CHAPTER 12 MANAGING A SMALL BUSINESS. IDENTIFYING THE SMALL- BUSINESS OWNER FEWER THAN HALF OF ALL NEW BUSINESSES SURVIVE NEED SELF-MOTIVATION NEED PERSISTENCE.

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Presentation transcript:

CHAPTER 12 MANAGING A SMALL BUSINESS

IDENTIFYING THE SMALL- BUSINESS OWNER FEWER THAN HALF OF ALL NEW BUSINESSES SURVIVE NEED SELF-MOTIVATION NEED PERSISTENCE NEED TO BE A RISK TAKER

WHO OWNS A SMALL BUSINESS TODAY OWNERS ARE MORE EDUCATED YOUNGER MORE MINORITIES MORE WOMEN ARE STARTING UP THEIR OWN BUSINESSES

STARTING A SMALL BUSINESS IDEA PLUS BUSINESS EXPERIENCE HOBBIES

PREPARATION AND RESEARCH HAVE ADEQUATE INFORMATION TO MAKE GOOD BUSINESS DECISIONS INFORMATION NEEDED ABOUT CUSTOMERS, COMPETITORS, GOVERNMENT, AND PERFORMANCE OF BUSINESS

DEVELOPING A BUSINESS PLAN OWNERS OF SUCCESSFUL BUSINESSES DEVELOPED A PLAN AND FOLLOWED IT A WRITTEN DESCRIPTION OF THE BUSINESS IDEA AND THE BUSINESS ACTIVITIES THAT NEED TO BE DONE TO CARRY IT OUT FIGURE 12-1 BUSINESS PLAN ELEMENTS

FINANCING A SMALL BUSINESS TYPES OF FINANCING –START-UP FINANCING: MONEY NEEDED TO OPEN THE BUSINESS –SHORT-TERM FINANCING: MONEY NEEDED TO PAY CURRENT OPERATING ACTIVITIES –LONG-TERM FINANCING: MONEY NEEDED FOR IMPORTANT RESOURCES THAT WILL LAST FOR MANY YEARS

SOURCES OF FINANCING OWNER’S PERSONAL INVESTMENT BORROWED FUNDS SELL SHARES OF STOCK SEEK PRIVATE INVESTORS

ACTIVITIES ANALYZING PERSONAL QUALITIES: PAGE 63 OF ACTIVITIES WORKBOOK; CAN YOU BE A SUCCESSFUL BUSINESS OWNER? WEBSITE ACTIVITY: FIND SITES THAT HELP YOU DEVELPOP A BUSINESS PLAN