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Starting a Small Business in the U.S.

Chapters 5 and 6. Starting a Small Business in the U.S. Who are the Entrepreneurs?. Mark Zuckerburg – Facebook Mitchell and Mollie Murphree – Five Senses Restaurant Mark Davis Insert Therapeutics. Why Start Your Own Business?. Control Reap the Profit Challenge of Something New

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Starting a Small Business in the U.S.

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  1. Chapters 5 and 6 Starting a Small Business in the U.S.

  2. Who are the Entrepreneurs? • Mark Zuckerburg – Facebook • Mitchell and Mollie Murphree – • Five Senses Restaurant • Mark Davis • Insert Therapeutics

  3. Why Start Your Own Business? • Control • Reap the Profit • Challenge of Something New • Opportunity Is There

  4. What Is Entrepreneurship? + Opportunity Resources New Value

  5. The Internet – A Major Aid for New Small Businesses • 20 million businesses are run out of homes in the U.S. • Many are helped through Web services • Online sales account for 8% of all retail sales in the U.S. • 24 hour business • Ease and low expense of mailing customers • Ease of reaching small target markets over large geographic areas

  6. Entrepreneurs Everywhere • In corporations • Intrapreneurs or corporate entrepreneurs • Have to have right culture • Much of the reward – not much of the risk • In incubators • Arte’ Center for the Advancement of Research, Technology, and Entrepreneurship

  7. The Importance of Small Business • Generate 75 percent of new jobs in U.S. each year • Generate over 50% of GDP in U.S. • Generate 11 TIMES the innovations of large businesses.

  8. The Downside to Small Business • You can lose your shirt! • 60% of small businesses go out of business in the first six years • Owning a business is likely to be extremely stressful. • Loving a field does not mean you’ll be successful as a business owner in that field!

  9. Setting Up Your Small Business • Choose an ownership form and register with government. • Make a business plan • Especially if you plan to go for a loan or for an angel investor. • Visit your local TSBDC and SCORE offices.

  10. Ways that Companies Grow • Organic growth • Just increasing in sales and/or locations each year • Mergers • Vertical • Horizontal • Conglomerate • Acquisitions

  11. Managing an Organization • Much different than 20 years ago • Managers • Plan • Organize • Lead • Control

  12. Being a Manager: Planning • Mission and goals • SWOT analysis • Strategy and tactics • Decision making • Using scientific method

  13. Being a Manager: Organizing • Managers organize the efforts and resources they have under their control • Organizational Chart • Why do people get put into management positions? • Is this right? • Choosing between stakeholders • Staffing the ranks and dealing with turnover

  14. Being a Manager: Leading • Creating something for others to follow • Different styles • Autocratic • Participative • Free-rein • Used to be referred to as directing

  15. Being a Manager: Controlling • Establishing standards • Creating a measurement system • Measuring • Comparing results to plans • Taking corrective action

  16. Importance of Satisfaction • External customers • Getting them to want to refer the business • Getting them to return • Internal customers • Making them feel at home • Putting a smiling face in front of the customer

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