This chapter will help you:

LO1: Describe five ways that people get into small business management.

LO2: Learn the rewards and pitfalls of starting a new business.

LO3: Understand the opportunities and pitfalls of purchasing an existing business.

LO4: Explain four methods for purchasing an existing business.

LO5: Understand the advantages and disadvantages of buying a franchise.

LO6: Understand the issues of inheriting a family-owned business.

LO7: Describe how hired managers become owners of small businesses.