The area of small business is normally subdivided by the type of entry method used. There are four such entry methods:
- Creation by start-up
- Buying (and management buyout)
- Franchising (as franchiser or franchisee)
- Family business succession
Certain aspects of creation relating to the business plan were previously discussed in the planning section of chapter 2. Subsequent to entry, the business has to be maintained and possibly expanded, and it is this feature, following start-up, which will be mainly covered in this chapter.
The three key factors that distinguish a small business are the following:
- Because it is small, ...