After studying this chapter, students should be able to:

1. Define what a small business is and recognize the fields in which small businesses are concentrated.
   
   
2. Identify the people who start small businesses and the reasons why some succeed and many fail.
   
   
3. Assess the contributions of small businesses to our economy.
   
   
4. Judge the advantages and disadvantages of operating a small business.
   
   
5. Explain how the Small Business Administration helps small businesses.
   
   
6. Appraise the concept and types of franchising.
   
   
7. Analyze the growth of franchising and franchising's advantages and disadvantages.