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Intro to Business

Intro to Business . Unit Four Review Careers in Our Economy Chapter 12, 13, 14. Chapter 12 Managing a Small Business. Small-business owners are independent, self-motivated, risk-takers, persistent, hard workers, and have technical knowledge and management ability.

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Intro to Business

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  1. Intro to Business Unit Four Review Careers in Our Economy Chapter 12, 13, 14

  2. Chapter 12Managing a Small Business • Small-business owners are independent, self-motivated, risk-takers, persistent, hard workers, and have technical knowledge and management ability. • Small-business ownership begins with an idea. Puttering a business idea into action means: • Finding the right location for a business • Choosing the right team to help run the business • The most important step in starting a business is preparation – spending time gathering and studying information before the business is started.

  3. Chapter 12Managing a Small Business • A written business plan serves as an objective guide to the development of a new business. • The three primary types of financing needed by many small businesses are: • Start-up financing • Short-term financing • Long-term financing

  4. Chapter 13Managing Human Resources • Employees can make a difference in the success or failure of a business. The impact of one person can be very noticeable in a small business with only a few employees. • Small-business owners should carefully: • Determine the category of employee needed • Study work requirements in preparation for hiring a new employee • Search for people who meet a specific need or skill requirement • Hire the qualified applicant

  5. Chapter 13Managing Human Resources • Compensation and benefits include: • a salary or wages • financial incentives • fringe benefits. • Sources of training within a small business include the owner or experienced employees.

  6. Chapter 13Managing Human Resources • Other sources of include: • Trainers who conduct training sessions at the business site • Training programs offered by schools and colleges • Seminars • Classes • Training materials available through the Small Business Administration (SBA) • Equipment vendors or other businesses that sell products.

  7. Chapter 14 Maintaining Financial Information • Common sources of financial information for established businesses are financial records. • For businesses with limited/no previous financial information, the SBA provides planning tools. • Private businesses also collect and publish financial information on similar businesses. • A new franchise gets help from the franchisor.

  8. Chapter 14 Maintaining Financial Information • Three types of business budgets are: • Start-up budget • Operating budget • Cash budget • Common financial records maintained in small businesses are • Records of cash • Credit accounts • Inventory • Payroll • Assets

  9. Chapter 14 Maintaining Financial Information • Balance sheets and income statements are used to compare financial performance.

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