utp small business & enterpreneurship jan 2015 chapter 1

8/9/2019 UTP Small Business & Enterpreneurship Jan 2015 Chapter 1

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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship 11Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

The oundations o!Entrepreneurship

The oundations o!Entrepreneurship


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship ,,Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

"earning #$%ecti&es"earning #$%ecti&es

'escri$e 10 deadly mista*es o!'escri$e 10 deadly mista*es o!entrepreneurship - e+plain ho) to a&oidentrepreneurship - e+plain ho) to a&oid

themthem E+plain ho) entrepreneurs can a&oidE+plain ho) entrepreneurs can a&oid$ecoming another !ailure statistic$ecoming another !ailure statistic


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

/hat is an entrepreneur/hat is an entrepreneur

#ne )ho creates ne) $usiness !ace ris*#ne )ho creates ne) $usiness !ace ris*- uncertainty !or the purpose o!- uncertainty !or the purpose o!

achie&ing pro!it - gro)th $y identi!yingachie&ing pro!it - gro)th $y identi!yingsigni!icant opportunities - assem$lingsigni!icant opportunities - assem$lingthe necessary resources to capitali e onthe necessary resources to capitali e on

them.them.


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The /orld o! the EntrepreneurThe /orld o! the EntrepreneurIn the 3.4. entrepreneurs start $et)een , millionIn the 3.4. entrepreneurs start $et)een , million

and .5 million $usinesses a year6and .5 million $usinesses a year6In 7alaysia as !or the year 2008:In 7alaysia as !or the year 2008:

895 ,5, "ocal companies895 ,5, "ocal companies

2,2 !oreign companies2,2 !oreign companies899 5 5 ;total companies


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship ==Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

The /orld o! the EntrepreneurThe /orld o! the Entrepreneur

4ector4ector 7icro7icro >> 4mall4mall >> 7edium7edium >> TotalTotal47Es47Es

>>

7anu!acturing7anu!acturing 21 51=21 51= .9.9 15 89=15 89= 15.815.8 2 0=12 0=1 1=.21=.2 ,9 ,8,,9 ,8, 8.28.2

4er&ices4er&ices , 1 5 5, 1 5 5 8.88.8 , 0,8, 0,8 2.52.5 10 010 0 89.,89.,8 80=8 80= =.==.=

AgricultureAgriculture ,1 ,,1 , 8.,8., 1 8851 885 1.1. 585585 .5.5 , 1, 1 =.2=.2

Total 47EsTotal 47Es , 9,9, 9,9 100.0100.0 100 =0100 =0 100.0100.0 12 82012 820 100.0100.0 5 2=85 2=8 100.0100.0

Source: Census of Establishments and Enterprises 2003 by Department of StatisticsMalaysia (DOSM


7/49Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship 88Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company


4tudy conducted $y Ernst - ?oung :4tudy conducted $y Ernst - ?oung :entrepreneurship )ill $e the de!iningentrepreneurship )ill $e the de!ining

trend o! this century.trend o! this century.

Appro+imately 10.5> o! Americans areAppro+imately 10.5> o! Americans are

acti&ely in&ol&ed in trying to start a ne)acti&ely in&ol&ed in trying to start a ne)$usiness.$usiness.


8/49Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company


7any )orld largest companies continue7any )orld largest companies continueto engage in massi&e do)nsi ingto engage in massi&e do)nsi ing

campaigns cutting num$er o! managerscampaigns cutting num$er o! managers- )or*ers on their payrolls : this has- )or*ers on their payrolls : this hasencouraged entrepreneurial acti&ity -encouraged entrepreneurial acti&ity -

the no longer notion o! %o$ securitythe no longer notion o! %o$ security



Characteristics o! EntrepreneursCharacteristics o! Entrepreneurs

'esire !or responsi$ility: entrepreneurs !eel &ery'esire !or responsi$ility: entrepreneurs !eel &eryresponsi$le o! the outcome o! &enture they start responsi$le o! the outcome o! &enture they start pre!er to $e in control o! their resources - usepre!er to $e in control o! their resources - useresources to achie&e sel! determined goalsresources to achie&e sel! determined goals

