Summary: Small Business For Dummies | Eric Tyson, et al

Read the summary and the most important questions on Small Business For Dummies | Eric Tyson; Jim Schell

• 1 Is Small Business for You?

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• What are the financial basics associated with the 4 basics?

  1. Accounts Payable
  2. Accounts Receivable
  3. Cash Flow
  4. Assets
  5. Liabilities
  6. Net Worth (Assets - Liabilities)

• What is small business?

  Any business with 100 employees or fewer, a category that includes more than 98 percent fo all U.S. businesses.

• What are the basic needs of small businesses?

  1. Marketing to make its products or services known.
  2. Sales to get its products or services in the hands of the customer.
  3. Varying degree of administration and financial accounting to satisfy a number of internal informational needs, as well as the needs of the IRS.

• What is the definition of a small-business owner?

  A small-business owner (or entrepreneur), by our definition, is anyone who owns a business that has 100 or fewer employees, period. 
  
  "A person who is motivated by independence, creativity, and growth rather than by the security of an employer's paycheck."

• What are the skills needed to be a small-business owner?

  1. Number skills
  2. Sales skills
  3. Marketing skills
  4. Leadership skills

• What are the required traits for small-business owners?

  1. Confidence
  2. Intuition
  3. Optimism
  4. Drive
  5. Passion

• What are the best reasons why people choose to own a business?

  1. The satisfaction of creation
     
  2. Establishment of their own culture
  3. Financial upside
  4. Self-sufficiency
  5. Flexibility
  6. Special perks

• What are the reasons not to own a business?

  1. Responsibility:
  2. Competition
  3. Change
  4. Chance
  5. Red tape
  6. Business failure

• What are several other options to consider, in lieu of becoming an entrepreneur?

  1. Become a better employee.
  2. Be an entrepreneur inside a larger company.
  3. Move from a large company to a small company.
  4. Buy an existing business.
  5. Invest in someone else's business.

• 2 Laying You Personal Financial Foundation

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• Where can I find a good retirement planning workbook or program?

  1. www.troweprice.com
  2. www.vanguard.com