1. Chapters 5 and 6

2. Who are the Entrepreneurs?  Mark Zuckerburg – Facebook  Mitchell and Mollie Murphree – Five Senses Restaurant  Mark Davis ○ Insert Therapeutics

3. Why Start Your Own Business?  Control  Reap the Profit  Challenge of Something New  Opportunity Is There

4. What Is Entrepreneurship? Opportunity + Resources New Value

5. The Internet – A Major Aid for New Small Businesses  20 million businesses are run out of homes in the U.S. Many are helped through Web services  Online sales account for 8% of all retail sales in the U.S. 24 hour business Ease and low expense of mailing customers Ease of reaching small target markets over large geographic areas

6. Entrepreneurs Everywhere  In corporations Intrapreneurs or corporate entrepreneurs Have to have right culture Much of the reward – not much of the risk  In incubators Arte’ Center for the Advancement of Research, Technology, and Entrepreneurship Arte’ Center for the Advancement of Research, Technology, and Entrepreneurship

7. The Importance of Small Business  Generate 75 percent of new jobs in U.S. each year  Generate over 50% of GDP in U.S.  Generate 11 TIMES the innovations of large businesses.

8. The Downside to Small Business  You can lose your shirt! 60% of small businesses go out of business in the first six years  Owning a business is likely to be extremely stressful.  Loving a field does not mean you’ll be successful as a business owner in that field!

9. Setting Up Your Small Business  Choose an ownership form and register with government.  Make a business plan Especially if you plan to go for a loan or for an angel investor.  Visit your local TSBDC and SCORE offices.

10. Ways that Companies Grow  Organic growth Just increasing in sales and/or locations each year  Mergers Vertical Horizontal Conglomerate  Acquisitions

11. Managing an Organization  Much different than 20 years ago  Managers Plan Organize Lead Control

12. Being a Manager: Planning  Mission and goals  SWOT analysis  Strategy and tactics  Decision making Using scientific method

13. Being a Manager: Organizing  Managers organize the efforts and resources they have under their control  Organizational Chart Why do people get put into management positions? Is this right?  Choosing between stakeholders  Staffing the ranks and dealing with turnover

14. Being a Manager: Leading  Creating something for others to follow  Different styles Autocratic Participative Free-rein  Used to be referred to as directing

15. Being a Manager: Controlling  Establishing standards  Creating a measurement system  Measuring  Comparing results to plans  Taking corrective action

16. Importance of Satisfaction  External customers Getting them to want to refer the business Getting them to return  Internal customers Making them feel at home Putting a smiling face in front of the customer