1. Entrepreneurship and Starting a
Chapter 06
Entrepreneurship and Starting a
Small Business
McGraw-Hill/Irwin
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

2. WHAT is ENTREPRENEURSHIP?
Entrepreneurship -- Accepting the risk of starting and running a business.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
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3. WHO ARE THESE ENTREPRENEURS?*
WHO ARE THESE ENTREPRENEURS? *
He was selling baking soda & decided to entice customers by putting in two packages of chewing gum with each sale. The excitement over the gum started him thinking.
Two Seattle teenagers pooled their money & came up with $100. They started delivering messages & parcels for local merchants.
Though he didn’t graduate from college, he found out college students eat a lot of pizza. He started his first pizzeria with $900 near a campus with a promise of 3-minute delivery.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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4. YOU’RE NEVER TOO YOUNG to be an ENTREPRENEUR
Five reasons to start your business right away:
You don’t have a mortgage or kids to take care of.
You can survive on little funds and work long hours.
No disruption to your career path. It hasn’t started yet!
Use of your alma mater for resources.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
You’re Never Too Young to be an Entrepreneur
This slide shows the students that it’s never too early to get started on your business ideas.
Ask students: Can you think of other reasons you might want to start a business right after school? What are the potential downsides to starting a business right away?
Source: Entrepreneurship, April 2010.
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5. YOU’RE NEVER TOO OLD to be an ENTREPRENEUR EITHER!
The highest rate of entrepreneurship activity is in the age group!
Since 1996, older Americans have opened businesses at a higher rate than year olds.
Older entrepreneurs have greater experience and more financial resources.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
You’re Never Too Old to be an Entrepreneur Either
This slide shows that in spite of popular belief that all older Americans retire at a certain age, many start their own businesses after leaving their careers.
Ask students: Can you think of reasons (other than experience and funding) that older entrepreneurs are successful? Why do you think older Americans want to start businesses at this age? What are the downsides of starting a business late?
Source: U.S. News and World Report, October 2010.
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6. WHY TAKE the RISK? Opportunity Profit Independence Challenge
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and web-based businesses.
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7. NOTABLE ENTREPRENEURS
French immigrant Élruthère Irènèe du Pont de Nemours started Du Pont in 1802.
David McConnell borrowed $500 from a friend to start Avon.
George Eastman started Kodak with a $3,000 investment in 1880.
Jeff Bezos started Amazon.com with investments from his family and friends.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
This slide will help in starting the chapter discussion. Students enjoy stories about how companies began and these short vignettes will supplement additional information about the history of successful entrepreneurs in the chapter.
Ask the students: Do you know of any interesting stories about how some other businesses got started? (This can also be assigned as a team project to generate a good discussion.)
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8. YOU’RE NEVER TOO YOUNG to be an ENTREPRENEUR
Leanna Archer – At 12 years old, she has her own hair care line.
Alexis Holmes – Started baking for a fundraiser, now the 16-year-old owns her own bakery.
Jack Short & Daniel Lyons – The two medical students started Factory Green, a carbon neutral apparel company, as undergrads.
Mark Zuckerberg – Launched Facebook as a Harvard freshman.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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9. Who Starts New Businesses?
AGE AT START-UP % % % % %
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.

10. WHAT DOES IT TAKE to be an ENTREPRENEUR?
Self-directed
Self-nurturing
Action-oriented
Highly energetic
Tolerant of uncertainty
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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11. FIVE STEPS to STARTING YOUR BUSINESS in SCHOOL
Find a problem or need.
Zero in on specifics.
Do research on campus, test products with students.
Move forward with your ideas. Don’t wait!
Sacrifice.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and web-based businesses.
Five Steps to Starting Your Business in School
Just because you’re still in school doesn’t mean that starting a business is beyond grasp. Many students have turned their time in college into business creation.
Ask students: Have you had an idea for a business? What triggered it? Why did you or did you not pursue it further?
Source: Entrepreneur, May 2010.
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12. An IDEA is a GOOD OPPORTUNITY IF…
It fills customers’ needs.
You have the skills and resources to start a business.
You can sell the product or service at a reasonable price and still profit.
You can get your product or service to customers before the window of opportunity closes.
