0
Entrepreneurship and  Small Business Management 6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Smal...
LESSON 6-1 Becoming an Entrepreneur <ul><li>Goals </li></ul><ul><li>Identify characteristics of successful entrepreneurs. ...
Key Terms <ul><li>entrepreneur </li></ul><ul><li>entrepreneurship </li></ul><ul><li>venture capital </li></ul><ul><li>inno...
CHARACTERISTICS OF ENTREPRENEURS <ul><li>Desire to be your own boss </li></ul><ul><li>Special skills and abilities </li></...
ENTREPRENEURS  IN ACTION <ul><li>Pankaj Arora </li></ul><ul><li>Rich Stachowski  </li></ul><ul><li>Jeffrey Rodriguez and J...
WHAT DOES IT TAKE? <ul><li>Entrepreneurs are more </li></ul><ul><li>persistent </li></ul><ul><li>inquisitive </li></ul><ul...
WHAT DOES IT TAKE? <ul><li>Entrepreneurs have </li></ul><ul><li>problem-solving skills </li></ul><ul><li>tolerance for amb...
>>  C H E C K P O I N T <ul><li>What personal characteristic are common to most successful entrepreneurs? </li></ul>Chapte...
ENTREPRENEURSHIP  AND THE ECONOMY <ul><li>Employment </li></ul><ul><li>Financing </li></ul><ul><li>Productivity </li></ul>...
NUMBER OF EMPLOYEES IN NEW BUSINESSES Chapter 6 Slide
>>  C H E C K P O I N T <ul><li>What are the sources of financing that entrepreneurs use for their new businesses? </li></...
OPPORTUNITIES <ul><li>Innovation </li></ul><ul><li>Improvement </li></ul>Chapter 6 Slide
RISKS <ul><li>Recognizing risks </li></ul><ul><ul><li>Lack of adequate capital </li></ul></ul><ul><ul><li>Low sales </li><...
>>  C H E C K P O I N T <ul><li>Where do entrepreneurship opportunities begin? </li></ul>Chapter 6 Slide
LESSON 6-2 Small Business Basics <ul><li>Goals </li></ul><ul><li>Identify important characteristics of small businesses. <...
Key Terms <ul><li>small business </li></ul><ul><li>Small Business Administration (SBA) </li></ul>Chapter 6 Slide
SMALL BUSINESS OWNERSHIP <ul><li>Description of a small business </li></ul><ul><ul><li>Owner is usually the manager </li><...
COMMON TYPES OF  SMALL BUSINESSES Chapter 6 Slide
>>  C H E C K P O I N T <ul><li>What percentage of employees in the United States work for small businesses? </li></ul>Cha...
SMALL BUSINESS ADVANTAGES <ul><li>Meeting customer needs </li></ul><ul><li>Providing unique services </li></ul>Chapter 6 S...
>>  C H E C K P O I N T <ul><li>How can small businesses compete successfully with larger businesses? </li></ul>Chapter 6 ...
COMMON REASONS FOR SMALL BUSINESS FAILURE <ul><li>Not keeping adequate records </li></ul><ul><li>Not having enough start-u...
SMALL BUSINESS ASSISTANCE <ul><li>Faculties of universities and colleges </li></ul><ul><li>Local groups of business people...
>>  C H E C K P O I N T <ul><li>List common reasons for small business failure. </li></ul>Chapter 6 Slide
LESSON 6-3 Starting a Small Business <ul><li>Goals </li></ul><ul><li>Recognize important factors to be considered when sta...
Key Terms <ul><li>business plan </li></ul><ul><li>start-up financing </li></ul><ul><li>short-term financing </li></ul><ul>...
THE BUSINESS DECISION <ul><li>An idea plus experience </li></ul><ul><li>Right place and time </li></ul><ul><li>Team approa...
>>  C H E C K P O I N T <ul><li>Why is it important to use a team approach when starting a new business? </li></ul>Chapter...
WHAT IS A  BUSINESS PLAN? <ul><li>A  business plan  is a written description of the business idea and how it will be carri...
ELEMENTS OF A  BUSINESS PLAN <ul><li>Description of the Business </li></ul><ul><ul><li>The business idea </li></ul></ul><u...
ELEMENTS OF A  BUSINESS PLAN <ul><li>Description of Competition </li></ul><ul><ul><li>Characteristics of the industry </li...
ELEMENTS OF A  BUSINESS PLAN <ul><li>Customer Analysis </li></ul><ul><ul><li>Description of customers </li></ul></ul><ul><...
ELEMENTS OF A  BUSINESS PLAN <ul><li>Operations Plan </li></ul><ul><ul><li>Organization of the company </li></ul></ul><ul>...
ELEMENTS OF A  BUSINESS PLAN <ul><li>Marketing Plan </li></ul><ul><ul><li>Description of major marketing activities </li><...
ELEMENTS OF A  BUSINESS PLAN <ul><li>Financial Plans </li></ul><ul><ul><li>Start-up costs </li></ul></ul><ul><ul><li>Short...
STEPS IN DEVELOPING THE BUSINESS PLAN <ul><li>Gather and review information </li></ul><ul><li>Develop the “game plan” </li...
>>  C H E C K P O I N T <ul><li>What is the “game plan” in a business plan? </li></ul>Chapter 6 Slide
FINANCING  THE SMALL BUSINESS <ul><li>Types of financing </li></ul><ul><ul><li>Start-up financing </li></ul></ul><ul><ul><...
>>  C H E C K P O I N T <ul><li>In addition to owner-supplied capital, what are several other sources of financing for a s...
Upcoming SlideShare
Loading in...5
×

