1. Starting your own business

2. A person who organizes and then runs a business
Entrepreneurship
A person who organizes and then runs a business
Life is challenging….must be motivated
Needs to make good decisions…..must be perceptive
Find inventive solutions to problems….must be decisive
Risks are high….but rewards can be great!

3. Advantages You are in charge Job satisfaction
Can lead to a good income

4. disadvantages Financial risk …you can lose your investment
Work long hours
Competitors
No guarantees…half of all business fail in first 4 years

5. Starting a new business
4 Ways to become a business owner
Start a New Business
Buy an Existing business
Buy a Franchise
Join A family business

6. New business Advantages: Disadvantages:
It all you…..you build it from scratch
Disadvantages:
Requires more time & effort to start
Start up costs are high (equipment, office supplies , insurance , etc…)
Need to borrow money
Very risky

7. Existing Business Advantages: Disadvantages:
Steps ahead…take advantage of previous owners business agreements
Build on former successes
Disadvantages:
Existing business may have problems-
Poor location or reputation
Competition
Building or equipment is not new and may need repairs

8. Franchise Advantages: Disadvantages:
Recognized name, reputation, & goodwill
Established procedures and management systems
Trained employees, support services, advertising & finance
Disadvantages:
Portion of profits go to parent company
Must follow guidelines of parent company

9. Family Business Advantages: Disadvantages:
Relatives can help with finance
Family members are loyal, have a team of people you trust and know
Teach you the business
Disadvantages:
Some families work well together others do not
Issues at work could affect family relationships

10. Forms of Legal ownership
Sole Proprietorship- business completely owned by one person
Partnership- legal agreement in which 2 or more people share ownership
Corporation- business chartered by a state that legally operates apart from owner(s). Owners by shares of company and are called shareholders

11. Sole proprietorship Advantages: Disadvantages:
Owner makes all decisions
Easiest form of business
Least regulated
Disadvantages:
Limited by the skills, abilities and finance of one person
Difficult to raise funds
Owner is financially responsible

12. Partnership Advantages: Disadvantages:
Can draw on skills, abilities and finance of more than one person
Easier to raise funds
Disadvantages:
More complicated than sole proprietorship
Tension among partners
Owners liable for all business losses

13. Corporation Advantages: Disadvantages: Easiest to finance
Financial liability of stakeholders is limited
Disadvantages:
Expensive to set up
Record keeping can be time consuming and costly
Can pay more taxes than other forms of businesses

14. Business plan project 9 slides
75 points : 60 information – 15 technical
Must have : background, slide transition, clear and easy to read & at least 7 pictures
tiles :
1 – title
2 – mission
3 – company description
4 – company founders and titles
5 – employees and job openings
6 – location
7 – market analysis
8 – SWOT Analysis
9 – Marketing & Sales strateg

15. Business Plan- CFM Total Points: _______/75 Percent: _____%
Information
50 points
All 9 slides are present and all requested information is given.
45 points
Presentation contains 7-8 slides, and/or most of the requested information is given.
40 points
Presentation contains 4-6 slides, and/or some of the requested information is given.
35 points
Presentation contains 2-3 slides, and/or little of the requested information is given.
0-30 points
Presentation contains 0-1 slides, and/or very little of the requested information is given.
Spelling / Grammar
10 points
0-1 mistakes
8 points
2-3 mistakes
6 points
4-6 mistakes
4 points
7-9 mistakes
0-2 points
10 or more
Technical
15 points
Both background and 7 appropriate pictures
12 points
Background and 5-6 appropriate pictures
9 points
Either no background, less than 4 pics, or not appropriate pics for the business idea
Either no background, or no pictures
0-5 points
Neither any background, or any pictures

16. Let’s get started!