Chapter 6 Entrepreneurship and Small Business Management

normaldeerΔιαχείριση

20 Νοε 2013 (πριν από 3 χρόνια και 6 μήνες)

68 εμφανίσεις

Introduction to Business

© Thomson South
-
Western

Chapter

Entrepreneurship and

Small Business Management

6
-
1

Becoming an Entrepreneur

6
-
2

Small Business Basics

6
-
3

Starting a Small Business

6

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
2

LESSON 6
-
1

Becoming an Entrepreneur

Goals


Identify characteristics of successful
entrepreneurs.


Recognize the importance of
entrepreneurship in the economy.


Describe opportunities and risks of
entrepreneurship.

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
3

Key Terms


entrepreneur


entrepreneurship


venture capital


innovation


improvement

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
4

CHARACTERISTICS OF
ENTREPRENEURS


Desire to be your own boss


Special skills and abilities


Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
5

ENTREPRENEURS

IN ACTION


Pankaj Arora


Rich Stachowski


Jeffrey Rodriguez and John Serrano


Abbey Fleck

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
6

WHAT DOES IT TAKE?

Entrepreneurs are more


persistent


inquisitive


energetic


goal oriented


independent


self
-
confident


creative


reliable


competitive


Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
7

WHAT DOES IT TAKE?

Entrepreneurs have


problem
-
solving skills


tolerance for ambiguity


strong integrity


personal initiative


ability to secure resources


capability to learn from failure


willingness to work hard



(continued)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
8

>>

C H E C K P O I N T

What personal characteristic are common
to most successful entrepreneurs?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
9

ENTREPRENEURSHIP

AND THE ECONOMY


Employment


Financing


Productivity

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
10

NUMBER OF EMPLOYEES

IN NEW BUSINESSES

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
11

>>

C H E C K P O I N T

What are the sources of financing that
entrepreneurs use for their new
businesses?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
12

OPPORTUNITIES


Innovation


Improvement

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
13

RISKS


Recognizing risks


Lack of adequate capital


Low sales


Higher than expected expenses


Competitive pressure


An owner unprepared to manage a growing
business


Operations requiring more time than the owner is
willing to commit

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
14

>>

C H E C K P O I N T

Where do entrepreneurship opportunities
begin?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
15

LESSON 6
-
2

Small Business Basics

Goals


Identify important characteristics of
small businesses.


Recognize the competitive advantages
of small businesses.


Identify problems faced by many small
businesses.

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
16

Key Terms


small business


Small Business Administration (SBA)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
17

SMALL BUSINESS
OWNERSHIP


Description of a small business


Owner is usually the manager


Operates in one or very few locations


Typically serves a small market


Not dominant in its field


Small business employment


Ownership diversity

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
18

COMMON TYPES OF

SMALL BUSINESSES

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
19

>>

C H E C K P O I N T

What percentage of employees in the
United States work for small businesses?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
20

SMALL BUSINESS
ADVANTAGES


Meeting customer needs


Providing unique services

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
21

>>

C H E C K P O I N T

How can small businesses compete
successfully with larger businesses?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
22

COMMON REASONS FOR
SMALL BUSINESS FAILURE


Not keeping adequate records


Not having enough start
-
up money


Lack of management experience


Lack of experience with the type of business


Not controlling operating expenses


Poor location for the business


Failure to manage credit offered to customers

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
23

SMALL BUSINESS
ASSISTANCE


Faculties of universities and colleges


Local groups of business people


Small Business Administration (SBA)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
24

>>

C H E C K P O I N T

List common reasons for small business
failure.

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
25

LESSON 6
-
3

Starting a Small Business

Goals


Recognize important factors to be
considered when starting a business.


Describe the elements of a business
plan.


Identify types and sources of financing
for a small business.

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
26

Key Terms


business plan


start
-
up financing


short
-
term financing


long
-
term financing

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
27

THE BUSINESS DECISION


An idea plus experience


Right place and time


Team approach


Preparation and research

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
28

>>

C H E C K P O I N T

Why is it important to use a team
approach when starting a new business?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
29

WHAT IS A

BUSINESS PLAN?


A
business plan

is a written
description of the business idea and
how it will be carried out, including all
major business activities.

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
30

ELEMENTS OF A

BUSINESS PLAN


Description of the Business


The business idea


Major products and services


Ownership structure


Strengths/weaknesses


Long
-

and short
-
term goals

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
31

ELEMENTS OF A

BUSINESS PLAN


Description of Competition


Characteristics of the industry


Condition of the economy


Strengths and weaknesses of major
competitors

(continued)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
32

ELEMENTS OF A

BUSINESS PLAN


Customer Analysis


Description of customers


Location, number, and resources of
customers


Sales forecasts

(continued)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
33

ELEMENTS OF A

BUSINESS PLAN


Operations Plan


Organization of the company


Description of major operations


Analysis of resources needed


Human resource plans

(continued)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
34

ELEMENTS OF A

BUSINESS PLAN


Marketing Plan


Description of major marketing activities


Description of resources needed


Schedule of marketing activities

(continued)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
35

ELEMENTS OF A

BUSINESS PLAN


Financial Plans


Start
-
up costs


Short
-

and long
-
term financial needs


Sources of financing


Budgets and financial statements

(continued)

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
36

STEPS IN DEVELOPING
THE BUSINESS PLAN


Gather and review information


Develop the “game plan”


Write the plan


Ask an expert to review the plan

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
37

>>

C H E C K P O I N T

What is the “game plan” in a business
plan?

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
38

FINANCING

THE SMALL BUSINESS


Types of financing


Start
-
up financing


Short
-
term financing


Long
-
term financing


Sources of financing


Owner
-
supplied funds


Borrowed funds

Introduction to Business

© Thomson South
-
Western

Chapter 6

Slide
39

>>

C H E C K P O I N T

In addition to owner
-
supplied capital, what
are several other sources of financing for
a small business?