension,Duplication,Creative People,Bright,Generate New Ideas,Positive Self-Image,Sensitive to Others,Motivated by Challenges,Wait to Decide,Independent,Can Fantasize,Flexible,Recognize Key to Problems,Small Business Management,THE OWNERSHIP DECISION,Adapted from Martin,1984.,Social,Personality,Ownership,Model,Choice,Period,Supportive,Family,Venture,Opportunity,Entrepreneurial,Environment,Financial,Support,START,Situation,Precipitating,Event,The Two Sides Must Fit,OWNER,MARKET,Skills,Wants,Needs,Knowledge,Desire,Gaps,Changes,Resources,SMALL BUSINESS MANAGEMENT,PRIMARY DECISIONS,1.What does the Owner want the Firm to Be?,2.Craft,3.Promoter,4.Professional Manager,5.Owner/Goal Fit,Overhead 74C,Three Types of Business Owners,CraftPromoter,Professional,Seeks IndependenceSeeks WealthSeeks Career,Limits Growth,Very Rapid GrowthControlled Growth,Resists DelegationReadily Sells OutDelegates Easily,Does“The Work”Likes to“Deal”Seeks Outside Funds,Family MembersNon-ConformistA“Winner”,Values ExperienceScoffs at EducationCivic Minded,Business Owner Types,Business,Ownership,Exploitation,of innovation,and growth,Desires,independence,and personal,control,Loyalty,to the firm,and career,PROMOTER,PROFESSIONAL MANAGER,CRAFT,Building an Organization,Practicing a,Trade,Craft,or Profession,Pursuing,Personal,Wealth,Growth Patterns,CRAFT,PROMOTER&PROFESSIONAL MANAGER,Revenues,Time,
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