Pre!erence !or moderate ris*: not )ild ris* ta*ersPre!erence !or moderate ris*: not )ild ris* ta*ersinstead calculated ris*. Entrepreneurship is a$outinstead calculated ris*. Entrepreneurship is a$outplanning - ta*ing calculated ris* $ased uponplanning - ta*ing calculated ris* $ased upon*no)ledge o! the mar*et.*no)ledge o! the mar*et.

Con!idence in their a$ility to succeed: Tend to $eCon!idence in their a$ility to succeed: Tend to $eoptimistic a$out chances o! successoptimistic a$out chances o! success




'esire !or immediate !eed$ac*: entrepreneurs'esire !or immediate !eed$ac*: entrepreneursen%oy challenge o! running a $usiness - li*e toen%oy challenge o! running a $usiness - li*e to*no) ho) they(re doing - constantly loo*ing o!*no) ho) they(re doing - constantly loo*ing o!!eed$ac*!eed$ac*

High le&el o! energy: more energetic than anHigh le&el o! energy: more energetic than ana&erage person )hich is crucial !actor re@uired toa&erage person )hich is crucial !actor re@uired tolaunch a start up companylaunch a start up company

uture orientation search !or opportunities.uture orientation search !or opportunities."oo* ahead - less concern )ith )hat they did"oo* ahead - less concern )ith )hat they didyesterday than )ith they might do tomorro).yesterday than )ith they might do tomorro).They(re interested in spotting - capitali ingThey(re interested in spotting - capitali ingopportunitiesopportunities



Characteristics o! EntrepreneursCharacteristics o! Entrepreneurs4*ill at organising: $uild a company !rom4*ill at organising: $uild a company !romscratch *no) ho) to put right people togetherscratch *no) ho) to put right people togetherto accomplish tas*. Com$ining people - %o$to accomplish tas*. Com$ining people - %o$ena$les people together to accomplish a tas* ena$les people together to accomplish a tas*

Balue o! achie&ement o&er money:Balue o! achie&ement o&er money:misconception entrepreneurship is dri&en $ymisconception entrepreneurship is dri&en $ydesire to ma*e money. In contrary achie&ementdesire to ma*e money. In contrary achie&emententrepreneurs primary concern more a$outentrepreneurs primary concern more a$out

running your o)n sho)running your o)n sho)




High degree o! commitment: immerseHigh degree o! commitment: immersethemsel&es completely in their $usinessthemsel&es completely in their $usiness

Tolerance !or am$iguity: Tend to ha&eTolerance !or am$iguity: Tend to ha&e

high tolerance !or am$iguous e&erhigh tolerance !or am$iguous e&erchanging situationschanging situations

le+i$ility: a$ility to adapt to changingle+i$ility: a$ility to adapt to changing

demands o! their customers and theirdemands o! their customers and their$usinesses$usinesses


13/49Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship 1,1,Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

'i!!erence $et)een an entrepreneur'i!!erence $et)een an entrepreneurand a small $usinessmanand a small $usinessman

CharacteristicsCharacteristics EntrepreneurEntrepreneur 4mall usiness4mall usiness

TimeTime 3nlimited time 3nlimited time studying ho) tostudying ho) tosatis!y clients -satis!y clients -al)ays loo*ingal)ays loo*ing)ays to impro&e)ays to impro&eproductproduct

"imited only"imited onlyspend timespend time$uying - selling$uying - sellingproductproduct

