Starting Your Own Business Chapter 6 Sections 6.6 & 6.7

Selecting a Business Idea Find something you love to do and are good at doing Can your idea satisfy a need in the marketplace? Entrepreneurs must be sure that the idea they choose has interest in the marketplace. Starting a New Venture

Buy an Existing Business Established – customers, employees, suppliers, permits and licenses Healthy or Struggling Buy a Franchise Business Incubator Government Support – Enterprise Zones Starting a New Venture

58% of the most recent Inc. CEOs did not create a formal written plan. But business plans do help entrepreneurs prepare enough resources and stay focused on key objectives. Creating a Business Plan

Seed capital Self-Financing Debt Financing Credit Cards Family and Friends Bank Loans (SBA backed) Equity Financing Venture Capitalists Angel Investors Financing Your Venture

Promoting innovation within organizational structures An idea to promote creativity Companies promote in a variety of ways Promoting Intrapreneurship

Review Questions – page 181 Pick any 4 of the 10 Type the question number, the question, and the answer. Read Cases 6.1 and 6.2 on pages 182 & 183 Answer the questions for Case 6.1 or Case 6.2 Type the Case number and the answers. Chapter 6 Assignment Don’t forget the assignment title and to be sure to check spelling, grammar, and punctuation.