You can keep the business going.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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13. SOCIAL ENTREPRENEURSHIP: RESPONSIBLE and PROFITABLE (Thinking Green)*
SOCIAL ENTREPRENEURSHIP: RESPONSIBLE and PROFITABLE (Thinking Green)
THINKING GREEN LOGO *
Gary Hirshberg of Stonyfield Yogurt wanted to run a profitable business that didn’t hurt the environment.
Stonyfield Yogurt is a 100% organic operation.
It’s green practices save the company millions of dollars each year.
After just 15 years, Stonyfield outsells Kraft Foods yogurt.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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14. ENTREPRENEURIAL TEAMS
Entrepreneurial team -- A group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make and market a new product.
An entrepreneurial team (Steve Jobs, Steve Wozniak and Mike Markkula) was key to Apple’s success.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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15. MICROPRENEURS
Micropreneur -- Entrepreneurs willing to accept the risk of starting and managing a business that remains small, lets them do the work they want to do, and offers a balanced lifestyle.
Many micropreneurs are home-based business owners – writers, consultants, video producers, architects, bookkeepers, etc.
Nearly 60% of home-based micropreneurs are men.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
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16. INTRAPRENEURS
Intrapreneur -- A creative person who works as an entrepreneur within a corporation.
Intrapreneurs use a company’s existing resources to launch new products for the company.
Art Fry of 3M developed Post-Its when he was trying to mark pages of his hymnal without damage.
See Learning Goal 1: Explain why people take the risks of entrepreneurship, list the attributes of successful entrepreneurs, and describe entrepreneurial teams, intrapreneurs, home-based and Web-based businesses.
In order to develop new ideas engineers at Google are allowed to work on projects that interest them for up to twenty percent of the time at work. The idea is to support creative people and ideas in an effort to launch new products. This work can be more motivating than working on someone else’s ideas.
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17. HOME-BASED BUSINESS GROWTH
Computer technology has leveled the playing field.
Corporate downsizing has led many to venture on their own.
New tax laws have loosened restrictions on deducting expenses for home offices.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
In the United States home-based businesses have experienced growth due to a variety of reasons. One of the most important reasons for the growth in home-based businesses is that technology has made it easier for home-based businesses to compete against their larger competitors.
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18. HOME-BASED BUSINESS ISN’T EASY
Getting new customers is difficult.
Managing your time requires self-discipline.
Work and family tasks are sometimes not separated.
Government ordinances may restrict your business.
Homeowner’s insurance may not cover business-related claims.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
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19. BENEFITS of HOME-BASED BUSINESSES
Ability to start your business immediately
Minimal start-up capital needed
No rent or excessive set-up charges
Comfortable working conditions
Reduced wardrobe expenses
No commuting
Tax benefits
Elimination of office politics
Low risk for trial and error
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
Ups of Home-Based Businesses
This slide lists some of the benefits of a home-based business.
Before showing this slide, have students work alone, then with a partner, then with a group (doing all three will help promote discussion of students’ ideas) to see if they can come up with a list of benefits of home-based businesses. Then reveal the slide and have students compare their lists to the slide.
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20. DOWNSIDES of HOME-BASED BUSINESSES
Difficult to establish work habits
Limited support system
Isolation
Work space may be limited
Clients may be uncomfortable coming to your home
Zoning restrictions
Success is based 100% on your efforts
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
Downs of Home-Based Businesses
This slide walks students through some of the drawbacks of a home-based business.
Before showing this slide, have students work alone, then with a partner, then with a group (doing all three will help promote discussion of students’ ideas) to see if they can come up with a list of disadvantages of home-based businesses. Then reveal the slide and have students compare their lists to the slide.
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21. THINK YOU’RE READY to WORK from HOME?
Yes?
No?
If I don’t know the answer, I can figure it out.
I’m hardworking, self-directed and disciplined.
I’m organized and can multitask.
I don’t mind working long hours or weekends.
I regularly set goals and measure progress.
I’m happy being alone.
I’m an excellent communicator.
I can create relationships with people I’ve never met.
I’m productive on my own.
My family and friends don’t expect me to be available when I’m working at home.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
Think You’re Ready to Work From Home?
Running a business from home is hard work. After discussing both the ups and downs of home-based work, discuss this table with students.
Ask students: What statements can you say “yes” and “no” to? What do each of these statements have to do with home business success? After looking at this table, do you think you’d be ready or want to work from home?
Source: Entrepreneur, June 2010.
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22. ONLINE BUSINESS
Online sales reached $172.9 billion in 2010, 7% of all retail sales.
