1 / 13

Entrepreneurship and Small Business

This chapter covers the basics of entrepreneurship and small business ownership, including the characteristics of successful entrepreneurs, the advantages and disadvantages of starting your own business, and the characteristics and advantages of small businesses. It also discusses the importance of adapting to change, being financially savvy, and creating a comprehensive business plan.

bdennis
Download Presentation

Entrepreneurship and Small Business

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Entrepreneurship and Small Business Chapter 5 Take a note sheet on your way in

  2. Entrepreneurship A business started by someone who notices a need for a product or service.

  3. Characteristics of an Entrepreneur Strong need to achieve Spirit of adventure Self-confident Goal-oriented Innovative, creative and versatile Persistent Hardworking and energetic Positive thinker Willing to take initiative Willing to commit

  4. Disadvantages • Starting your own business means that you must be willing to give up the security of a regular paycheck • Business may struggle in the beginning • Work schedule is never predictable • Long hours • Emergencies may come up • All the decisions of the business must be made by you • You are responsible for everything

  5. Advantages • You are your own boss • You can work whenever you want, wherever you want and however you want • You offer a new service/product that no one else has offered before • Due to its high capacity for risk, there is a lot of adventure

  6. Small Business An independently owned business that usually has the owner as its manager

  7. Characteristics of a Small Business • Serves a limited geographic area • Employs fewer than 500 people • Is not dominant in its industry

  8. Advantages of Owning a Small Business • You are your own boss • You can quickly respond to your customers’ needs • They are easy to form • Get a license for operation • Meet local zoning requirements

  9. Disadvantages • Work long hours • Make all the decisions • financing, employee relations, production, customer relations, etc.

  10. Small business owners must… • Be aware of change and adapt quickly • Be market savvy • Have multiple skills • Be financially smart • Money management helps keep a small business successfully afloat.

  11. Fact: Four out of five small businesses fail in their first five years

  12. You have what it takes…now what? • Create a Business Plan • Summary of the plan • Description of the company • Description of product or service • Marketing plan – how will you sell your product or service? • Legal plan – how will you organize your company? • Management plan – daily operation, key personnel, facilities, equipment, etc. • Financial plan – projections for revenues, costs, and profits.

  13. Chapter 5 Bookwork • For the rest of the class, complete the book work for Chapter 5. • Page 72 #’s 1-4 • Page 75 #’s 1-5 • Page 77 #’s 1-2 • Page 80 #’s 1-6

More Related