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  1. * * BEING AN ENTREPRENEUR: STARTING A NEW BUSINESS * * * 1-1

  2. Where Did They Start? Source: World Features Syndicate

  3. Early Sales of Well-Known Companies Source: World Features Syndicate

  4. Be an Entrepreneur • Definition • Why take the entrepreneurial challenge? • Opportunity • Profit • Independence • Challenge

  5. Who Starts New Businesses? 18 - 24 8% 25 - 34 71% 35 - 44 13% 45 - 54 6% 55+ 2% AGE AT START-UP

  6. Entrepreneurial Attributes • Self-Directed & Self-Disciplined • Self-Nurturing • Action-Oriented • Highly Energetic • Tolerant of Uncertainty

  7. Entrepreneurship • Entrepreneurial Teams • Micropreneurs and Home-Based Businesses • Web-Based Businesses • Intrapreneurs

  8. Reasons for Growth of Home-Based Businesses • Technology • Downsizing • Attitudes • Tax Advantages

  9. Challenges New Customers Time Management Work vs. Family City Ordinances Risk Focus Find Opportunity Results vs. Routine Profit vs. Paycheck New Ideas Long Term vs. Short Term Home-Based Business

  10. Most Common Types ofHome-Based Businesses Source: Independent Insurance Agents of America

  11. Government & Entrepreneurship • Immigration Act of 1990- Investor Visa • Enterprise Zones • Incubators

  12. Utah Nevada Washington Florida Colorado Washington D.C. Maryland Georgia Tennessee Alaska Top Ten States Where Businesses Have Started Source: Investor Business Daily, June 24, 2004

  13. Utah Washington New Mexico Nevada Idaho Missouri Arizona Vermont Georgia California Top Ten States Where Businesses Have Closed Source: Investor Business Daily, June 24, 2004

  14. What is Small Business? • Independently Owned • Not Dominant in Its Field • Meet Certain Standards of Size (Employees, Annual Receipts)

  15. U.S. Small Businesses • 20 Million Full/Part-time Businesses • Account for More Than 50% of Gross Domestic Product (GDP) • Jobs • 80% of Americans 1st job is in small business • 75% of new jobs are created by small businesses • Minority-owned Businesses Growing Rapidly

  16. Business Ownershipby Gender Source: USA Today

  17. Female Owners’ Top Industries SOURCE:USA Today

  18. Plunging in without first testing Under/over pricing Too little capital Little/no experience Borrowing money without planning Trying to do too much with too little Buying too much on credit Expanding credit too freely and rapidly Incomplete and/or inaccurate records Not understanding business cycles Forgetting about taxes, insurances, etc. Owner working or not, according to whim Small Business – Major Causes of Failure

  19. Personal attention Products not easily made by mass production Sales are not large enough for a large firm Unattractive neighborhood Franchising Paying attention to new competitors The business is in a growth industry Small Business – Situations for Success

  20. Learn from Others Get Experience Take Over a Successful Firm Learning about Small Business Operations

  21. Managing a Small Business • Business Plan • Adequate Funding • Lenders/Investors • “Angels” • Venture Capitalists • Professional Advice/Help • SBA and SBIC Program • Lawyers, Loan Officers, Insurance Agents • SCORE • Local College/universities • Know Your Customer • Manage Human Resources • Keep Good Records

  22. Small Business Collaborators • Small Business Administration (SBA) • Microloan program • SBICs • SBDCs • Service Corps of Retired Executives (SCORE)

  23. ONE LAST THING! • MAKE IT COUNT! • NEVER GIVE UP! • ACHIEVE YOUR DREAM!