What Is Entrepreneurship And Small Business Management – CHAPTER 6 Entrepreneurship and Small Business Management 6-1 How to Become an Entrepreneur 6-2 Small Business Basics 6-3 Starting a Small Business
6-1 Becoming an Entrepreneur Learning Objective Identify the characteristics of a successful entrepreneur. Knowledge of the importance of business in the economy. Describe the opportunities and risks of the business.
What Is Entrepreneurship And Small Business Management
Chapter 6 Traits of Entrepreneurs Enduring Curiosity Energetic Goal Orientation Independent Desire to Be Own Boss Confident Creative Reliable Competitive Special Skills and Abilities
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Chapter 6 WHAT IS REQUIRED? (continued) Entrepreneurs have problem solving skills tolerance for ambiguity strong integrity personal initiative ability to secure resources ability to learn from failure willingness to work hard
Chapter 6 Employment – small businesses are responsible for the majority of new jobs. More than 60% of new jobs are created by businesses with less than 500 employees from Finance – most of the money to start a new business comes from the entrepreneur, his family/friends. One of the main reasons new businesses fail is insufficient capital. Productivity – new and small businesses produce large amounts of goods and services for the economy
Chapter 6 RISKS Lack of adequate capital Low sales Higher than expected costs Competitive pressures Owners not prepared to manage growing business Operations require more time than owners are willing to spend
Identify important characteristics of small businesses. Realize the competitive advantages of small businesses. Identify the problems that many small businesses face.
Difference Between Small Business And Entrepreneurship
Chapter 6 Description of a Small Business Owner is usually a manager Operates in one or very few locations Usually serves a small market Not industry dominant Small business workforce is responsible for creating 60-80% of all new jobs Large number of service businesses (professional and technical) Ownership Diversity Women own more than ¼ Most owners are over 35 Almost all have high school education; 60% have several lectures, half are at home
Chapter 6 COMMON TYPES OF SMALL BUSINESSES Common Types of Small Businesses Source: Small Business Administration and U.S. Census Bureau
Chapter 6 Meeting Customer Needs – Too Specialized for Big Business, Too Little Quantity Needed for Big Business; located closer to the customer; get to know your customers better Provide unique services – such as wedding planning, custom sound systems, custom auto parts
Chapter 6 COMMON CAUSES OF SMALL BUSINESS FAILURE Failure to keep adequate records Not having enough money to start a business Lack of management experience Lack of experience in this type of business Failure to control operating costs Poor location for business Failure to manage credit offered to customers
Small Business Management, Entrepreneurship, And Ownership
Chapter 6 SMALL BUSINESS ASSISTANCE University and College Faculties Local Business Groups Small Business Administration (SBA)
6-3 Starting a Small Business Learning Objective: Identify important factors to consider when starting a business. Describe the elements of a business plan. Identify the types and sources of small business financing.
15 BUSINESS DECISIONS Chapter 6 Ideas plus experiences – hobbies, interests. Ideas from books, magazines Perfect place and time – easy to reach; implemented on demand Team approach – few full-time or part-time employees; selecting a good “team” with specialized knowledge Preparation and research – gathering information about customers, competitors, regulations; information found through libraries, colleges, surveys.
Chapter 6 ELEMENTS OF A BUSINESS PLAN Business Description Main Products and Services Ownership Structure Strengths/Weaknesses Long and Short Term Goals
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Chapter 6 ELEMENTS OF A BUSINESS PLAN (continued) Description of the Competition Industry Characteristics Economic Conditions Strengths and Weaknesses of Major Competitors
Chapter 6 ELEMENTS OF A BUSINESS PLAN (continued) Customer Analysis Customer Description Customer Location, Number, and Sources Sales Forecast
Chapter 6 ELEMENTS OF A BUSINESS PLAN (continued) Operations Plan Company Organization Description of Major Operations Resource Requirements Analysis Human Resource Plan
Chapter 6 ELEMENTS OF A BUSINESS PLAN (continued) Marketing Plan Description of Major Marketing Activities Description of Required Resources Schedule of Marketing Activities
Pdf) A Comparison Of Entrepreneurship/small Business And Finance Professors’ Reaction To Selected Entrepreneurial And Small Business Financial Planning And Management Issues
Chapter 6 ELEMENTS OF A BUSINESS PLAN (continued) Financial Plan Start-up Costs Short-Term and Long-Term Financial Needs Funding Sources Budget and Financial Statements
Chapter 6 STEPS IN DEVELOPING A BUSINESS PLAN Gathering and Reviewing Information Developing Strategic Alternatives Writing a Plan Asking an Expert to Review the Plan
Chapter 6 Types of financing Start-up financing – buildings, equipment, inventory Short-term financing – borrowed for less than a year (one or two months) Long-term financing – borrowed for many years Source of financing Funds from owners Loan funds – banks, family, friends
24 More Facts Chapter 6 Nearly 10% of all American adults are involved in some type of business activity. A small business is an independent business with fewer than 500 employees. More than 25% of small businesses in the US are owned by women. Small businesses have an advantage when customers want more individual attention. The business idea, ownership structure and long-term goals are described in the business description.
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25 Chapter 6 Small businesses are responsible for nearly 50% of America’s gross domestic product each year. Professional, scientific and technical services make up the largest percentage of small businesses in the US. Startup funding is the amount of money needed to open a new business.
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