Itb Chap 06

731

Published on

Published in: Business, News & Politics
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
731
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
42
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • CHAPTER 6 06/08/09 ITB
  • Transcript of "Itb Chap 06"

    1. 1. Entrepreneurship and Small Business Management 6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business 6
    2. 2. LESSON 6-1 Becoming an Entrepreneur <ul><li>Goals </li></ul><ul><li>Identify characteristics of successful entrepreneurs. </li></ul><ul><li>Recognize the importance of entrepreneurship in the economy. </li></ul><ul><li>Describe opportunities and risks of entrepreneurship. </li></ul>Chapter 6 Slide
    3. 3. Key Terms <ul><li>entrepreneur </li></ul><ul><li>entrepreneurship </li></ul><ul><li>venture capital </li></ul><ul><li>innovation </li></ul><ul><li>improvement </li></ul>Chapter 6 Slide
    4. 4. CHARACTERISTICS OF ENTREPRENEURS <ul><li>Desire to be your own boss </li></ul><ul><li>Special skills and abilities </li></ul>Chapter 6 Slide
    5. 5. ENTREPRENEURS IN ACTION <ul><li>Pankaj Arora </li></ul><ul><li>Rich Stachowski </li></ul><ul><li>Jeffrey Rodriguez and John Serrano </li></ul><ul><li>Abbey Fleck </li></ul>Chapter 6 Slide
    6. 6. WHAT DOES IT TAKE? <ul><li>Entrepreneurs are more </li></ul><ul><li>persistent </li></ul><ul><li>inquisitive </li></ul><ul><li>energetic </li></ul><ul><li>goal oriented </li></ul><ul><li>independent </li></ul><ul><li>self-confident </li></ul><ul><li>creative </li></ul><ul><li>reliable </li></ul><ul><li>competitive </li></ul>Chapter 6 Slide
    7. 7. WHAT DOES IT TAKE? <ul><li>Entrepreneurs have </li></ul><ul><li>problem-solving skills </li></ul><ul><li>tolerance for ambiguity </li></ul><ul><li>strong integrity </li></ul><ul><li>personal initiative </li></ul><ul><li>ability to secure resources </li></ul><ul><li>capability to learn from failure </li></ul><ul><li>willingness to work hard </li></ul>Chapter 6 Slide (continued)
    8. 8. >> C H E C K P O I N T <ul><li>What personal characteristic are common to most successful entrepreneurs? </li></ul>Chapter 6 Slide
    9. 9. ENTREPRENEURSHIP AND THE ECONOMY <ul><li>Employment </li></ul><ul><li>Financing </li></ul><ul><li>Productivity </li></ul>Chapter 6 Slide
    10. 10. NUMBER OF EMPLOYEES IN NEW BUSINESSES Chapter 6 Slide
    11. 11. >> C H E C K P O I N T <ul><li>What are the sources of financing that entrepreneurs use for their new businesses? </li></ul>Chapter 6 Slide
    12. 12. OPPORTUNITIES <ul><li>Innovation </li></ul><ul><li>Improvement </li></ul>Chapter 6 Slide
    13. 13. RISKS <ul><li>Recognizing risks </li></ul><ul><ul><li>Lack of adequate capital </li></ul></ul><ul><ul><li>Low sales </li></ul></ul><ul><ul><li>Higher than expected expenses </li></ul></ul><ul><ul><li>Competitive pressure </li></ul></ul><ul><ul><li>An owner unprepared to manage a growing business </li></ul></ul><ul><ul><li>Operations requiring more time than the owner is willing to commit </li></ul></ul>Chapter 6 Slide
