BUS110 Chap 6 - Entrepreneurship and Starting a Small Business
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Entrepreneurship and Starting a Small Business
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BUS110 Chap 6 - Entrepreneurship and Starting a Small Business
- 1. * * Chapter Six Entrepreneurship and Starting a Small Business McGraw-Hill/Irwin Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
- 6. YOU’RE NEVER TOO OLD to be an ENTREPRENEUR EITHER! * * Source: Entrepreneur, www.entrepreneur.com , March 2009. The Job-Creating Power of Entrepreneurship in the U.S. 6- Age Range Percent Identified as Self-Employed 55 to 59 28% 60 to 65 36% 66 to 70 42%
- 31. ANGELS ABOVE Industry Sectors Favored by Angel Investors * * Source: CFO Magazine, www.cfo.com , September 2008. Getting Money to Fund a Small Business LG4 6-
- 40. OTHER FORMS OF HELP * * Looking for Help LG4 6-
- 41. Review only
Notes de l'éditeur
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses. This slide will help in starting the chapter discussion. Students enjoy stories about how companies began and these short vignettes will supplement additional information about the history of successful entrepreneurs in the chapter. Ask the students: Do you know of any interesting stories about how some other businesses got started? (This can also be assigned as a team project to generate a good discussion.)
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses. You’re Never Too Old to be an Entrepreneur Either This slide gives the student a good understanding of the percentages of people who identify themselves as self-employed . 1. 28% of people between the ages of 55-59 identify themselves as self-employed, why? (Discuss the individual assessment of career choice.) 2. 36% of new businesses are started by people between the ages of 60-65, why? (Greater business experience.) 3. 42% of people between the ages of 66-70 identify as self-employed. Ask the students to explain why this number is so high? (Many are nearing or already have retired; the accumulation of a lifetime’s worth of experience can be applied to other businesses.)
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses. In the United States home-based businesses have experienced growth due to a variety of reasons. One of the most important reasons for the growth in home-based businesses is that technology has made it easier for home-based businesses to compete against their larger competitors.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses. Ups of Home-Based Businesses This slide walks students through some of the benefits of a home-based business. Before showing this slide have students work alone, then with a partner, then with a group (doing all three will help promote discussion of students’ ideas) to see if they can come up with a list of positive characteristics of home-based businesses. Then reveal the slide and have students compare their lists to the slide.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses. Downs of Home-Based Businesses This slide walks students through some of the benefits of a home-based business. Before showing this slide have students work alone, then with a partner, then with a group (doing all three will help promote discussion of students’ ideas) to see if they can come up with a list of disadvantages of home-based businesses. Then reveal the slide and have students compare their lists to the slide.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses. In order to develop new ideas engineers at Google are allowed to work on projects that interest them for up to twenty percent of the time at work. The idea is to support creative people and ideas in an effort to launch new products. This work can be more motivating than working on someone else’s ideas.
- See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure. Small-business is the economic engine of the United States economy. Due to the economic power of small-businesses the government has used “investor visas”, enterprise zones and business incubators to encourage entrepreneurship. A good website to further explore incubators is http://www.nbia.org/.
- See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
- See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure. The power of small business is immense. Students are often shocked to see how small businesses contribute to the U.S. economy.
- See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
- See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
- See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure. They Did What? Starting a successful new business is never easy and many famous entrepreneurs failed at their first and subsequent attempts. Ask students: How can a business failure actually be a positive experience? (While failure is never a goal it often gives the entrepreneur an invaluable experience - old adage: Learn from your mistakes.) Ask the student: If your first business failed, would you try again? Why or why not? How can businesses survive such poor performances? ( Determination and passion of the owners and founders plays a big role.)
- See Learning Goal 3: Summarize ways to learn about how small businesses operate.
- See Learning Goal 3: Summarize ways to learn about how small businesses operate.
- See Learning Goal 4: Analyze what it takes to start and run a small business. Starting a business is when the real work begins. It is important that entrepreneurs understand the major business functions such as planning, financing, understanding your customer, managing employees and keeping good records. Many entrepreneurs create business plans which may in part outline the major business functions.
- See Learning Goal 4: Analyze what it takes to start and run a small business. The business plan is the entrepreneur’s road map to success. While a well designed business plan will not guarantee success the lack of one may surely lead to failure. To borrow money or to seek investors a business plan is a must.
- See Learning Goal 4: Analyze what it takes to start and run a small business.
