This document discusses entrepreneurship and small business. It defines entrepreneurship as planning, organizing, operating, and assuming risk of a business. Small businesses are privately owned by individuals and have sales and assets that are not large enough to influence their environment. Small businesses play an important role by creating the majority of new jobs and being responsible for innovations. The document outlines strategies for entrepreneurial organizations such as choosing an industry and developing competitive advantages. It also discusses financing options, franchising, reasons for startup successes and failures, and performance factors.