    14. 14. >> C H E C K P O I N T <ul><li>Where do entrepreneurship opportunities begin? </li></ul>Chapter 6 Slide
    15. 15. LESSON 6-2 Small Business Basics <ul><li>Goals </li></ul><ul><li>Identify important characteristics of small businesses. </li></ul><ul><li>Recognize the competitive advantages of small businesses. </li></ul><ul><li>Identify problems faced by many small businesses. </li></ul>Chapter 6 Slide
    16. 16. Key Terms <ul><li>small business </li></ul><ul><li>Small Business Administration (SBA) </li></ul>Chapter 6 Slide
    17. 17. SMALL BUSINESS OWNERSHIP <ul><li>Description of a small business </li></ul><ul><ul><li>Owner is usually the manager </li></ul></ul><ul><ul><li>Operates in one or very few locations </li></ul></ul><ul><ul><li>Typically serves a small market </li></ul></ul><ul><ul><li>Not dominant in its field </li></ul></ul><ul><li>Small business employment </li></ul><ul><li>Ownership diversity </li></ul>Chapter 6 Slide
    18. 18. COMMON TYPES OF SMALL BUSINESSES Chapter 6 Slide
    19. 19. >> C H E C K P O I N T <ul><li>What percentage of employees in the United States work for small businesses? </li></ul>Chapter 6 Slide
    20. 20. SMALL BUSINESS ADVANTAGES <ul><li>Meeting customer needs </li></ul><ul><li>Providing unique services </li></ul>Chapter 6 Slide
    21. 21. >> C H E C K P O I N T <ul><li>How can small businesses compete successfully with larger businesses? </li></ul>Chapter 6 Slide
    22. 22. COMMON REASONS FOR SMALL BUSINESS FAILURE <ul><li>Not keeping adequate records </li></ul><ul><li>Not having enough start-up money </li></ul><ul><li>Lack of management experience </li></ul><ul><li>Lack of experience with the type of business </li></ul><ul><li>Not controlling operating expenses </li></ul><ul><li>Poor location for the business </li></ul><ul><li>Failure to manage credit offered to customers </li></ul>Chapter 6 Slide
    23. 23. SMALL BUSINESS ASSISTANCE <ul><li>Faculties of universities and colleges </li></ul><ul><li>Local groups of business people </li></ul><ul><li>Small Business Administration (SBA) </li></ul>Chapter 6 Slide
    24. 24. >> C H E C K P O I N T <ul><li>List common reasons for small business failure. </li></ul>Chapter 6 Slide
    25. 25. LESSON 6-3 Starting a Small Business <ul><li>Goals </li></ul><ul><li>Recognize important factors to be considered when starting a business. </li></ul><ul><li>Describe the elements of a business plan. </li></ul><ul><li>Identify types and sources of financing for a small business. </li></ul>Chapter 6 Slide
    26. 26. Key Terms <ul><li>business plan </li></ul><ul><li>start-up financing </li></ul><ul><li>short-term financing </li></ul><ul><li>long-term financing </li></ul>Chapter 6 Slide
    27. 27. THE BUSINESS DECISION <ul><li>An idea plus experience </li></ul><ul><li>Right place and time </li></ul><ul><li>Team approach </li></ul><ul><li>Preparation and research </li></ul>Chapter 6 Slide
    28. 28. >> C H E C K P O I N T <ul><li>Why is it important to use a team approach when starting a new business? </li></ul>Chapter 6 Slide