Dature o! %o$Dature o! %o$ le+i$le changingle+i$le changing- re!ining product- re!ining product

igid inigid inadapting changesadapting changes




'ecision'ecisionma*ingma*ing

7a*es o)n7a*es o)ndecision - usedecision - usecreati&ity increati&ity inproducingproducing

inno&ati&einno&ati&eproductsproducts

ollo)ollo)decisions madedecisions made$y others -$y others -in&est only inin&est only in

pro&en mar*etspro&en mar*ets

E!!ort -E!!ort -commitmentcommitment

ContinuouslyContinuously*eep updated*eep updated)ith current -)ith current -!uture!uturetechnological de&technological de&

Dot attracted toDot attracted tochanges -changes -technologicaltechnological$rea*through$rea*through




is*is*ta*erta*er Ta*es calculated orTa*es calculated ormoderate ris* moti&e ismoderate ris* moti&e isto earn pro!itsto earn pro!its

"o) ris* ta*er "o) ris* ta*er $uys product at$uys product atlo)er price -lo)er price -sells at highersells at higher

priceprice

FoalFoal 4tarts a &enture -4tarts a &enture -commits on e+pansion o!commits on e+pansion o!

&enture !ul!ill personal&enture !ul!ill personalgoals - sel!goals - sel!accomplishment.accomplishment.Concerned )ith successConcerned )ith success

- personal satis!action- personal satis!action

4olely to gain4olely to gainpro!its to supportpro!its to support

- earn a li&ing.- earn a li&ing.Al)ays struggleAl)ays struggleto o$tain pro!it.to o$tain pro!it.


16/49Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship 1=1=Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

EntrepreneurshipEntrepreneurship

#ne characteristic o! entrepreneurs stands out:#ne characteristic o! entrepreneurs stands out:

'i&ersity6'i&ersity6

Anyone Anyone regardless o! age race gender color regardless o! age race gender colornational origin or any other characteristic national origin or any other characteristic can $ecome an entrepreneur ;although notcan $ecome an entrepreneur ;although note&eryone should



ene!its o! 4mall usinessene!its o! 4mall usiness#)nership#)nership

The opportunity to:The o pportunity to:Create your o)n destinyCreate your o)n destiny7a*e a di!!erence7a*e a di!!erence

each your !ull potentialeach your !ull potentialeap impressi&e pro!itseap impressi&e pro!its

Contri$ute to society and to $e recogni ed !or yourContri$ute to society and to $e recogni ed !or youre!!ortse!!orts

'o )hat you en%oy and to ha&e !un at it'o )hat you en%oy and to ha&e !un at it



'ra)$ac*s o! 4mall usiness'ra)$ac*s o! 4mall usiness#)nership#)nership

3ncertainty o! income3ncertainty o! income

is* o! losing your entire in&estmentis* o! losing your entire in&estment

"ong hours and hard )or* "ong hours and hard )or*


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3ncertainty o! income3ncertainty o! income

is* o! losing your entire in&estmentis* o! losing your entire in&estment

"ong hours and hard )or* "ong hours and hard )or* "o)er @uality o! li!e until the $usiness gets"o)er @uality o! li!e until the $usiness getsesta$lishedesta$lished


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9.8%

16.8% 16.7%15.9%

15.2%

9.3%8.5%

3.9%

2.2% 1.7%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%

Under 25

25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65+

Age

Owner Age at Business Formation


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3ncertainty o! income3ncertainty o! incomeis* o! losing your entire in&estmentis* o! losing your entire in&estment

"ong hours and hard )or* "ong hours and hard )or*

"o)er @uality o! li!e until the $usiness gets esta$lished"o)er @uality o! li!e until the $usiness gets esta$lished

High le&els o! stressHigh le&els o! stress

Complete responsi$ilityComplete responsi$ility'iscouragement'iscouragement


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/hat(s !eeding the/hat(s !eeding theEntrepreneurial ireEntrepreneurial ire

Entrepreneurs as heroes: gi&en theEntrepreneurs as heroes: gi&en thehero status on their accomplishmentshero status on their accomplishmentsto $e role models e+p ill gatesto $e role models e+p ill gates

