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CDAE 266. Decision Making: Community Entrepreneurship Fall 2006. CDAE 266 - Class 01 August 29 Today: Syllabus Student information sheet 1. Introduction Next class: 1. Introduction 2. Review of economic and business concepts Assignment:

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Cdae 266

CDAE 266

Decision Making:

Community Entrepreneurship

Fall 2006


Cdae 266

  • CDAE 266 - Class 01

  • August 29

  • Today:

    • Syllabus

    • Student information sheet

    • 1. Introduction

  • Next class:

  • 1. Introduction

  • 2. Review of economic and business concepts

  • Assignment:

  • Visit the web page: http://www.sba.gov


Cdae 266

  • Syllabus

    • Instructor:

    • Teaching assistant:

    • Class time & place:

    • Office hours:

  • Textbook:

  • ……


Cdae 266

Myself

Qingbin Wang

Born on January 25, 1961 in northwest China

Elementary to high school, 1966-79

Northwest Agri. University, Yangling, Shaanxi, China

-- 1979-83, B.S. in Agri. Economics & Management

-- 1983-86, Research Associate

Iowa State University, Ames, Iowa, 1986-94

-- Ph.D. in agri. economics with a minor in statistics


Cdae 266

Myself

University of Delaware, Newark, Delaware, 1994-95

-- Research Associate in Food & Resource Economics

University of Vermont, Burlington, Vermont, 1996--

-- Assistant Professor, 1996-2002

-- Associate Professor with tenure, 2002-present

-- Fulbright Professor at Jilin U. in China, 2003-04

My family:


Cdae 266

Courses I have taught

CDAE 254: Intermediate microeconomics

CDAE 264: Price analysis and forecasting

CDAE 266: Decision making methods

CDAE 272: International economics

CDAE 351: Research methods and procedures

CDAE 354: Advanced microeconomics

CDAE 392: Graduate seminars


Cdae 266

My major research areas

Consumer and market demand

International trade and policy

Applied econometric methods

Organic food and GMO

Small business development and management

U.S.-China agricultural trade

Income distribution and welfare

Market distribution of locally grown food

……


Cdae 266

  • My teaching strategies:

    • -- Students are the “customers” and “products”

    • -- College education is to learn how to learn

    • -- Every class is different

    • -- Help is always available

    • -- We are a community: learn from each other

    • and help each other!


Cdae 266

  • How to get a good grade?

    • -- Attend every class

    • -- Complete all assignments on time

    • -- Get help when you have a question (office

    • hours, TA, email, help sessions, etc.)


Class participation ask questions

Class participation: Ask Questions


Build your own analytical mind

Build your own analytical mind


Cdae 266

  • Student Information Sheet


1 introduction

1.1. Small businesses in the U.S. economy

1.2. A global perspective of entrepreneurship

1.3. Quantitative methods for business decision making

1.4. Decision making process

1.5. Applications of quantitative methods

1.6. Decision making for community entrepreneurs

1.7. Writing business reports (memos)

1. Introduction


Cdae 266

1.1. Small businesses in the U.S. economy

1.1.1. What is the definition of a small business?

1.1.2. Small businesses in the U.S.

1.1.3. Contributions of small businesses in the U.S.


Small businesses in the u s economy

What is the definition of a “small business”?

-- A business that is independently owned and

operated and not dominant in its field of operation

with the following upper limits:

Large business: more than 500 employees

Medium business: 100 to 500 employees

Small business: less than 100 employees

Small businesses in the U.S. economy


Small businesses in the u s economy1

How many small businesses are in the U.S.?

-- There are about 22 million U.S. businesses

-- More than 98% of them are small businesses

-- 5.7 million firms with employees and 16.5 million without employees in 2000

-- Less than 7000 businesses employ more 500 people

Most of small businesses are really small!

Small businesses in the U.S. economy


Small businesses in the u s economy2

Small businesses in the U.S. economy


Small businesses in the u s economy3

How many businesses open and close in the U.S. each year?

Estimates for businesses with employees indicate there were 550,100 new firms and 584,500 closures (both about 10 percent of the total) in 2002.

Small businesses in the U.S. economy


Small businesses in the u s economy4

Starts and Closures of Employer Firms, 1990-2002 (million)

19901995200020012002

New firms 0.58 0.59 0.57 0.54 0.55

Firm closures 0.53 0.50 0.54 0.57 0.58

Bankruptcies 0.06 0.05 0.04 0.04 0.04

Small businesses in the U.S. economy


Small businesses in the u s economy5

Importance of small businesses

-- Quotations:

“Small business is America”

“Small business is a quiet giant”

“Small business is the engine of the U.S. economy”

…..

-- Facts:

provide 75% of the net new jobs

represent 98% of all employers

employ 55% of the private work force

provide 47% all sales in the country

provide 55% of innovations

Small businesses in the U.S. economy


Small businesses in the u s economy6

Importance of small businesses

-- Facts:

account for 35% of federal contract dollars

account for 38% of jobs in high technology sectors

account for 51% private sector output

represent 96% of all U.S. exporters

account for almost 50% of the GNP

…..

Small businesses in the U.S. economy


Small businesses in the u s economy7

Factors contributing to the development of small businesses in the United States:

-- History

-- Social respect of people who run their own businesses

-- Education

-- Policy and regulations -- easy to start a business

-- Competitive markets

-- Horizontal and vertical integrations

--Government support: Small Business Administration (SBA)

-- Support and assistance from many other organizations

-- Diversified customers

-- Relatively inelastic demand with respect to prices

…...

Small businesses in the U.S. economy


Small businesses in the u s economy8

Survey: groups that have had mainly good influence on America:

-- Movies and TV shows (30%)

-- Congress (38%)

-- Business executives (40%)

-- Unions (48%)

-- Courts (52%)

-- Local and state government (60%)

-- Women’s movement (67%)

-- Newspapers (72%)

-- Churches (85%)

-- People who run their own businesses (90%)

Small businesses in the U.S. economy


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