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August 27, 2010

August 27, 2010. Objective: Students will compare and contrast opening and existing business versus starting a new business. . Review. Current Trends… Rewards of Small Business Ownership…. Business Ideas. How to come up with a creative business idea?

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August 27, 2010

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  1. August 27, 2010 Objective: Students will compare and contrast opening and existing business versus starting a new business.

  2. Review • Current Trends… • Rewards of Small Business Ownership…

  3. Business Ideas • How to come up with a creative business idea? • Think outside the box: Look at an ordinary item an try to find a new use for it, or a new product to go along with it. • Fix your problems: When you face a personal problem, try to find a solution to it. Chances are that other may face that same problem and may be willing to pay for your solution. • People watching: Sit in a public place and watch people. What are they buying, what do they complain about, what are the doing? • Demographics: These changes will affect existing businesses and can demonstrate new and changing needs. • READ!!! Most Entrepreneurs stay on top of what’s going on in the world by reading books, newspapers, and magazines.

  4. Starting a New Business vs. Buying a Business • The alternative to starting a new business is to buy into an existing business: • Family Businesses • Buying a Business • Franchise

  5. Family Business • Only 1/3 of family-run businesses survive to a second generation… why??? • Questions to ask before entering a family business: • Do I have the ability to work for a family member? • Do I get along well with the family members involved in the business? • Do we share the same goals for the business? • Do we share the same general goals for our personal lives?

  6. Buying a Business • Buying a new business can be less risky than starting a new one from scratch. • What might be a problem with buying an existing business rather than starting a new one? • Goodwill: an existing business already has customers and brand loyalty this is known as goodwill. • When you buy an existing business the amount you pay above the value of non-tangible goods is reported on your financials as goodwill.

  7. Franchise • A legal agreement to begin a new business in the name of a recognized company. • Can you name some well known franchises?

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