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Ryan McVay/Getty Images . 1. Chapter. Starting Your Small Business. Business v. Small Business Trends, Challenges, Opportunities, & Concerns of Small Business Characteristics of Entrepreneurs. Rapid Small Business Growth. 23 Million Employment 75% Of New Jobs

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Starting Your Small Business


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starting your small business

Ryan McVay/Getty Images

1

Chapter

Starting YourSmall Business

Business v. Small Business

Trends, Challenges, Opportunities, & Concerns of Small Business

Characteristics of Entrepreneurs

rapid small business growth
Rapid SmallBusiness Growth
  • 23 Million
  • Employment
    • 75% Of New Jobs
    • 50% Of Private Employment
    • 99% Of Employers
  • 97% Of Exporters
entrepreneurship today

Rim Light/PhotoLink/Getty Images

Entrepreneurship Today
  • Male- 1.9 Men Per Woman
  • Ethnically Diverse
  • 25-34
  • Specialty Expertise
  • $100 B For 3.5 M Startup/Small Businesses
public favors small business

Royalty-Free/CORBIS

Public FavorsSmall Business
  • Black Enterprise- http://www.blackenterprise.com
  • Entrepreneur
  • Inc.
  • Hispanic Business- http://www.hispanicbusiness.com
  • Family Business
  • Entrepreneurial Woman
  • Your Company
  • Etc.
interest at schools
Interest At Schools
  • Courses
    • 20 Years Ago- None
    • Now- Hundreds
  • Ages 13-18 = Positive Potential
  • Business Career
    • Males = 13%
    • Females = 10%
entrepreneurial student organizations
EntrepreneurialStudent Organizations
  • Association of College Entrepreneurs
  • University Entrepreneurial Association
  • Students in Free Enterprise - http://www.sife.org
self employment trend

Photodisc Collection/Getty Images

Self-Employment Trend
  • Increased Investor Interest
  • Executives Taking Early Retirement
  • 55% Want To Be Own Boss
  • Technological Advances
attractive to all ages

Doug Menuez/Getty Images

Attractive To All Ages
  • More Than ½ Of Independent Workers In NYC
    • College-Educated
    • 25- 40 Years Old
  • 84% Of Entrepreneurs “Not Worried About Future”
  • 40% Have Management Experience
  • ¼ Managed/Owned Business Before
small business

Hisham F. Ibrahim/Getty Images

Small Business?
  • Independent Management
  • Capital/Ownership = Few Individuals
  • Operations Are Local
  • Business = Small But Competitors = Large
sba definition
SBA Definition

“…a small business is one that is independently owned and operated and is not dominant in its field of operation.”

objectives
Venture

Profit

Growth

Quick Sellout

Small/Micro

No New Or Innovative Activities

Provide Owner Living

Objectives
most common home based businesses
Most CommonHome-Based Businesses

Source: Independent Insurance Agents of America

contributions of small business

Royalty-Free/CORBIS

Contributions OfSmall Business
  • Encourage Innovation & Flexibility
  • Close Relationship With Customers/Community
  • Force Large Firms To Be Competitive
  • Provide Employees Learning Experience
  • Develop Risk Takers
  • New Employment
  • Greater Employee Job Satisfaction
problems for small business

Royalty-Free/CORBIS

Problems ForSmall Business
  • Recession/Current Economy
  • Retirement/Transition
  • Capital/Financing
  • Unexpected Growth
  • Succession
  • Inadequate Financing
  • Inadequate Management
  • Government Regulations/Paperwork
challenges to small business

Chad Baker/Ryan McVay/Getty Images

Challenges ToSmall Business
  • Exploding Technology
  • Occupational/Industry Shifts
    • Reinvention
    • Reengineered
    • Downsizing/Rightsizing
  • Global
objectives of small business owners

Ryan McVay/Getty Images

Objectives OfSmall Business Owners
  • Achieve Independence
  • Additional Income
  • Help Families
  • Products Not Available
checklist for aspiring entrepreneurs
Passion Not Money

Something You Know

Patience

Mentor

Funding

Cash Manager

Build Sales

Don’t Rush

Wary Of Bad Advice/Suppliers

Checklist ForAspiring Entrepreneurs
business objectives

Nick Rowe/Getty Images

Business Objectives
  • Service
  • Profit
  • Social
  • Growth
  • Mesh Objectives
characteristics of successful owners
Desire Independence

Strong Sense Of Initiative

Personal/Family Motivation

Quick/Concrete Results

Able To React Quickly

Dedicated To Business

Enter Business By Chance And/Or Design

Characteristics OfSuccessful Owners
successful small business management

Ryan McVay/Getty Images

Successful SmallBusiness Management
  • Adequate Market
  • Sufficient Capital
  • Recruit Effectively
  • Timely Information
  • Cope With Gov’t Regs.
  • Expertise
  • Flexible
personal analysis

Mel Curtis/Getty Images

Personal Analysis
  • Values
  • Mental Abilities
  • Attitudes
factors affecting industry business

Royalty-Free/CORBIS

Factors Affecting Industry/Business
  • Economics
  • Technology
  • Lifestyle
  • Political
  • Demographics
ideas for small business
Career Counseling

Catering

Computer & Office Machine Repair

Day Care

Education

Financial Planning

Home Health

Marketing

Senior Fitness & Recreation

Specialized Delivery

Ideas For Small Business
small business concerns

Jim Arbogast/Getty Images

Small Business Concerns
  • Poorly Planned Growth
  • Loss Of Independence
  • Threat Of Failure
    • Discontinuance
    • Types
      • Formal
      • Personal/Informal