BUS110 Chap 6 - Entrepreneurship and Starting a Small Business
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Entrepreneurship and Starting a Small Business

Entrepreneurship and Starting a Small Business

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  • 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.

BUS110 Chap 6 - Entrepreneurship and Starting a Small Business Presentation Transcript

  • 1. * * Chapter Six Entrepreneurship and Starting a Small Business McGraw-Hill/Irwin Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.
  • 2. SHEILA C. JOHNSON Black Entertainment Television (BET) * *
    • First African-American woman to become a billionaire and first to own three professional sports teams.
    • BET debuted in 1980.
    • Johnson developed many of the network’s most successful shows like, Teen Summit.
    • Now a part owner in Mistral and CEO of Salamander Hospitality .
    Profile 6-
  • 3. WHAT is ENTREPRENEURSHIP? * * The Job-Creating Power of Entrepreneurship in the U.S.
    • Entrepreneurship –
      • Accepting the risk of starting and running a business.
    6-
  • 4. NOTABLE ENTREPRENEURS * * The Job-Creating Power of Entrepreneurship in the U.S.
      • French immigrant Élruthère Irènèe du Pont de Nemours started Du Pont in 1802.
      • David McConnell borrowed $500 from a friend to start Avon .
      • George Eastman started Kodak with a $3,000 investment in 1880.
      • Jeff Bezos started Amazon.com with investments from his family and friends.
    6-
  • 5. YOU’RE NEVER TOO YOUNG to be an ENTREPRENEUR (Spotlight on Small Business) * *
    • Leanna Archer – At 12 years old, she has her own hair care line.
    • Alexis Holmes – Started baking for a fundraiser, now the 16-year-old owns her own bakery.
    • Jack Short & Daniel Lyons – The two medical students started Factory Green , a carbon neutral apparel company, as undergrads.
    • Mark Zuckerberg – Launched Facebook as a Harvard freshman.
    6-
  • 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%
  • 7. WHY TAKE the RISK? * * Why People Take the Entrepreneurial Challenge
      • Opportunity
      • Profit
      • Independence
      • Challenge
    LG1 6-
  • 8. WHAT DOES IT TAKE to be an ENTREPRENEUR? * * Why People Take the Entrepreneurial Challenge
        • Self-directed
        • Self-nurturing
        • Action-oriented
        • Highly energetic
        • Tolerant of uncertainty (risk-tolerant)
    LG1 6-
  • 9. An IDEA is a GOOD OPPORTUNITY IF… * * Turning Your Passion and Problems into Opportunities
      • It fills customers’ needs.
      • You have the skills and resources to start a business.
      • You can sell the product or service at a reasonable price and still profit.
    LG1
      • You can get your product or service to customers before the window of opportunity closes.
      • You can keep the business going.
    6-
  • 10. ENTREPRENEURIAL TEAMS * * Entrepreneurial Teams
      • Entrepreneurial team -- A group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make and market a new product.
          • An entrepreneurial team (Steve Jobs, Steve Wozniak and Mike Markkula) was key to Apple ’s success.
    LG1 6-
  • 11. MICROPRENEURS * * Micropreneurs and Home-Based Businesses
      • Micropreneur -- Entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers a balanced lifestyle.
        • Many micropreneurs are home-based business owners – writers, consultants, video producers, architects, bookkeepers, etc.
        • Nearly 60% of home-based micropreneurs are men.
    LG1 6-
  • 12. HOME-BASED BUSINESS GROWTH * * Micropreneurs and Home-Based Businesses
        • Computer technology has leveled the playing field.
        • Corporate downsizing has led many to venture on their own.
        • Social attitudes have changed.
        • New tax laws have loosened restrictions on deducting expenses for home offices.
    LG1 6-
  • 13. BENEFITS of HOME-BASED BUSINESSES * * Source: St. Louis Small Business Monthly, February, 2004.
    • Ability to start your business immediately
    • Minimal startup capital needed
    • No rent or excessive set-up charges
    • Comfortable working conditions
    Micropreneurs and Home-Based Businesses LG1
    • Reduced wardrobe expenses
    • No commuting
    • Tax benefits
    • Elimination of office politics
    • Low risk for trial and error
    6-
  • 14. DOWNSIDES of HOME-BASED BUSINESSES * * Source: St. Louis Small Business Monthly, February, 2004.
    • Difficult to establish work habits
    • Limited support system
    • Isolation
    • Work space may be limited
    • Disruption of personal life
    • Clients may be uncomfortable coming to your home
    • Zoning restrictions
    • Success is based 100% on your efforts
    Micropreneurs and Home-Based Businesses LG1 6-
  • 15. OUTSOURCING YOUR SMALL BUSINESS (Reaching Beyond Our Borders) * *
    • The latest outsourcing trend is using the Internet to find affordable labor around the world.
    • Elance provides small businesses with a hub to find low-cost contractors.
    • Thanks to the inexpensive freelancers, Elance now has 48,500 clients, up 70% since 2007.
