2. Small firm definition.
Designation for firms of a certain size which fall
below certain criteria (that varies from country to
country) in terms of annual turnover, number
of employees, total value of assets, etc.
5. Competitive advantages and weaknesses.
Flexibility
Quality of services
Production efficiency
and low overheads
Product development
and innovation
Independence
Selling and marketing
Funding R&D
Management skills
Less ability to gain
economies of scale
6. Rules of opening a small firm
1
• Idea
• Set a goal
2
• Choosing employees
3
• Marketing plan
• Financial plan
4
• Finding an attorney or other legal advisor
5
• Get an accountant
6
• Form a business entity