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Career and Financial Management. Becoming an Entrepreneur. Objectives. Define entrepreneur and identify key traits of successful entrepreneurs List the four ways to become a business owner Identify forms of business ownership and factors that can affect business success. Small Businesses.

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career and financial management

Career and Financial Management

Becoming an Entrepreneur

objectives
Objectives
  • Define entrepreneur and identify key traits of successful entrepreneurs
  • List the four ways to become a business owner
  • Identify forms of business ownership and factors that can affect business success
small businesses
Small Businesses
  • The person who organizes and runs a business is an entrepreneur
  • 99% of American companies are small businesses
    • Around 500 employees or less
    • Begin with a few employees
being an entrepreneur
Being an Entrepreneur
  • An entrepreneur’s life is challenging

Traits of an Entrepreneur

Sight and Foresight

Decision-making

Motivation

do you have what it takes
Do You Have What it Takes?
  • Do you make good decisions quickly?
  • Can you supervise people well?
  • Can you motivate people to do their work well?
  • Do you have a good knowledge of the service or product you want to provide?
  • Are you comfortable around strangers?
  • Do you have unlimited ambition and drive?
the bottom line
The Bottom Line

Being an Entrepreneur

  • Requires specific traits
  • Has advantages and disadvantages
  • Not everyone has what it takes
becoming a business owner
Becoming a Business Owner

Four ways to go into business

  • Start a new business
  • Buy an existing business
  • Buy a franchise
  • Join a family business
ideas for starting a new business
Ideas for Starting a New Business
  • Hobby Business
  • Product Services
  • Personal Services
  • Business Services
starting a new business
Starting a New Business
  • ADVANTAGES
  • Develop your own reputation
  • Build business your own way
  • Personal satisfaction knowing you built the business
  • DISADVANTAGES
  • Requires more time and effort than buying an existing business
  • Start-up costs are high
  • Can be difficult to borrow money
  • No guarantee of success
buying an existing business
Buying an Existing Business
  • Successful businesses for sale
    • Owner is retiring
    • Owner is starting a new business
  • Unsuccessful businesses for sale
    • Losing too much money
      • Determine if problems can be fixed before purchasing
buying an existing business1
Buying an Existing Business
  • ADVANTAGES
  • Puts you several steps ahead
  • Take advantage of previous owner’s agreements
  • Build on the goodwill of existing customers
  • Positive reputation
  • Trained staff
  • DISADVANTAGES
  • Poor location
  • Strong competition taking away business
  • Poor market outlook
  • Building or equipment may need expensive repairs or replacement
  • Poor reputation
buying a franchise
Buying a Franchise
  • Franchise: the legal right to sell a company’s goods and services in a particular area
    • Many restaurants and real estate offices
    • Pay a percentage of your profits to the parent company
buying a franchise1
Buying a Franchise
  • ADVANTAGES
  • Recognizable product name
  • Established procedures and management systems
  • Established business reputation and customer goodwill
  • Training, advertising, financing, and support services
  • DISADVANTAGES
  • May be less profitable
  • Must follow established guidelines of parent company
  • Less personal satisfaction
joining a family business
Joining a Family Business
  • ADVANTAGES
  • Financing can be split amongst relatives
  • Trust and loyalty between family members
  • Working as a team can achieve more than as an individual
  • Same goodwill and trust of customers
  • DISADVANTAGES
  • Additional issues on top of typical business ownership stress
  • Not all families work well together
  • Difficulties can affect family relationships
the bottom line1
The Bottom Line

Start a Business

Buy a Business

BUSINESS OWNER

Family Business

Franchise

forms of business ownership
Forms of Business Ownership
  • Three basic ownership types
    • Sole proprietorship: business is completely owned by one person
    • Partnership: legal arrangement where two or more people share ownership of a business
    • Corporation: business chartered by a state that legally operates apart from the owner(s)
financing your business
Financing Your Business
  • Starting a business requires money
    • Financing sources:
      • Personal savings
      • Loan from friends/family
      • Loan from commercial lenders
  • Develop a business plan and a financial plan before applying for loans
business and financial plans
Business and Financial Plans
  • BUSINESS PLAN
  • Describes product
  • Business location
  • Number of employees
  • Salaries
  • Describes competition
  • Marketing plan
  • Timetable for starting
  • FINANCIAL PLAN
  • Start-up costs
  • Operating expenses
    • Cost of manufacturing product
    • Cost of selling product
  • Additional cost in the first few months
succeeding in business
Succeeding in Business

Financing

Location

Business Success

Competition

Management

the bottom line2
The Bottom Line

Ownership

Financing

Success

Starting a business

Sole Proprietorship

Personal Savings

Financing

Partnership

Loans from Friends/Family

Management

Corporation

  • Commercial Lenders
  • Business Plan
  • Financial Plan

Competition

Location