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Chapter 3.1 Vocabulary & Notes

Chapter 3.1 Vocabulary & Notes. Understanding Entrepreneurial Trends Entrepreneurship. Understanding Entrepreneurial Trends. Internet Businesses/Online Businesses. businesses that conduct business mainly on the internet Advantages: potential to attract a huge amount of customers

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Chapter 3.1 Vocabulary & Notes

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  1. Chapter 3.1 Vocabulary & Notes Understanding Entrepreneurial Trends Entrepreneurship

  2. Understanding Entrepreneurial Trends

  3. Internet Businesses/Online Businesses • businesses that conduct business mainly on the internet • Advantages: • potential to attract a huge amount of customers • faster business growth

  4. Service Businesses • Provide services to people for many different reasons • biggest and fastest growing part of the American economy • Examples: Banking, Insurance, Education, Advertising, Real Estate, Trades, Tax Preparation

  5. Home-based Businesses • Businesses that are run out of an individuals home • Rapid business growth since the late 1990’s • Examples: Consultants, Sales Reps, Writers, Graphic Artists, Web Designers, Survey Takers

  6. Nonprofit Businesses • A business that focuses on a goodwill mission to better society • Examples: United Way, Salvation Army, Feed the Children, YMCA, American Red Cross

  7. Technology • Trend in business to improve processes, efficiency and marketing to gain a competitive advantage over competition

  8. Outsourcing • Contracting with other companies for services

  9. Strategic Alliances • Partnering with another company for mutual benefit

  10. Corporate Ventures • Starting another company within a company

  11. Learning to Recognize Opportunity • Brainstorming – thinking freely to generate new ideas • Recognize Needs as Opportunities • Evaluate Products & Services • Observe the world around you and the people • Learn about different types of businesses and industries

  12. Innovation • Thinking creatively that results in a new way of doing something

  13. Niche • A small specialized market

  14. Demographics • Personal characteristics that describe a population • Age • Gender • Income • Ethnic background • Education • Occupation

  15. Consider Your Own Experiences • Interests • Hobbies • Work

  16. Consider Outside Sources • Trade Magazines • Periodical published for specific types of business or industries

  17. Consider Outside Sources • Specialty Magazines • periodical that targets people with a specific interest • Examples: Sports, Fashion, Computers & Electronics, Entertainment, Autos, Cooking

  18. Consider Outside Sources • Trade Show • Show or exhibition in which vendors promote new products and do demonstrations to market products

  19. Consider Outside Sources • Newspapers • Internet • Government Agencies

  20. Ch. 3.2Starting vs. Buying a Business Entrepreneurship

  21. Personal Values & Goals • Beliefs and principles that you choose to live by • Define who you are • Shape your attitudes and choices • Identify priorities • Influenced by • Family • Religion • Friends • Society • Personal Experiences

  22. Family Business • a business in which one or more members of a family have a significant ownership interest in the business • Typically small businesses • Exceptions: Marriot, Mattel Toys • Only 1/3 survive to the second generation

  23. Rewards of Family Business • Shared feeling of trust and togetherness • Family working as a team can achieve great things • Family profits

  24. Challenges to Family Business • It is tough to separate business and family • Can’t get away • Trouble viewing problems objectively without emotion • Backstabbing

  25. Questions to Ask? • Could I work for someone in my family? • Do we share similar values & goals? • Clear Expectations? • Can we separate family & business when we go home each night? • Can we keep relationships positive?

  26. Buying a Franchise • Buying the rights to set up a new business patterned on an existing model • A legal agreement to begin a business in the name of the recognized company • Examples: • Subway • Dunkin Donuts • UPS Store • Super 8 • McDonald's

  27. Franchisee vs. Franchisor • Franchisee – buyer of the rights • Example: John Doe, Susan Smith • Need initial investment in $30,000 - $250,000 range • Franchisor- seller of the rights • Example: McDonald’s, Subway

  28. Buying an Existing Business • Usually less risky • Facility, employees, equipment, procedures are usually established • Customer base • Goodwill – loyalty to existing customers

  29. In Your Book • Read pg. 60 thru the end of the Section 3.2 on pg. 63 • Franchises • Evaluating a Business Opportunity • Starting Your Own Business • Answer #3 and #4 on pg. 63 in your journal

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