    6-
  • 16. ONLINE BUSINESS * * Web-Based Businesses
      • Affiliate Marketing -- An Internet-based marketing strategy in which a business rewards individuals or other businesses for each visitor or customer the affiliate sends to its website.
    LG1
      • Web-based businesses have more unique products than most brick and mortar stores.
      • Online sales reached $165.9 billion in 2007, 8% of all retail sales.
    6-
  • 17. INTRAPRENEURS * * Entrepreneurship Within Firms
      • Intrapreneur -- A creative person who works as an entrepreneur within a corporation.
      • Intrapreneurs use a company’s existing resources to launch new products for the company.
        • Art Fry of 3M developed Post-Its when he was trying to mark pages of his hymnal without damage.
    LG1 6-
  • 18. GOVERNMENT and ENTREPRENEURSHIP * * Encouraging Entrepreneurship: What Government Can Do
    • Immigration Act passed in 1990 created a category of “investor visas” that encourage entrepreneurs to come to the U.S.
    • Enterprise Zones -- Specific geographic areas to which governments attract private business investment by offering lower taxes and other government support.
    • Incubators -- Offer new businesses low-cost offices with basic services.
    LG1 6-
  • 19. SMALL BUSINESSES * * Small Versus Big Business
      • Small Business -- Independently owned and operated, not dominant in its field of operation and meets certain standards of size.
        • Businesses are “small” in relationship to other businesses in their industries.
    LG2 6-
  • 20. SMALL BUSINESS STATISTICS * * Small Versus Big Business
          • There are 26.8 million small businesses in the U.S.
          • Of all nonfarm business in the U.S., almost 97% are considered small.
          • Small businesses account for over 50% of the GDP .
          • Small businesses generate 60-80% of new jobs.
          • About 80% of U.S. workers first jobs were in small business.
    LG2 6-
  • 21. ADVANTAGES of SMALL OVER BIG BUSINESS * * Importance of Small Business
      • More personal customer service.
      • The ability to respond quickly to opportunities.
    LG2 6-
  • 22. BUSINESS FAILURES are LOWER THAN the REPORTS BECAUSE… * * Small Business Success & Failure
      • Owner closing a business to start another is reported as a “failure.”
      • Changing forms of ownership is reported as a “failure.”
      • Retirement is reported as a “failure.”
    LG2 6-
  • 23. THEY DID WHAT? Famous Business Failures * * Source: World Features Syndicate, 2009.
    • Tommy Hilfiger – First store went bankrupt
    • Milton Hershey – First confectionary failed
    • H.J. Heinz – Company went bankrupt six years after start
    Small Business Success & Failure LG2
    • Walt Disney – First film company went bankrupt
    • Henry Ford – First two car companies failed
    • L.L. Bean – Almost went bankrupt in first year
    6-
  • 24. LEARNING ABOUT SMALL BUSINESS * * Learning About Small Business Operations
        • Learn from Others –
          • Investigate your local colleges for classes on small business and entrepreneurship; talk to and work for successful local entrepreneurs.
        • Get Some Experience –
          • Gain three years experience in the field; then start a part-time small business.
        • Take Over a Successful Firm –
          • Serve as an apprentice and eventually take over once the owner steps down.
    LG3 6-
  • 25. GOING DOWN WITH the SHIP (Making Ethical Decisions) * *
    • Suppose you worked in a company for two years and you see signs of it faltering. You and a coworker have ideas about how to succeed and are considering quitting to start your own company.
    • Should you approach other coworkers about working for your new venture?
    • Will you try to lure your old boss’ customers?
    • What are the alternatives?
    • What are the consequences?
    • What is the most ethical choice?
    6-
  • 26. MAJOR BUSINESS FUNCTIONS * * Managing a Small Business
          • Planning
          • Financing
          • Knowing customers
          • Managing employees
          • Keeping records
    LG4 6-
  • 27. BUSINESS PLANS * * Begin with Planning
      • Business Plan –
        • Detailed written statement that describes nature of business, target market, advantages business will have over competition, and resources and owners qualifications.
        • A business plan forces potential owners to be specific about what they will offer.
        • A business plan is mandatory for talking with bankers or investors.
    LG4 6-
  • 28. WRITING a BUSINESS PLAN * * Writing a Business Plan
        • A good plan takes a long time to prepare.
        • A good executive summary catches interest and tempts potential investors to read on.
    LG4
        • Getting the plan into the right hands is almost as important as getting the right information in it.
    6-
  • 29. A FAMILY AFFAIR What to Consider Before Starting a Family Business * * Source: Business Week Small Biz, www.businessweek.com , February/March, 2008.
    • Clarify Expectations – What will each person contribute?
    • Discuss Work/Family Boundaries – What is the line that separates work from personal relationships?
    • Develop Good Communication – Agree about types of decisions you’ll make jointly and on own.
    • Clarify Long-Term Intentions – Discuss how long everyone will work full time and goals for the business.