All retail sales were up 2.5% in However, online retail sales grew 11%.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
It’s expected online sales will reach $250 billion by 2014.
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23. AFFILIATE MARKETING
Affiliate Marketing -- An Internet-based marketing strategy in which a business rewards individuals or other businesses for each visitor or customer the affiliate sends to its website.
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
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24. BOOSTING YOUR BUSINESS’S ONLINE PRESENCE
Establish an identity.
Be easy to find.
Steal good ideas and make them your own.
Look out for opportunities.
Remember other forms of marketing.
Be friendly!
Learning Goal 1: Explain why people take the risks of entrepreneurship; list the attributes of successful entrepreneurs; and describe entrepreneurial teams, intrapreneurs, and home- and web-based businesses.
Boosting Your Business’ Online Presence
Activity online, both in retail and marketing, continues to grow each year. It’s important that businesses (even the small ones!) have an online, user-friendly presence.
This slide provides some guidelines to successfully navigate the process of creating an online business identity,
Ask students: Do you have any other ideas for important steps to take in creating an online personality for a business? Through Facebook? Twitter? Ads on Pandora or Hulu?
Photo Courtesy of: Marc Wathieu
Source: Entrepreneur, May 2010.
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25. GOVERNMENT and ENTREPRENEURSHIP
Immigration Act passed in 1990 created a category of “investor visas” that encourage entrepreneurs to come to the U.S.
Enterprise Zones -- Specific geographic areas to which governments attract private business investment by offering lower taxes and other government support.
Incubators -- Offer new businesses low-cost offices with basic services.
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
Small-business is the economic engine of the United States economy. Due to the economic power of small-businesses the government has used “investor visas”, enterprise zones and business incubators to encourage entrepreneurship. A good website to further explore incubators is
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26. What is a Small Business?
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.

27. SMALL BUSINESSES
Small Business -- Independently owned and operated, not dominant in its field of operation and meets certain standards of size.
Businesses are “small” in relation to other businesses in their industries.
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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28. SMALL BUSINESS STATISTICS
There are 27.8 million small businesses in the U.S.
Of all nonfarm businesses in the U.S., almost 97% are considered small.
Small businesses generate 60-80% of new jobs.
About 80% of U.S. workers’ first jobs were in small business.
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
The power of small business is immense. Students are often shocked to see how small businesses contribute to the U.S. economy.
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29. ADVANTAGES of SMALL OVER BIG BUSINESS
Personalized Service
Personal Contact
Flexibility
Lower Costs
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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30. SMALL BUSINESS DISADVANTAGES
Limited Experience
Long Hours
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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31. Hours per Week Entrepreneurs Worked 1st Year
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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32. SMALL BUSINESS DISADVANTAGES cont.
Insufficient Capital
High Failure Rate
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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33. SMALL BUSINESS FAILURE RATES
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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34. BUSINESS FAILURES are LOWER THAN the REPORTS BECAUSE…
Owner closing a business to start another is reported as a “failure.”
Changing forms of ownership is reported as a “failure.”
Retirement is reported as a “failure.”
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
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35. THEY DID WHAT? Famous Business Failures
Tommy Hilfiger – First store went bankrupt
Milton Hershey – First confectionary failed
H.J. Heinz – Company went bankrupt six years after start
Walt Disney – First film company went bankrupt
Henry Ford – First two car companies failed
L.L. Bean – Almost went bankrupt in first year
See Learning Goal 2: Discuss the importance of small business to the American economy and summarize the major causes of small-business failure.
They Did What?
Starting a successful new business is never easy and many famous entrepreneurs failed at their first and subsequent attempts.
Ask students: How can a business failure actually be a positive experience? (While failure is never a goal it often gives the entrepreneur an invaluable experience - old adage: Learn from your mistakes.)
Ask the student: If your first business failed, would you try again? Why or why not?
How can businesses survive such poor performances? (Determination and passion of the owners and founders plays a big role.)
Source: World Features Syndicate, 2009.
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36. LEARNING ABOUT SMALL BUSINESS
Learn from Others – Investigate your local colleges for classes on small business and entrepreneurship; talk to and work for successful local entrepreneurs.
Get Some Experience – Gain three years experience in the field; then start a part-time small business.
Take Over a Successful Firm – Serve as an apprentice and eventually take over once the owner steps down.
