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Bus106 wk6 ch6 entrepreneurship

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BUS106 Entrepreneurship and Starting a Small Business

BUS106 Entrepreneurship and Starting a Small Business

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  • 1. Week 6, Chapter 6Entrepreneurship & Starting a Small Business
  • 2.
  • 3. Learning Objectives
  • 4. Entrepreneurship: accepting the challenge of starting and running a business.
    The word entrepreneur originates from the French word entreprendre, which means “to undertake.”
    In a business context, it means to start a business.
  • 5. Entrepreneurship differs from small business in four ways:
  • 6. Why People Take the Entrepreneurial Challenge
  • 7. Why People Take the Entrepreneurial Challenge
  • 8. What Does It Take to Be an Entrepreneur?
  • 9. What Does It Take to Be an Entrepreneur?
  • 10. Figure 6.1
    Advice for Potential Entrepreneurs
  • 11. Why Women Leave Jobs in Big Companies to Start a Business
    Source: FSB, March 2001
  • 12. Entrepreneurial Teams - a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.
  • 13. Micropreneurs and Home-Based Businesses
  • 14. Reasons for the growth of home-based businesses
  • 15. Why People Start Their Own Businesses
    Source: BFIB/VISA Card Primer
  • 16. Home-based Businesses: Challenges
  • 17. Most Common Types ofHome-Based Businesses
    Source: Independent Insurance Agents of America
  • 18. Entrepreneurship Within Firms
  • 19.
  • 20. Incubators
    Entrepreneurs and new start-ups can also find assistance from incubators.
    provide hands-on management assistance, education, information, technical and vital business support services, networking resources, financial advice, as well as advice on where to go to seek financial assistance.
  • 21. Starting a Small Business
    Definition: business establishment
    Has at least one paid employee
    annual sales revenue of $30,000, or is incorporated
    has filed a federal corporate income tax return at least once in the previous three years.
  • 22. Importance of Small Businesses
    Nearly all small businesses are Canadian-owned and -managed.
    This is in contrast to large businesses, of which many are foreign-owned and -managed.
    Small business thus plays a major role in helping to maintain the Canadian identity and Canadian economic independence.
  • 23. Number of Business Establishments by Sector and Firm Size (Number of Employees)
    Figure 6.3
  • 24. Small-Business Success and Failure
    Figure 6.4
  • 25. Small-Business Success and Failure
    Figure 6.5
  • 26. Ways to get into your first business venture:
  • 27. Managing a Small Business - the functions of business in a small-business setting
  • 28. Business Plan - A detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).
  • 29. Sample Outline of a Business Plan
  • 30. Getting Money to Fund a Small Business
    Figure 6.7
  • 31. Getting Money to Fund a Small Business
    Angel Investors - private individuals who invest their own money in potentially hot new companies before they go public.
    Angel investors usually target their support (generally $20,000 to $500,000) to pre-start-up and early-stage companies.
  • 32. Capital Sources of Successful Entrepreneurs
    SOURCE: FSB, March 2001
  • 33. Knowing Your Customers
    People with unsatisfied wants and needs who have both the resources and the willingness to buy.
    One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to their ever-changing needs.
  • 34. Managing Employees
    Hiring, training, and motivating employees are critical.
    It is not easy to find good, qualified help when you offer less money and fewer benefits.
  • 35. Small Business & International Prospects
  • 36. International Small Business
  • 37. Chapter Summary
  • 38.
  • 39. Homework
    for midterm
    Chapters 1-6(25%)