Why Do You List The Three Most Common Types Of Small Business

Many people want to live the “American Dream”, and what better way to do that than to start a small business. Small businesses are incredibly important to the United States economy. Small businesses have been around from the beginning of the history of the U.S. and remain a large portion of the business community today. Small businesses are the driving force for job creation. Small businesses struggle to meet regulations set in place by the government and at the same time stay afloat in the U.S. economy. There are strict size standards set in place that make small business owners weary of expanding the amount of people they employ. Small business owners also struggle with offering healthcare to their employees. Small businesses try to stay ahead by introducing new and unique products. In an ever-changing economy, it is important to understand the impact of small businesses in the United States.

It is suggested by various text books and management tutors alike, that the mastering of the four functions of management; Planning, controlling, organising and leading along with developing technical, human and conceptual skills, should go some way to allowing a manager some degree of success in the field of management. Of course, having skills is just part of being an effective manager, these skills and functions must be communicated in a way that fellow managers and workers can understand and act upon.

The last six variables are in the ‘subjective’ category. These different attitudes are directly related to different types of Chevrolet customers because cognition, feelings, and ‘response dispositions’ of customers are organized into a set of ‘patterned emotional reactions'. This may be due to differences described as demographic, geographic, psychographic, or lifestyle. Therefore, behavior moves from personal buyer to different buyers in a given society.Other luxury product like automobile marketers, manufacturers, companies, dealers also need to focus on ‘who buys’ or ‘type of customers’ to segment their cars. A discussion of the segmentation of the consumers and the luxury automobiles

Ford entered into the automobile market many years ago and became the oldest car manufacturers. It is the first company which specialized in large scale manufacturing of the cars. The production of Ford cars is done in highly engineered way with the help of moving assembly lines.

There is a reason the term “small business” is vague; it reflects the lack of a generally accepted definition. The U.S. Small Business Administration (SBA) has established numerical definitions of small businesses. These size standards vary to reflect industry

Nordstrom is an upscale department store that places large emphasis on superb customer service, a wide selection of products and unbeatable quality. It is one of the largest shoe and apparel retailers in the U.S. with more than 115 department stores serving 36 states and serving over 96 countries online. Nordstrom also features 161 of off-price outlet stores called Nordstrom Rack and one clearance store. They have recently acquired a discount online apparel and home décor boutique, Hautelook, and operate a few small specialty boutiques, Jeffrey’s. Nordstrom also owns Nordstrom direct which is a combination of all types of online ordering. Additionally, they own a federal saving bank, Nordstrom fsb, which offers a private label credit card, and two co-branded VISA cards. (Biesada, 2015)

The store quickly gained a loyal following due to their amazing customer service and quality. In 1923 they opened their second store. In 1928 John Nordstrom retired and sold his shares of the company to his son’s Elmer and Everett. Wallin retired a year later and also sold his shares to the Nordstrom sons. In 1933 a third son Lloyd joined the team. The Nordstrom brothers purchased Best Apparel, a Seattle based clothing store in 1963. Three years later Nordstrom purchased a Portland fashion retail store and added a shoe store to create Nordstrom Best. Men’s clothing and children’s wear were added in 1966, and within two years two new stores opened in Washington. In 1968 the three brothers decided to retire and hand the company over to a third Nordstrom generation. In 1973 Nordstrom sales passed the $100 million mark, the company was recognized as the largest volume west coast fashion specialty store, and the name was formally changed to Nordstrom inc. In 1975 the company had expanded into Alaska, and the first Nordstrom Rack was opened in Seattle. By 1978 the company had moved into the competitive California market. In 1988 Nordstrom had made a move to the East coast with the opening of their new store in Virginia, and have continued opening Nordstrom and Nordstrom Rack stores ever since.