- See Learning Goal 4: Analyze what it takes to start and run a small business. A Family Affair This slide illustrates what needs to be considered before starting a business with family members. Communication and the establishment of clear expectations are the keys to making a family business work. To start a discussion in class about issues faced by family run businesses have students read the following article: http://www.postbulletin.com/newsmanager/templates/localnews_story.asp?z=7&a=399177 After reading the article ask students: Why do family businesses need extra care?
- See Learning Goal 4: Analyze what it takes to start and run a small business. One reason that businesses fail is a lack of capital. Capital can come from internal sources (personal saving, employees etc.) or from external sources (relatives, banks and angel investors). One source of external funding is via venture capital. Venture capitalist are individuals or companies that invest in new businesses in exchange for a stake in ownership. Many well known businesses such as Google, Zappos and Apple received a first round of funding from venture capitalists.
- See Learning Goal 4: Analyze what it takes to start and run a small business. Angels Above Angel investors are private investors who invest in fast growing businesses before they go public. This slide gives students insight into the industry sectors favored by angel investors. Ask students: Why are software and health/biotech the top two industry sectors? (These two industry sectors offer the potential for fast growth which is very attractive to outside investors).
- See Learning Goal 4: Analyze what it takes to start and run a small business. The importance of small business to the U.S. economy cannot be overstated. The Small Business Administration or SBA is the government agency that advises and assists small businesses with financial advice and management training. For more information on the SBA visit their website www.sba.gov.
- See Learning Goal 4: Analyze what it takes to start and run a small business.
- See Learning Goal 4: Analyze what it takes to start and run a small business.
- See Learning Goal 4: Analyze what it takes to start and run a small business.
- See Learning Goal 4: Analyze what it takes to start and run a small business.
- See Learning Goal 4: Analyze what it takes to start and run a small business. The most important assistance to small business owners is in accounting.
- See Learning Goal 4: Analyze what it takes to start and run a small business.
- See Learning Goal 4: Analyze what it takes to start and run a small business. If marketing is about finding and filling customer needs, how can an entrepreneur better understand what customers need? Market research helps determine where to locate customers, whom to target as customers, and an effective strategy for reaching the market.
- See Learning Goal 4: Analyze what it takes to start and run a small business. Asking good questions is the key to success in any business. Fortunately for entrepreneurs some of the best advice comes free. Commercial loan officers can help with the creation of a business plan as well as financial advice. Insurance agents can help new entrepreneurs understand and insure against risk. One interesting and free source of information is SCORE, Service Corps of Retired Executives. To start a discussion in class have students research SCORE (www.score.org) and the programs offered at local SCORE offices.
- See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
- See Learning Goal 5: Outline the advantages and disadvantages small businesses have in entering global markets.
- 1) A business plan needs to start with a strong cover letter. The nine key sections are: Executive summary. Company background. Management team. Financial plan. Capital Required. Marketing plan. Location analysis. Manufacturing plan. Appendix.
- 1) Key reasons why many small businesses avoid doing business overseas include: Financing is often difficult to find. Would-be exporters don’t know how to get started and do not understand the cultural differences between markets. The bureaucratic paperwork can threaten to bury a small business. 2) Small businesses have several advantages over large businesses in global markets. These include: Overseas buyers often enjoy dealing with individuals rather than with large corporate bureaucracies. Small companies can usually begin shipping much faster. Small companies can provide a wide variety of suppliers. Small companies can give global customers personal service and undivided attention because each overseas account is a major source of business to them.
- 1) The primary reasons people are will to take the risk of entrepreneurship are: Opportunity to share in the American dream. Profit, the potential to become wealthy and successful. Independence, becoming you own boss. Challenge, the desire to take a chance. 2) Whereas an entrepreneur has to wear many hats and take huge responsibility, a team allows members to combine creative skills with production and marketing skills right from the start. Having a team can also ensure more cooperation and coordination later among functions in the business. 3) Most entrepreneurs are committed to the quest for growth in their business. Mircorpreneurs know they can be content even if their companies never appear on a list of top-ranked businesses. Many micropreneurs are home-based businesses. 4) The Internet has opened the world of entrepreneurship wider than ever. Online sales have grown six times faster than retail sales and in 2007 topped over $165 billion. Today anything that can be offered in a retail environment can be offered online. However, a Web-based business is not an automatic ticket to success. It can often be a shortcut to failure. Web-based businesses must remember that they need to offer unique products or services that customers cannot easily purchase at retail locations.