See Learning Goal 3: Summarize ways to learn about how small businesses operate.
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37. MAJOR BUSINESS FUNCTIONS
Planning
Financing
Knowing customers
Managing employees
Keeping records
See Learning Goal 4: Analyze what it takes to start and run a small business.
Starting a business is when the real work begins. It is important that entrepreneurs understand the major business functions such as planning, financing, understanding your customer, managing employees and keeping good records. Many entrepreneurs create business plans which may in part outline the major business functions.
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38. Successful Business Management Requirements*
Successful Business Management Requirements *
Business Plan
McGraw-Hill/Irwin
Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved.

39. BUSINESS PLANS
Business Plan -- A detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owners qualifications.
A business plan forces potential owners to be specific about what they will offer.
A business plan is mandatory for talking with bankers or investors.
See Learning Goal 4: Analyze what it takes to start and run a small business.
The business plan is the entrepreneur’s road map to success. While a well designed business plan will not guarantee success the lack of one may surely lead to failure. To borrow money or to seek investors a business plan is a must.
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40. WRITING a BUSINESS PLAN
A good plan takes a long time to prepare.
A good executive summary catches interest and tempts potential investors to read on.
Getting the plan into the right hands is almost as important as getting the right information in it.
See Learning Goal 4: Analyze what it takes to start and run a small business.
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41. SOURCES of CAPITAL
Personal savings
Relatives
Former employers
Banks & finance companies
Government agencies
Venture capitalists -- Individuals or companies that invest in new businesses in exchange for partial ownership.
Angel investors
See Learning Goal 4: Analyze what it takes to start and run a small business.
One reason that businesses fail is a lack of capital. Capital can come from internal sources (personal saving, employees etc.) or from external sources (relatives, banks and angel investors). One source of external funding is via venture capital. Venture capitalist are individuals or companies that invest in new businesses in exchange for a stake in ownership. Many well known businesses such as Google, Zappos and Apple received a first round of funding from venture capitalists.
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42. A FAMILY AFFAIR What to Consider Before Starting a Family Business
Clarify Expectations – What will each person contribute?
Discuss Work/Family Boundaries – What is the line that separates work from personal relationships?
Develop Good Communication – Agree about types of decisions you’ll make jointly and on own.
Clarify Long-Term Intentions – Discuss how long everyone will work full time and goals for the business.
Have an Escape Hatch – Have a Plan B.
See Learning Goal 4: Analyze what it takes to start and run a small business.
A Family Affair
This slide illustrates what needs to be considered before starting a business with family members.
Communication and the establishment of clear expectations are the keys to making a family business work.
To start a discussion in class about issues faced by family run businesses have students read the following article:
After reading the article ask students: Why do family businesses need extra care?
Source: Business Week Small Biz, February/March, 2008.
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43. FUNDING YOUR DREAM Getting Cash When Financing Isn’t an Option
Get close to your customers.
Make clients pay upfront.
Outsource tasks on the cheap.
Become an expert.
Ask for help.
Be patient.
See Learning Goal 4: Analyze what it takes to start and run a small business.
Funding Your Dream
Financing is hard to come by in this economy.
This slide outlines Seth Godin’s advice on how to self-fund start-ups.
Source: Inc., October 2010.
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44. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS
CDFIs are playing a big role in the economic recovery.
First formed in the early 1980s; by 2009, over $1 billion flowed into CDFIs from investment companies.
Only 1% of loans were not paid back in the last 30 years!
See Learning Goal 4: Analyze what it takes to start and run a small business.
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45. SOCIAL LENDING (Social Media in Business)
Kickstarter and Lending Club connect loan seekers to potential lenders.
Administrators assign interest rates between 6.78% and 24.95% based on credit history, how much money is needed, and what the person is using it for.
See Learning Goal 4: Analyze what it takes to start and run a small business.
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46. The MARKET
Market -- Consumers with unsatisfied wants and needs who have both resources and willingness to buy. (MAD)
Set out to fill the market’s needs by offering top quality and great service at a fair price.
One of the great advantages of small businesses is the ability to know the market and quickly adapt to market needs.
See Learning Goal 4: Analyze what it takes to start and run a small business.
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47. MARKETING RESEARCH
Marketing decisions need to be made long before introducing a product or opening a store.
A marketing research study can help you:
Determine where to locate.
Whom to select as your target market.
What is an effective strategy for reaching the market.