;microso!t corporation< 7ary Gay;microso!t corporation< 7ary GayAsh ; 7ary Gay Cosmetics e!!Ash ; 7ary Gay Cosmetics e!!e os ;Ama on.com< 7ichael 'elle os ;Ama on.com< 7ichael 'ell

;'ell Computer Corporation


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship 2,2,Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company


'emographic and economic !actors: 2 ,'emographic and economic !actors: 2 ,entrepreneurs start $uss $et)een ages 25 .entrepreneurs start $uss $et)een ages 25 .Economic gro)th $et)een 19 0s - 1990s createdEconomic gro)th $et)een 19 0s - 1990s createdhuge )ealth among people - $uss opportunitieshuge )ealth among people - $uss opportunities4hi!t to ser&ice economy: $ecome popular -4hi!t to ser&ice economy: $ecome popular -created huge %o$ opportunities due to lo) startcreated huge %o$ opportunities due to lo) startup costup costTechnological ad&ancements: assistance o! PCTechnological ad&ancements: assistance o! PClap tops !a+ copiers ans)ering machine - &oicelap tops !a+ copiers ans)ering machine - &oicemail e&en one person )or*ing at home loo*s li*email e&en one person )or*ing at home loo*s li*ea $ig $usiness ;ser&ice or in!ormation $aseda $ig $usiness ;ser&ice or in!ormation $asedcompany


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Independent li!estyles: people )ant !reedom toIndependent li!estyles: people )ant !reedom tochoose )here they li&e hours they )or* - )hatchoose )here they li&e hours they )or* - )hatthey dothey doE Commerce and the /orld /ide /e$: #nlineE Commerce and the /orld /ide /e$: #nlinecommerce gro)ing rapidly creating manycommerce gro)ing rapidly creating manyopportunities. 58> small $usiness use internetopportunities. 58> small $usiness use internet- 80> ha&e )e$ sites 1> small companies- 80> ha&e )e$ sites 1> small companiesincrease in sales. JDetpreneursK use )e$ sites toincrease in sales. JDetpreneursK use )e$ sites toconnect )ith e+isting customers - attract ne)connect )ith e+isting customers - attract ne)onesones

d h


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eeding theeeding theEntrepreneurial ireEntrepreneurial ire

International opportunities: smallInternational opportunities: smallcompanies ha&e e+panded success!ully intocompanies ha&e e+panded success!ully into!oreign mar*ets rely on the !ollo)ing!oreign mar*ets rely on the !ollo)ingstrategies:strategies:

esearching !oreign mar*ets thoroughlyLesearching !oreign mar*ets thoroughlyL

ocusing on single country initiallyocusing on single country initially

3tili e go&ernment resources to help small3tili e go&ernment resources to help small

companies esta$lish international presencecompanies esta$lish international presenceorging alliances )ith local partnersorging alliances )ith local partners

h l l


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship 2=2=Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

The Cultural 'i&ersity o!The Cultural 'i&ersity o!EntrepreneurshipEntrepreneurship

?oung entrepreneurs: Increase in young?oung entrepreneurs: Increase in youngpeople choosing entrepreneurship as careerpeople choosing entrepreneurship as careerpath.path.

/omen entrepreneurs: )omen still !ace/omen entrepreneurs: )omen still !acediscrimination in )or* !orce. 4mall $ussdiscrimination in )or* !orce. 4mall $usso!!ers )omen opportunities !or economico!!ers )omen opportunities !or economic

e+pression through employment -e+pression through employment -entrepreneurshipentrepreneurship


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7inority o)ned enterprises: 7inority groups7inority o)ned enterprises: 7inority groupsare more li*ely to $ecome entrepreneurs.are more li*ely to $ecome entrepreneurs.

