Chapter 4 Entrepreneurship.

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Presentation transcript:

Chapter 4 Entrepreneurship

Section 1: What is Entrepreneurship

Advantages of Entrepreneurership You are in charge Job Satisfaction Good Income

Disadvantages of Entrepreneurship Financial Risk Work long hours Competition No guarantees

Traits of Entrepreneurs Motivation = Vision Sight and Foresight = Research and Planning Decision Making = Going for it

Section 2: Ways of Becoming a Business Owner Starting a new business. Buying an existing business. Buying a franchise. Taking over the family business.

Starting a New Business Challenge: Time and effort Start up costs Borrow money Risky

Rewards Create your own business Build your own business Personal satisfaction

Buying an Existing Business Research before you buy

A Fast Start Save on Start up costs Lease Furnishings Customer Goodwill

Drawbacks Location Competition Market Outlook Expensive Repairs Poor Reputation

Buying a Franchise Franchise Existing advantages Pay a percentage of profits Follow the company’s guidelines

Less Risk Recognized product name Management systems Business reputation Training and support services Financing

Less Gain Less satisfaction Profits go to company

Taking Over the Family Business Smooth transition Finance Loyal Teamwork Problems Business Relationships

Section 3: Getting Started in Your Own Business Sole ownership Partnership Location

Forms of Legal Ownership Three Choices Sole Proprietorship Partnership Corporation

Sole Proprietorship Sole Proprietorship 75%

Partnership Partnership Least common

Corporation Corporation Shareholders Easier Financing

Location, Location, Location Near customers Type of business Condition of streets and buildings Location of Competition Location of customers

Working at Home Cheaper/Convenient Some community restrictions

Financing Savings Loans from a friend Loan from a commercial lender Business Plan Financial Plan Operating Expenses

Operating Your Own Business Skills Needed Reading Writing Math Listening Speaking

Knowledge Income Statement Revenue Gross Profit Net Profit Balance Sheet Assets Fixed Assets Liabilities Equity Net Worth Cash Flow