See Learning Goal 4: Analyze what it takes to start and run a small business.
If marketing is about finding and filling customer needs, how can an entrepreneur better understand what customers need? Market research helps determine where to locate customers, whom to target as customers, and an effective strategy for reaching the market.
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48. MANAGING EMPLOYEES
Hiring, training and motivating employees is critical.
Employees of small companies are often more satisfied with their jobs – they feel challenged and respected.
Entrepreneurs best serve themselves and the business if they recruit and groom employees for management positions.
See Learning Goal 4: Analyze what it takes to start and run a small business.
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49. ACCOUNTING ASSISTANCE
Computers simplify the process by helping with inventory control, customer records and payroll.
A good accountant can help in:
Deciding whether to buy or lease equipment.
Deciding whether to own or rent a building.
Tax planning.
Financial forecasting.
Choosing sources of financing.
Writing requests for funds.
See Learning Goal 4: Analyze what it takes to start and run a small business.
The most important assistance to small business owners is in accounting.
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50. LEGAL HELP Owners need outside consulting advice early in the process.
Small and medium-sized firms cannot afford to hire experts as employees.
A competent attorney can help with:
Leases
Contracts
Partnership agreements
Protection against liabilities
See Learning Goal 4: Analyze what it takes to start and run a small business.
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51. OTHER FORMS OF HELP A commercial loan officer can help:
Design an acceptable business plan.
Give financial advice.
Lend money.
An insurance agent can help you:
Know the risks associated with the business.
How to cover risks with insurance.
How to prevent risks with safety devices.
See Learning Goal 4: Analyze what it takes to start and run a small business.
Asking good questions is the key to success in any business. Fortunately for entrepreneurs some of the best advice comes free. Commercial loan officers can help with the creation of a business plan as well as financial advice. Insurance agents can help new entrepreneurs understand and insure against risk. One interesting and free source of information is SCORE, Service Corps of Retired Executives. To start a discussion in class have students research SCORE ( and the programs offered at local SCORE offices.
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52. The SMALL BUSINESS ADMINISTRATION
Small Business Administration (SBA) -- A U.S. government agency that advises and assists small businesses by providing management training and financial advice.
SBA started a microloan program in 1991 that provides very small loans to small business owners.
Program judges worthiness on belief of the borrower’s integrity and soundness of their business ideas.
See Learning Goal 4: Analyze what it takes to start and run a small business.
The importance of small business to the U.S. economy cannot be overstated. The Small Business Administration or SBA is the government agency that advises and assists small businesses with financial advice and management training. For more information on the SBA visit their website
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53. The SMALL BUSINESS INVESTMENT COMPANY
Small Business Investment Company (SBIC) -- A program through which private investment companies licensed by the SBA lend money to small businesses.
SBICs are able to identify a business’s trouble spots early, giving entrepreneurs advice, and in some cases rescheduling loan payments.
See Learning Goal 4: Analyze what it takes to start and run a small business.
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54. SMALL BUSINESS DEVELOPMENT CENTERS
Small Business Development Centers (SBDC) are funded jointly by the federal government and individual states.
SBDCs are able to evaluate the feasibility of your idea, develop your business plan and complete your funding application – for no charge.
See Learning Goal 4: Analyze what it takes to start and run a small business.
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55. MORE SOURCES OF HELP Service Corps of Retired Executives
More than 10,500 volunteers from industry, trade associations, and education who counsel small business at no cost.
See Learning Goal 4: Analyze what it takes to start and run a small business.
Asking good questions is the key to success in any business. Fortunately for entrepreneurs some of the best advice comes free. Commercial loan officers can help with the creation of a business plan as well as financial advice. Insurance agents can help new entrepreneurs understand and insure against risk. One interesting and free source of information is SCORE, Service Corps of Retired Executives. To start a discussion in class have students research SCORE ( and the programs offered at local SCORE offices.
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56. Small Business Resources
See Learning Goal 4: Analyze what it takes to start and run a small business.
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57. SMALL BUSINESS PROSPECTS ABROAD
Small and medium-sized businesses accounted for 99% of recent export growth.
Advantages of global trade for small businesses:
Overseas buyers enjoy dealing with individuals.
Small companies can usually begin shipping much faster.
They provide a wide variety of suppliers.
They can give more personal service and attention.
See Learning Goal 5: Outline the advantages and disadvantages small businesses have in entering global markets.
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