    29. 29. WHAT IS A BUSINESS PLAN? <ul><li>A business plan is a written description of the business idea and how it will be carried out, including all major business activities. </li></ul>Chapter 6 Slide
    30. 30. ELEMENTS OF A BUSINESS PLAN <ul><li>Description of the Business </li></ul><ul><ul><li>The business idea </li></ul></ul><ul><ul><li>Major products and services </li></ul></ul><ul><ul><li>Ownership structure </li></ul></ul><ul><ul><li>Strengths/weaknesses </li></ul></ul><ul><ul><li>Long- and short-term goals </li></ul></ul>Chapter 6 Slide
    31. 31. ELEMENTS OF A BUSINESS PLAN <ul><li>Description of Competition </li></ul><ul><ul><li>Characteristics of the industry </li></ul></ul><ul><ul><li>Condition of the economy </li></ul></ul><ul><ul><li>Strengths and weaknesses of major competitors </li></ul></ul>Chapter 6 Slide (continued)
    32. 32. ELEMENTS OF A BUSINESS PLAN <ul><li>Customer Analysis </li></ul><ul><ul><li>Description of customers </li></ul></ul><ul><ul><li>Location, number, and resources of customers </li></ul></ul><ul><ul><li>Sales forecasts </li></ul></ul>Chapter 6 Slide (continued)
    33. 33. ELEMENTS OF A BUSINESS PLAN <ul><li>Operations Plan </li></ul><ul><ul><li>Organization of the company </li></ul></ul><ul><ul><li>Description of major operations </li></ul></ul><ul><ul><li>Analysis of resources needed </li></ul></ul><ul><ul><li>Human resource plans </li></ul></ul>Chapter 6 Slide (continued)
    34. 34. ELEMENTS OF A BUSINESS PLAN <ul><li>Marketing Plan </li></ul><ul><ul><li>Description of major marketing activities </li></ul></ul><ul><ul><li>Description of resources needed </li></ul></ul><ul><ul><li>Schedule of marketing activities </li></ul></ul>Chapter 6 Slide (continued)
    35. 35. ELEMENTS OF A BUSINESS PLAN <ul><li>Financial Plans </li></ul><ul><ul><li>Start-up costs </li></ul></ul><ul><ul><li>Short- and long-term financial needs </li></ul></ul><ul><ul><li>Sources of financing </li></ul></ul><ul><ul><li>Budgets and financial statements </li></ul></ul>Chapter 6 Slide (continued)
    36. 36. STEPS IN DEVELOPING THE BUSINESS PLAN <ul><li>Gather and review information </li></ul><ul><li>Develop the “game plan” </li></ul><ul><li>Write the plan </li></ul><ul><li>Ask an expert to review the plan </li></ul>Chapter 6 Slide
    37. 37. >> C H E C K P O I N T <ul><li>What is the “game plan” in a business plan? </li></ul>Chapter 6 Slide
    38. 38. FINANCING THE SMALL BUSINESS <ul><li>Types of financing </li></ul><ul><ul><li>Start-up financing </li></ul></ul><ul><ul><li>Short-term financing </li></ul></ul><ul><ul><li>Long-term financing </li></ul></ul><ul><li>Sources of financing </li></ul><ul><ul><li>Owner-supplied funds </li></ul></ul><ul><ul><li>Borrowed funds </li></ul></ul>Chapter 6 Slide
    39. 39. >> C H E C K P O I N T <ul><li>In addition to owner-supplied capital, what are several other sources of financing for a small business? </li></ul>Chapter 6 Slide
    1. A particular slide catching your eye?

      Clipping is a handy way to collect important slides you want to go back to later.

    ×