    • Have an Escape Hatch – Have a Plan B.
    Writing a Business Plan LG4 6-
  • 30. SOURCES of CAPITAL * * Getting Money to Fund a Small Business
        • Personal savings
        • Relatives
        • Former employers
        • Banks & finance companies
        • Government agencies
        • Angel investors
        • Venture capitalists -- Individuals or companies that invest in new businesses in exchange for partial ownership.
    LG4 6-
  • 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-
  • 32. The SMALL BUSINESS ADMINISTRATION * * The Small Business Administration
      • Small Business Administration (SBA) –
        • U.S. government agency that advises and assists small businesses by providing management training and financial advice.
        • SBA started a microloan program in 1991 that provides very small loans to small business owners.
        • Program judges worthiness on belief of the borrower’s integrity and soundness of their business ideas.
    LG4 6-
  • 33. The SMALL BUSINESS INVESTMENT COMPANY * * The Small Business Administration
      • Small Business Investment Company (SBIC) -- A program through which private investment companies licensed by the SBA lend money to small businesses.
        • A SBIC must have a minimum of $5 million in capital and can borrow up to $2 from the SBA for each $1 of capital it has.
        • SBICs are able to identify a business’s trouble spots early, giving entrepreneurs advice, and in some cases rescheduling loan payments.
    LG4 6-
  • 34. SMALL BUSINESS DEVELOPMENT CENTERS * * The Small Business Administration
        • Small Business Development Centers (SBDC) are funded jointly by the federal government and individual states.
        • SBDCs are able to evaluate the feasibility of your idea, develop your business plan and complete your funding application – for no charge.
    LG4 6-
  • 35. The MARKET * * Knowing Your Customers
        • Market -- Consumers with unsatisfied wants and needs who have both resources and willingness to buy.
          • Set out to fill the market’s needs by offering top quality and great service at a fair price.
          • One of the great advantages of small businesses is the ability to know the market and quickly adapt to market needs.
    LG4 6-
  • 36. MANAGING EMPLOYEES * * Managing Employees
        • Hiring, training and motivating employees is critical.
        • Employees of small companies are often more satisfied with their jobs – they feel challenged and respected.
        • Entrepreneurs best serve themselves and the business if they recruit and groom employees for management positions.
    LG4 6-
  • 37. ACCOUNTING ASSISTANCE * * Keeping Records
          • Computers simplify the process by helping with inventory control, customer records and payroll.
          • A good accountant can help in:
            • Deciding whether to buy or lease equipment.
            • Deciding whether to own or rent a building.
            • Tax planning.
            • Financial forecasting.
            • Choosing sources of financing.
            • Writing requests for funds.
    LG4 6-
  • 38. LEGAL HELP * * Looking for Help
          • Owners need outside consulting advice early in the process.
          • Small and medium-sized firms cannot afford to hire experts as employees.
          • A competent lawyer can help with:
            • Leases
            • Contracts
            • Partnership agreements
            • Protection against liabilities
    LG4 6-
  • 39. MARKETING RESEARCH * * Looking for Help
          • Marketing decisions need to be made long before introducing a product or opening a store.
          • A marketing research study can help you:
            • Determine where to locate.
            • Whom to select as your target market.
            • What is an effective strategy for reaching the market.
    LG4 6-
  • 40. OTHER FORMS OF HELP * * Looking for Help LG4 6-
  • 41. Review only
  • 42. SOCIAL ENTREPRENEURSHIP: RESPONSIBLE and PROFITABLE (Thinking Green) * *
    • Gary Hirshberg of Stonyfield Yogurt wanted to run a profitable business that didn’t hurt the environment.
    • Stonyfield Yogurt is a 100% organic operation.
    • It’s green practices save the company millions of dollars each year.
    • After just 15 years, Stonyfield outsells Kraft Foods yogurt.
    THINKING GREEN LOGO 6-
  • 43. SMALL BUSINESS PROSPECTS ABROAD * * Going International: Small Business Prospects
          • Small and medium-sized businesses accounted for 99% of recent export growth.
          • Advantages of global trade for small businesses:
            • Overseas buyers enjoy dealing with individuals.
            • Small companies can usually begin shipping much faster.
            • They provide a wide variety of suppliers.
            • They can give more personal service and attention.
    LG5 6-
  • 44. PROGRESS ASSESSMENT * * Progress Assessment
      • Can you describe at least five sections of a business plan?
    6-
  • 45. PROGRESS ASSESSMENT * * Progress Assessment
      • Why do many small businesses avoid doing business overseas?
      • What are some of the advantages small businesses have over large businesses in selling in global markets?
    6-
  • 46. PROGRESS ASSESSMENT * * Progress Assessment
      • Why are people willing to take the risks of entrepreneurship?
      • What are the advantages of entrepreneurial teams?
      • How do micropreneurs differ from other entrepreneurs?
      • What are some opportunities and risks of web-based businesses?
    6-