Immigrant entrepreneurs:Immigrant entrepreneurs:

Part time entrepreneurs: a popular gate)ay toPart time entrepreneurs: a popular gate)ay to

entrepreneurship. Pro&ides $est o! $oth )orldsentrepreneurship. Pro&ides $est o! $oth )orldsease into $uss themsel&es )ithout sacri!icingease into $uss themsel&es )ithout sacri!icingsteady salarysteady salary

h l lTh C l l 'i& i !


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Home $ased $usinesses: $ooming 0> areHome $ased $usinesses: $ooming 0> are&ery small - ha&e no employees. actors&ery small - ha&e no employees. actorsma*e home entrepreneurs !irst choice:ma*e home entrepreneurs !irst choice:

#perating $uss !rom home *eeps start up -#perating $uss !rom home *eeps start up -operating cost minimumoperating cost minimum

Allo) to maintain !le+i$le li!estyle - )or*Allo) to maintain !le+i$le li!estyle - )or*stylestyle


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Technology trans!orming homes into electronicTechnology trans!orming homes into electroniccottages )ith million dollars in salecottages )ith million dollars in sale

amily $usinessesamily $usinesses

Copreneurs : couples )or* together as coCopreneurs : couples )or* together as coo)ners o! their $usiness although it is noto)ners o! their $usiness although it is notsuita$le !or e&eryonesuita$le !or e&eryone


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship ,0,0Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company


Corporate casto!!s: companies ha&e $een do)nCorporate casto!!s: companies ha&e $een do)nsi ing to regain competiti&e edge has $ecomesi ing to regain competiti&e edge has $ecomesource !or entrepreneurial acti&itysource !or entrepreneurial acti&ity

Corporate dropouts: 'o)nsi ing has createdCorporate dropouts: 'o)nsi ing has createde!!ect among employees that is trust gap thate!!ect among employees that is trust gap thatis causing num$er o! drop outs !rom corporateis causing num$er o! drop outs !rom corporatestructure to $ecome entrepreneurs.structure to $ecome entrepreneurs.Entrepreneurs inspired to launch theirEntrepreneurs inspired to launch theircompanies a!ter $eing treated un!airly $y largecompanies a!ter $eing treated un!airly $y largecorporate entitiescorporate entities


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4mall usinesses...4mall usinesses...

7a*e up 99> o! all the $usinesses in the7a*e up 99> o! all the $usinesses in the3.4.3.4.

Employ 51> o! the nationMs pri&ate sectorEmploy 51> o! the nationMs pri&ate sector)or*!orce.)or*!orce.

Create more %o$s than $ig $usinesses.Create more %o$s than $ig $usinesses.

Are leaders in o!!ering training andAre leaders in o!!ering training andad&ancement opportunities to )or*ers ad&ancement opportunities to )or*ers o!!er more general s*ills instruction -o!!er more general s*ills instruction -training than large ones.training than large ones.


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship ,,,,Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company

Produce 51> o! the nationMs pri&ateProduce 51> o! the nationMs pri&ateF'P.F'P.

Account !or 8> o! $usiness sales.Account !or 8> o! $usiness sales.

4mall usinesses...4mall usinesses...(continued)(continued)


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100%

81%

6)%

)4%

46%40%

*6%*2% 2+% 2,% 2)%

0%

10%

20%

*0%

40%)0%

60%

,0%

80%

+0%100%

% o

f S m a l

l F i r m s

S u r "

i " i n g

-ew 1 2 * 4 ) 6 , 8 + 10

of /ears in Business

Small Business Sur"i"al $ate

T ' dl 7i t * !T ' dl 7i t * !


