Download presentation
Presentation is loading. Please wait.
Published byJob Shields Modified over 9 years ago
1
6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business
2
6-1 Becoming an Entrepreneur Entrepreneur – Entrepreneurship –
3
6-1 Becoming an Entrepreneur Characteristics of Entrepreneurs Come from all _____ and _____ categories Varied levels of __________ Must have an understanding of business __________ Many entrepreneurs ask for ______ in starting a business See figure 6-1 (pg 128) for personality characteristics of successful entrepreneurs
4
6-1 Becoming an Entrepreneur Entrepreneurship and the Economy ________ Americans age 18-64 is involved in some type of entrepreneurship activity Over _____ of new jobs were created by businesses with fewer than 500 employees Business with a single owner account for more than __________in sales annually Small businesses are responsible for more than ______ of the U.S. GDP
5
6-1 Becoming an Entrepreneur Financing a Small Business Most of the money needed to start a new business comes from the ___________ or his or her ______ and __________ Venture Capital – Loans from _______ and credit given by _______ are other sources of financing
6
6-1 Becoming an Entrepreneur Business opportunities Innovation – Improvement – Business risks
7
6-2 Small Business Basics Small Business – ________ of all U.S. businesses are small businesses A Typical Small Business: Is managed by the _______ Serves a _____________ Operates is one or very few _________ Is _____ _________ in its field
8
6-2 Small Business Basics Small Business Advantages Can _________ in areas big businesses can’t/won’t Serve fewer _________ and have more contact with them than big businesses More likely to be located close to their customers Can provide more individual __________ Can get more immediate _________ from customers regarding their wants and needs
9
6-2 Small Business Basics Common Small Business Problems Small businesses have a high failure rate.
10
6-2 Small Business Basics Small Business Assistance University and college professors Chamber of Commerce Small Business Administration (SBA) – Service Corps of Retired Executives (SCORE)
11
6-3 Starting a Small Business Start with an _______ Hobbies, interests, business experiences Find the right ______ to open the business Assemble a ______ Employees, service providers (accountant, lawyer, etc.) Prepare and _________ Develop a _________ _____
12
6-3 Starting a Small Business Business Plan – Description of the business (products and services, location, goals) Ownership structure Customer analysis (sales forecast) Operations plan Marketing plan Financial plan (budget, sources of financing, start- up costs, projected financial statements)
13
6-3 Starting a Small Business Most popular use of a business plan is to _______ __________ __________________– the amount of money needed to open the business (inventory, supplies, licenses) __________________– the money needed to pay for the current operating activities of the business; less than one year __________________– the money needed for the main resources of the business that will last for many years (land, buildings, equipment) Sources of financing include a combination of owner-supplied funds and borrowed funds
Similar presentations
© 2024 SlidePlayer.com. Inc.
All rights reserved.