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CH 6 PPT.ppt
1.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 1 6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business 6 C H A P T E R Entrepreneurship and Small Business Management
2.
© 2012 Cengage
Learning. All Rights Reserved. SLIDE 2 6-1 Becoming an Entrepreneur Goal 1 Identify characteristics of successful entrepreneurs. Goal 2 Recognize the importance of entrepreneurship in the economy. Goal 3 Describe opportunities and risks of entrepreneurship.
3.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 KEY TERMS ● Entrepreneur- the individual that is a risk taker and innovator. ● Entrepreneurship- the business that is creative and risky. ● Characteristics: Creative, confident, goal- oriented, motivated, hard-working ● Risks: Unproven idea, little management experience, long-hours with no guarantee of a profit
4.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 KEY TERMS ● Venture Capital- Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable *Innovation- a brand new creation or invention *Improvements- a significant design change or addition on an existing product
5.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 Small Business- a business with less than 500 employees (typically just a few people) ● Not all business owners and managers are entrepreneurs. ● Entrepreneurs have unique skills and personal characteristics. ● 3 CHARACTERISTICS OF A SMALL BUSINESS: The owner is usually the manager Usually only 1 or 2 locations Typically serves a small market
6.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 3 Reasons most small businesses fail ● Lack of money ● Lack of management experience ● Not keeping adequate records
7.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 Employment Growth by Business Size, 1990–2005 24.9% 20.1% 18.7% 36.3% 1-9 employees 20-99 employees 100-499 employees 500 or more employees
8.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 Checkpoint ● What are the sources of financing that entrepreneurs use for their new businesses? ● Personal savings ● Friends and family ● Venture capital ● Bank loans
9.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 9 KEY TERMS ● Small Business Administration (SBA)- a government agency that helps small business owners develop business plans and obtain financing
10.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 10 Common Types of Small Businesses as Percent of All Small Businesses
11.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 11 BUSINESS PLAN Business Plan- a written description of the business idea and how it will be carried out. 5 ELEMENTS 1)Description of the business & goals 2)Customer Analysis- knowing your customer 3)Operations Plan- organizing the business 4)Marketing Plan- marketing & advertising 5)Financial Plan- Creating a Budget: start up, short term & long term
12.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 12 Checkpoint ● What are the “strategic alternatives” in a business plan? ● Strategic alternatives are alternative plans for production, staffing, financing, and so on. ● Even the best business plan cannot predict every possible circumstance. ● An alternate plan allows a business to be prepared for the unforeseeable.
13.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 13 FINANCING THE SMALL BUSINESS ● Types of financing ●Start-up financing- the money and details of getting the business started: inventory, supplies ●Short-term financing- the money needed for the first year of expenses ●Long-term financing- a 3-5 year plan of success for the business, identify long term financial needs.
14.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE 14 Checkpoint ● In addition to owner-supplied capital, what are several other sources of financing for a small business? ● Borrowed money may come from banks, finance companies, or other individuals, such as friends and family. ● Some suppliers may also be willing to extend credit.
15.
© 2012 Cengage
Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 Entrepreneur- ONLINE RESEARCH ● WHO INSPIRES YOU? ● WHAT IDEAS INSPIRE YOU?
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