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6-1 Becoming an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business. Intro to Business Chapter 6 Entrepreneurship and Small Business Management. 6-1 Becoming an Entrepreneur. Entrepreneur – Entrepreneurship – . 6-1 Becoming an Entrepreneur.

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6 1 becoming an entrepreneur 6 2 small business basics 6 3 starting a small business
6-1 Becoming an Entrepreneur

6-2 Small Business Basics

6-3 Starting a Small Business

Intro to BusinessChapter 6Entrepreneurship and Small Business Management

6 1 becoming an entrepreneur
6-1 Becoming an Entrepreneur
  • Entrepreneur –
  • Entrepreneurship –
6 1 becoming an entrepreneur1
6-1 Becoming an Entrepreneur
  • Characteristics of Entrepreneurs
    • Come from all _____ and _____ categories
    • Varied levels of __________
    • Must have an understanding of business __________
    • Many entrepreneurs ask for ______ in starting a business
    • See figure 6-1 (pg 128) for personality characteristics of successful entrepreneurs
6 1 becoming an entrepreneur2
6-1 Becoming an Entrepreneur
  • Entrepreneurship and the Economy
    • ________ Americans age 18-64 is involved in some type of entrepreneurship activity
    • Over _____of new jobs were created by businesses with fewer than 500 employees
    • Business with a single owner account for more than __________in sales annually
    • Small businesses are responsible for more than ______of the U.S. GDP
6 1 becoming an entrepreneur3
6-1 Becoming an Entrepreneur
  • Financing a Small Business
    • Most of the money needed to start a new business comes from the ___________or his or her ______ and __________
    • Venture Capital –
    • Loans from _______and credit given by _______ are other sources of financing
6 1 becoming an entrepreneur4
6-1 Becoming an Entrepreneur
  • Business opportunities
    • Innovation –
    • Improvement –
  • Business risks
6 2 small business basics
6-2 Small Business Basics
  • Small Business –
  • ________ of all U.S. businesses are small businesses
  • A Typical Small Business:
    • Is managed by the _______
    • Serves a _____________
    • Operates is one or very few _________
    • Is _____ _________ in its field
6 2 small business basics1
6-2 Small Business Basics
  • Small Business Advantages
      • Can _________ in areas big businesses can’t/won’t
      • Serve fewer _________ and have more contact with them than big businesses
      • More likely to be located close to their customers
      • Can provide more individual __________
      • Can get more immediate _________ from customers regarding their wants and needs
6 2 small business basics2
6-2 Small Business Basics
  • Common Small Business Problems
  • Small businesses have a high failure rate.
6 2 small business basics3
6-2 Small Business Basics
  • Small Business Assistance
    • University and college professors
    • Chamber of Commerce
    • Small Business Administration (SBA) –
      • Service Corps of Retired Executives (SCORE)
6 3 starting a small business
6-3 Starting a Small Business
  • Start with an _______
    • Hobbies, interests, business experiences
  • Find the right ______ to open the business
  • Assemble a ______
    • Employees, service providers (accountant, lawyer, etc.)
  • Prepare and _________
  • Develop a _________ _____
6 3 starting a small business1
6-3 Starting a Small Business
  • Business Plan –
    • Description of the business (products and services, location, goals)
    • Ownership structure
    • Customer analysis (sales forecast)
    • Operations plan
    • Marketing plan
    • Financial plan (budget, sources of financing, start-up costs, projected financial statements)
6 3 starting a small business2
6-3 Starting a Small Business
  • Most popular use of a business plan is to _______ __________
    • __________________– the amount of money needed to open the business (inventory, supplies, licenses)
    • __________________– the money needed to pay for the current operating activities of the business; less than one year
    • __________________– the money needed for the main resources of the business that will last for many years (land, buildings, equipment)
  • Sources of financing include a combination of owner-supplied funds and borrowed funds