Businesses were small because they served a small market of people, with many small businesses owed by several different companies producing products in many areas. All small businesses were run by hand labor with the lack of technology and no machines at the time. There were several major types of small businesses throughout the 1800’s including; farming, blacksmith, railroad, and

Nordstrom, Inc. was founded in 1901 by John W. Nordstrom. Today, the company is known as a fashion specialty retailer, offering apparel for women, men and children. They offer other products such as shoes, gifts, cosmetics, handbags, jewelry, accessories, and fragrances (Company Profile Nordstrom, Inc., 2016). At the time when the store was opened, in 1901 in Seattle, it was just a shoe store. To this day, the company’s headquarters are in Seattle, Washington, and has expanded operations in 39 states and Canada, with a total of 323 stores, of which there are 121 full-line stores in the U.S. and Canada (Nordstrom Company History). The company employs about 67,000 people. For the financial year ending January 2015, they recorded

(TCO 6) Briefly describe industries in which small businesses seem to be most effective and why this seems to be the case. In what area are small businesses least successful in comparison to large businesses? (Points: 15)

For better or for worse, Wal-Mart dominates the retail industry. With annual revenue of more than $315 billion, Wal-Mart ranks No. 2 on the Fortune 500 list of the largest U.S. corporations. Wal-Mart is also the largest corporate employer in the nation, with more than 1.3 million people on its payroll (only the federal government employs more people). On the global front, Wal-Mart operates nearly 3,000 international stores, buys products from 70 countries, and generates about 20% of its sales from abroad. Given Wal-Mart’s aggressive expansion plans, those numbers are only likely to grow.

As for the U.S economy today, small business has the main roles to contribute significantly in a whole gross domestic product (GDP). In the purpose to motivate and encouraging small business performs efficiently, the U.S government provides a couple major resources, the Small Business Administration, and the SNBC as the guidelines to address business concerns and other matters related. According to entrepreneur.com, small business represents over 6 trillion dollars in total economy outputs, and account over 3% as a franchisee. (sba.com, 2004).

Nordstrom, Inc. was founded in 1901 by John W. Nordstrom. At the time when the store was opened, in 1901 in Seattle, it was just a shoe store. Today, the company is known as a fashion specialty retailer, offering apparel for women, men, and children. They offer other products such as shoes, gifts, cosmetics, handbags, jewelry, accessories, and fragrances (Nordstrom Inc.: Company profile, 2016). To this day, the company’s headquarters are in Seattle, Washington, and has expanded operations in 39 states and Canada, with a total of 323 stores, of which there are 121 full-line stores (Company History, n.d.). The company employs about 67,000 people. For the financial year ending January 2015, they recorded revenue at $13 million (Nordstrom Inc.: Company profile, 2016). The company’s number one goal since their existence has been to provide the customer with the best possible service (About Us, n.d.). They excel in customer service, which can be considered as one of their main strengths (see Appendix B for more detailed information about the SWOT analysis).

There comes a time when one’s mind wonder how the business world relates to the economy. The essential question that lies upon us is: which type of business is better for the economy? Well, great question but big businesses are better versus small businesses. However, if this question was asked to ten people selected randomly on the streets, the majority of them would probably say small businesses benefits the economy more. It is a common assumption because many believe that there is less expansion opportunities and is solely focused on being united and lending a hand out to others around them. Some assume that big businesses are better for the economy since they have better resources, which allows them to be able to do more for the community than small businesses can. I plan on researching every aspect of each side to further gather information. I know big businesses have the option to expand nation and state wide easily because they network, and people know their brand easily but there are also several obstacles they face. A few potential issues with data collection that may occur might be not finding exact numbers, only estimations. Another thing is not finding enough and having to think logically about some things to connect the dots. Some outcomes I would like to see from this project is the differences between each one, the pro's and con's of each, and how each affect the economy. I think it is worth studying because it is a common assumption that any kind of small business is the most successful and there are cons that people do not typically consider. I am genuinely interested in this because I am considering becoming an entrepreneur and I enjoy business.

Small businesses are important to the U.S economy for multiple reasons. According to the U.S Small Business Administration, small businesses represents for 99.7 percent of all employer firms, have generated sixty four percent of new jobs and paid forty four percent of the total united states payroll (Brown, 2017) . Small business is an important role not just in the US economy, but they also play a major role in the growth of the individual community that they are located in. Small businesses give citizens of the community an opportunity for employment by offering jobs that the individuals may not have to have degrees or accolades to qualify for unlike jobs in larger corporations. Although small business is very important to the economy and the community, often times small