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Entrepreneurship

Basics of Entrepreneurship

DonnyIV
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Entrepreneurship

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  1. Introduction to Entrepreneurship

  2. Entrepreneur? Do you have what it takes to be an entrepreneur?

  3. Lessons from an entrepreneur Entrepreneurship Planning for a small business Valuing a small business

  4. Which circumstance best explains why someone would choose to be an entrepreneur? • They feel passionate about a particular product or service. • Members of the immediate family are entrepreneurs. • They value personal independence. • They believe in the phrase, “I can do that better”.

  5. Lessons from an entrepreneur Entrepreneurship Planning for a small business Valuing a small business

  6. Read the article, “From Paper Boy to Music Mogul” Answer the following questions: 1. A quote from the article is as follows, “To run a business, revenue has to come first.” What is Sean Combs getting at? • Another quote from the article is as follows, “Make sure the odds are in your favor.” What is the Sean Combs getting at?

  7. Manage risks Risk takers don’t believe they are taking risks

  8. Managing optimism Provide a reasonable sales forecast and expenses estimate

  9. Lesson from an entrepreneur Entrepreneurship Planning for a small business Valuing a small business

  10. Article, “From Paper Boy to Music Mogul” Answer the following questions: What enabled Sean Combs to become an entrepreneur? What did Sean Combs eventually attribute his success to? Why is it important to love what you’re doing to be successful as an entrepreneur?

  11. An idea Passion What enabled Sean Combs to become an entrepreneur? Fearlessness

  12. Micro-to-Macro What did Sean Combs eventually attribute his success to?

  13. If you don’t love what you are doing, it is hard to be successful Why is it important to love what you’re doing to be successful as an entrepreneur? Authenticity

  14. Which characteristic is best suited to being an entrepreneur? • Will carefully plan a course of action and continue perfecting the plan. • An unwillingness to acknowledge a bad decision. • Someone who does an excellent job of implementing someone else’s plan. • Someone who would say, “There are no risks in this business venture”.

  15. Lessons from entrepreneurs Valuing a small business Entrepreneurship Planning for a small business

  16. The fair price for a business is based on: • What it owns • What it earns • What makes it unique

  17. Answer the following question: Q– Why is each of these factors considered in determining the value of an existing business?

  18. Access to current customers Assets a business owns Attributes of the current business Factors considered in determining the value of an existing business

  19. Lessons from entrepreneurs Planning for a small business Entrepreneurship Valuing a small business

  20. Answer the following questions: Q– Why does a business plan cover a future time period?

  21. Planning for the future Indentifying needs Addressing issues

  22. Why would a banker require a detailed business plan in support of a loan application? • The Bank Act requires this type of information. • A detailed business plan will ensure success. • The number of employees to be hired will be included in the plan. • The plan demonstrates that all aspects of running the business have been thoroughly considered.

  23. Time for Self-Reflection • What is the one thing I am taking away from this lesson? • How does this “take-away” relate to my prior knowledge? • Is there any follow-up with regards to this “take-away”, in terms of something I need to go back and read or something I need to ask my Teacher? Having now completed your lesson of Entrepreneurship, please complete a short reflective exercise addressing the following points:

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