Reference no: EM133169752

1. What do entrepreneurs do that distinguishes them from any other person involved in business?

2. How is small business management different from entrepreneurship?

3. If a friend told you that entrepreneurs are high risk takers, how would you set the story straight?

4. Explain why people who own a small business may not enjoy pure independence.

5. Under what conditions would you consider joining a partnership? Why would you avoid becoming a partner?

6. When would forming a limited-liability company be more advantageous than creating a C corporation or a partnership? Explain your response.

7. Although a certain practice may be widely accepted in the business community and be perfectly legal, does that necessarily mean it is always moral? Discuss some examples.

8. Explain a brief summary of the connection between social responsibility, ethics, and strategic planning in a small business setting.

9. How can a small business show that it is socially responsible? Think of evidence of social responsibility (like sponsoring a Little League team) that a small business can demonstrate.

10. Define the purpose of a code of ethics, and write a brief code that would be suitable for a small business.

11. Explain a mission statement for a small business that not only functions as a strategic planning guide but also incorporates the company's philosophy of social responsibility and ethical standards.

12. Why is environmental analysis more crucial to the small business owner than to larger corporations?