What you’ll learn3 learning objectivesChoose one objective for a focused lesson, or study the complete topic.1.3.1Measurements of business size• Measurements of business size- the appropriateness of different methods of measuring the size of a businessSyllabus objective1.3.2Significance of small businesses• Significance of small businesses- the advantages and disadvantages of being a small business- the strengths and weaknesses of family businesses- the importance of small businesses and their role in the economy- the role of small businesses as part of the industrial structure in some industriesSyllabus objective1.3.3Business growth• Business growth- why and how a business might grow internally (organic growth)- the different types of external growth through merger and takeover: horizontal, vertical (backward and forward), conglomerate diversification, friendly merger, hostile takeover- the impact of a merger/takeover on stakeholders- why a merger/takeover may or may not achieve objectives- the importance of joint ventures and strategic alliances as methods of external growthSyllabus objective