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Computer Maintenance. Entrepreneurship. What is Entrepreneurship?. Entrepreneurship is the organizing, managing, and operating of a small business. Entrepreneurship. Who should start a business? If you have a personality where you feel the following: A need for achievement

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computer maintenance

Computer Maintenance

Entrepreneurship

what is entrepreneurship
What is Entrepreneurship?
  • Entrepreneurship is the organizing, managing, and operating of a small business.
entrepreneurship
Entrepreneurship

Who should start a business?

  • If you have a personality where you feel the following:
    • A need for achievement
    • A need for independence
    • Self-confidence
    • A high level of activity
    • Courage, curiosity, and creativity
  • Or if you are someone who wants to control his or her own destiny, you qualify as someone who should start a business.
entrepreneurship1
Entrepreneurship

Why should you start a company?

  • Starting a company might be a way to make more money than you could working for someone else.
  • It would be a chance to do something different.
    • You could use your own ideas.
    • You could be recognized in your profession.
  • It would allow you to help society by providing new services.
entrepreneurship2
Entrepreneurship

Why should you start a company?

  • You might like being your own boss.
    • You would answer only to yourself.
    • You could set your own hours.
  • It would give you the chance to discover if you have the ability to do something on your own.
entrepreneurship3
Entrepreneurship

Why should you start a company?

  • Recently, a Gallup Poll found that 7 out of 10 high school students are strongly interested in owning and operating a business someday.
entrepreneurship4
Entrepreneurship

What should you know about starting your own business?

  • You should thoroughly research the business.
  • You need to know the amount of money it will take to start your business.
  • You should be aware of the importance of a good business location.
  • You will need to have a way to manage your inventory.
  • You should not invest too much of your money in a way that it cannot be quickly changed to cash.
entrepreneurship5
Entrepreneurship

What should you know about starting your

own business?

  • You will need to have good credit policies.
  • You will need to limit the amount of money you take out of the business.
  • You must carefully make plans for expanding your business.
entrepreneurship6
Entrepreneurship

11 steps for starting a new business

  • Write a business plan including every aspect of your new business.
  • Establish a checking account with a commercial bank.
  • Decide if you need a business partner.
  • Draw up a partnership agreement if you have a partner.
  • Obtain a business loan if needed.
entrepreneurship7
Entrepreneurship

11 steps for starting a new business (cont.)

  • Study the regulations that apply to the type of business you wish to start:
    • Federal regulations
      • Wages
      • Health laws
      • Fair trade
    • State regulations
      • Licenses
      • Permits
entrepreneurship8
Entrepreneurship

11 steps for starting a new business (cont.)

    • County or City Regulations
      • Zoning
      • Inspection requirements
      • Permits
      • Licenses
  • Obtain insurance to cover your business.
  • Obtain information about taxes.
  • Set up a record-keeping system.
entrepreneurship9
Entrepreneurship

11 steps for starting a new business (cont.)

  • Decide if you will need to hire employees.
      • Set up employee policies.
      • Decide on skills required.
  • Inform the public about your business by advertising.
entrepreneurship10
Entrepreneurship

What risks are involved?

  • Financial risk
    • You will probably have to invest all of your personal savings.
    • Over 70% of all bankruptcies in business involve businesses with less than $100,000 in liabilities.
  • Failure risk
    • 50% of all new businesses fail within the first two years of operation.
    • 70% of all new businesses fail within five years.
entrepreneurship11
Entrepreneurship

What risks are involved?

  • Risk to your career
    • If you are currently employed in one occupation, you will, at some point, quit your job to start a business.
    • If your business does not succeed, it may be difficult to return to your old job.
  • Personal Risk
    • You must spend time away from your family.
    • You will have less time for social activities.
entrepreneurship12
Entrepreneurship

What kind of rewards can you expect?

  • If your business is a success, you may be able to make more money than you could have working for someone else.
  • It is a way to feel good about yourself from having used your own talents and having been a success doing it.
entrepreneurship13
Entrepreneurship

What kind of business should you start?

You may want a business that provides a service

such as

  • Automobile repair
  • Dry cleaning
  • Grocery
  • Cleaning
  • Computer service
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Entrepreneurship

What kind of business should you start?

You may want a business that produces a product

such as

  • Clothing
  • Custom jewelry
  • Home Furnishings
  • Bakery
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Entrepreneurship

Resources to help you start a business

  • Professionals are ready to help you in areas you may not know enough about.
  • The US has many ways to distribute products.
  • Many companies are willing to design packaging and market your product the way you want.
entrepreneurship16
Entrepreneurship

Conditions that are good for starting a new

business:

  • People with skills are available to help you.
  • Many people are not satisfied with big business.
  • People change jobs often.
  • People are willing to move in order to find work.
  • Many people will work for a share of your business instead of being paid wages.