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Ten 'eadly 7ista*es o!Ten 'eadly 7ista*es o!EntrepreneurshipEntrepreneurship

1.1. 7anagement mista*es: poor management cause7anagement mista*es: poor management cause$usiness !ailure lac* o! leadership a$ility sound$usiness !ailure lac* o! leadership a$ility sound

%udgment - *no)ledge to ma*e $uss )or* %udgment - *no)ledge to ma*e $uss )or*

2.2. "ac* o! e+perience"ac* o! e+perience

,.,. Poor !inancial control: re@uires proper !inancialPoor !inancial control: re@uires proper !inancialcontrol. Deed to implement proper cashcontrol. Deed to implement proper cash

management techni@ues. 7aintaining ade@uatemanagement techni@ues. 7aintaining ade@uatecash !lo) is &ery crucialcash !lo) is &ery crucial


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Chapter 1: EntrepreneurshipChapter 1: Entrepreneurship ,=,=Copyright 2005 Prentice Hall Inc. A Pearson Education CompanyCopyright 2005 Prentice Hall Inc. A Pearson Education Company


. /ea* mar*eting e!!orts. /ea* mar*eting e!!orts

5. ailure to de&elop a strategic plan:5. ailure to de&elop a strategic plan:many small $usiness neglect the processmany small $usiness neglect the processo! strategic planning !eel )ill onlyo! strategic planning !eel )ill only

$ene!it large companies$ene!it large companies


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Incorrect Pricing : esta$lishing pricingIncorrect Pricing : esta$lishing pricinggenerate necessary pro!its )here $uss o)nersgenerate necessary pro!its )here $uss o)nersmust understand ho) much it cost to ma*emust understand ho) much it cost to ma*e

mar*et - deli&er products - ser&ices. #!tenmar*et - deli&er products - ser&ices. #!ten!ail in considering these !actors.!ail in considering these !actors.

Ina$ility to ma*e Entrepreneurial Transition:Ina$ility to ma*e Entrepreneurial Transition:a!ter start up gro)th re@uires di!!erent stylea!ter start up gro)th re@uires di!!erent styleo! management. Fro)th re@uires delegationo! management. Fro)th re@uires delegation

)hich most entrepreneurs cannot do.)hich most entrepreneurs cannot do.


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Putting ailure Into Perspecti&ePutting ailure Into Perspecti&e

Entrepreneurs areEntrepreneurs are not not paraly ed $y theparaly ed $y theprospect o! !ailure e+citement o!prospect o! !ailure e+citement o!$uilding ne) $uss !rom scratch$uilding ne) $uss !rom scratch

ailure a natural part o! the creati&eailure a natural part o! the creati&eprocess those ne&er !ail are those ne&erprocess those ne&er !ail are those ne&erdo anything.do anything.

4uccess!ul entrepreneurs learn to !ail4uccess!ul entrepreneurs learn to !ailintelligently learn why they failed intelligently learn why they failed ..


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A&oiding the Pit!alls o!A&oiding the Pit!alls o!4mall usiness ailure4mall usiness ailure

Gno) your $usiness in depthGno) your $usiness in depth

'e&elop a solid $usiness plan'e&elop a solid $usiness plan

7anage !inancial resources: need to ha&e7anage !inancial resources: need to ha&eade@uate start up capital. Estimate ho)ade@uate start up capital. Estimate ho)capital is re@uired - then dou$le thecapital is re@uired - then dou$le the!igure.!igure.


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A&oiding the Pit!alls o!A&oiding the Pit!alls o!4mall usiness ailure4mall usiness ailure

3nderstand !inancial statements: need to3nderstand !inancial statements: need toha&e understanding o! accounting -ha&e understanding o! accounting -!inance!inance

"earn to manage people e!!ecti&ely"earn to manage people e!!ecti&ely

Geep in tune )ith yoursel!: Deed toGeep in tune )ith yoursel!: Deed tomonitor health stress is primary concernmonitor health stress is primary concern


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47E(s in 7alaysia47E(s in 7alaysia

'istri$ution o! Companies $y si e:'istri$ution o! Companies $y si e:Preliminary statistics $y '#4: 'ec 2005Preliminary statistics $y '#4: 'ec 2005;total esta$lishment: 52, 1,2

utp small business & enterpreneurship jan 2015 chapter 1

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