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Creating and managing study pack

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1. Technology has played its part in three ways
a. The new technologies that swept the late 20th century have been pioneered by new rapidly
growing firms
b. These technologies have actually facilitated the growth of self-employment and small business
c. Many new technologies, for example in printing have reduced fixed costs so that production can
be profitable in smaller, more flexible units.
2. The Bolton Committee described a small firm as satisfying three criteria, all of which defy
practical statistical application:
a. Market influence
b. Independence
c. Personal influence
3. Characteristics of small firms
a. They are typically short of cash
b. They are likely to operate in a single market

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c. The effect of scale on the economics of the business
4. Two categories of small firms
a. Lifestyle firms
b. Growth firms
5. Entrepreneurship encourages economic growth for three reasons
a. It encourages competition
b. It is a mechanism for knowledge spillovers
c. It generates diversity
6. Type of Manager
a. Owner-manager: Lifestyle firm
b. Entrepreneur: Growth firm
c. Manager: Managing a business belonging to someone else

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