1 / 13

Intro to Business Chapter 6 Entrepreneurship and Small Business Management

6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business. Intro to Business Chapter 6 Entrepreneurship and Small Business Management. 6-1 Becoming an Entrepreneur. Entrepreneur – Entrepreneurship – . 6-1 Becoming an Entrepreneur.

niesha
Download Presentation

Intro to Business Chapter 6 Entrepreneurship and Small Business Management

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. 6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business Intro to BusinessChapter 6Entrepreneurship and Small Business Management

  2. 6-1 Becoming an Entrepreneur • Entrepreneur – • Entrepreneurship –

  3. 6-1 Becoming an Entrepreneur • Characteristics of Entrepreneurs • Come from all _____ and _____ categories • Varied levels of __________ • Must have an understanding of business __________ • Many entrepreneurs ask for ______ in starting a business • See figure 6-1 (pg 128) for personality characteristics of successful entrepreneurs

  4. 6-1 Becoming an Entrepreneur • Entrepreneurship and the Economy • ________ Americans age 18-64 is involved in some type of entrepreneurship activity • Over _____of new jobs were created by businesses with fewer than 500 employees • Business with a single owner account for more than __________in sales annually • Small businesses are responsible for more than ______of the U.S. GDP

  5. 6-1 Becoming an Entrepreneur • Financing a Small Business • Most of the money needed to start a new business comes from the ___________or his or her ______ and __________ • Venture Capital – • Loans from _______and credit given by _______ are other sources of financing

  6. 6-1 Becoming an Entrepreneur • Business opportunities • Innovation – • Improvement – • Business risks

  7. 6-2 Small Business Basics • Small Business – • ________ of all U.S. businesses are small businesses • A Typical Small Business: • Is managed by the _______ • Serves a _____________ • Operates is one or very few _________ • Is _____ _________ in its field

  8. 6-2 Small Business Basics • Small Business Advantages • Can _________ in areas big businesses can’t/won’t • Serve fewer _________ and have more contact with them than big businesses • More likely to be located close to their customers • Can provide more individual __________ • Can get more immediate _________ from customers regarding their wants and needs

  9. 6-2 Small Business Basics • Common Small Business Problems • Small businesses have a high failure rate.

  10. 6-2 Small Business Basics • Small Business Assistance • University and college professors • Chamber of Commerce • Small Business Administration (SBA) – • Service Corps of Retired Executives (SCORE)

  11. 6-3 Starting a Small Business • Start with an _______ • Hobbies, interests, business experiences • Find the right ______ to open the business • Assemble a ______ • Employees, service providers (accountant, lawyer, etc.) • Prepare and _________ • Develop a _________ _____

  12. 6-3 Starting a Small Business • Business Plan – • Description of the business (products and services, location, goals) • Ownership structure • Customer analysis (sales forecast) • Operations plan • Marketing plan • Financial plan (budget, sources of financing, start-up costs, projected financial statements)

  13. 6-3 Starting a Small Business • Most popular use of a business plan is to _______ __________ • __________________– the amount of money needed to open the business (inventory, supplies, licenses) • __________________– the money needed to pay for the current operating activities of the business; less than one year • __________________– the money needed for the main resources of the business that will last for many years (land, buildings, equipment) • Sources of financing include a combination of owner-supplied funds and borrowed funds

More Related