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Chapters 5 and 6. Starting a Small Business in the U.S. Who are the Entrepreneurs?. Mark Zuckerburg – Facebook Mitchell and Mollie Murphree – Five Senses Restaurant Mark Davis Insert Therapeutics. Why Start Your Own Business?. Control Reap the Profit Challenge of Something New

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Presentation Transcript
who are the entrepreneurs
Who are the Entrepreneurs?
  • Mark Zuckerburg – Facebook
  • Mitchell and Mollie Murphree –
    • Five Senses Restaurant
  • Mark Davis
      • Insert Therapeutics
why start your own business
Why Start Your Own Business?
  • Control
  • Reap the Profit
  • Challenge of Something New
  • Opportunity Is There
what is entrepreneurship
What Is Entrepreneurship?

+

Opportunity

Resources

New Value

the internet a major aid for new small businesses
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
entrepreneurs everywhere
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
the importance of small business
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.
the downside to small business
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!
setting up your small business
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.
ways that companies grow
Ways that Companies Grow
  • Organic growth
    • Just increasing in sales and/or locations each year
  • Mergers
    • Vertical
    • Horizontal
    • Conglomerate
  • Acquisitions
managing an organization
Managing an Organization
  • Much different than 20 years ago
  • Managers
    • Plan
    • Organize
    • Lead
    • Control
being a manager planning
Being a Manager: Planning
  • Mission and goals
  • SWOT analysis
  • Strategy and tactics
  • Decision making
    • Using scientific method
being a manager organizing
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
being a manager leading
Being a Manager: Leading
  • Creating something for others to follow
  • Different styles
    • Autocratic
    • Participative
    • Free-rein
  • Used to be referred to as directing
being a manager controlling
Being a Manager: Controlling
  • Establishing standards
  • Creating a measurement system
  • Measuring
  • Comparing results to plans
  • Taking corrective action
importance of satisfaction
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