Entrepreneurship and Starting a Small Business

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1 Chapter 6 Entrepreneurship and Starting a Small Business McGraw-Hill/Irwin Copyright 2014 by The McGraw-Hill Companies, Inc. All rights reserved.

2 Chapter Six NAME that COMPANY When this company s founder had financial problems in the business's early days, he asked his suppliers to help him out. They did and they were well rewarded for their risk. Today these suppliers still service this mammoth company that has franchises all over the world. Name that company! McDonald s 6-5

3 The Age of the Entrepreneur WHAT is ENTREPRENEURSHIP? Entrepreneurship -- Accepting the risk of starting and running a business. 6-6

4 Why People Take the Entrepreneurial Challenge LG1 WHY TAKE the RISK? Opportunity Profit Independence Challenge 6-11

5 Why People Take the Entrepreneurial Challenge LG1 WHAT DOES IT TAKE to be an ENTREPRENEUR? Self-directed Self-nurturing Action-oriented Highly energetic Tolerant of uncertainty 6-12

6 Why People Take the Entrepreneurial Challenge LG1 FIVE STEPS to STARTING YOUR BUSINESS in SCHOOL 1. Find a problem or need. 2. Zero in on specifics. 3. Do research on campus, test products with students. 4. Move forward with your ideas. Don t wait! 5. Sacrifice. Source: Entrepreneur, accessed November

7 Turning Your Passion and Problems into Opportunities LG1 An IDEA is a GOOD OPPORTUNITY IF It fills customers needs. You have the skills and resources to start a business. You can sell the product or service at a reasonable price and still profit. You can get your product or service to customers before the window of opportunity closes. You can keep the business going. 6-14

8 Entrepreneurial Teams LG1 ENTREPRENEURIAL TEAMS Entrepreneurial team -- A group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make and market a new product. An entrepreneurial team (Steve Jobs, Steve Wozniak and Mike Markkula) was key to Apple s success. 6-15

9 Micropreneurs and Home- Based Businesses LG1 HOME-BASED BUSINESS PROS & CONS PROS Ability to start immediately Minimal start-up capital No rent or set-up charges Comfortable working conditions No commuting Tax benefits Elimination of office politics Low risk for trial and error CONS Difficult to establish work habits Limited support system Isolation Work space may be limited Clients may be uncomfortable coming to your home Zoning restrictions Success is based 100% on your efforts 6-17

10 Web-Based Businesses LG1 ONLINE BUSINESS Online sales reached $172.9 billion in 2010, 7% of all retail sales. All retail sales were up 2.5% in However, online retail sales grew 11%. Have you ever thought of starting an online business? What would you do? Service? Products? 6-23

11 Web-Based Businesses LG1 AFFILIATE MARKETING Affiliate Marketing -- An Internet-based marketing strategy in which a business rewards individuals or other businesses for each visitor or customer the affiliate sends to its website. 6-24

12 Web-Based Businesses LG1 BOOSTING YOUR BUSINESS S ONLINE PRESENCE Establish an identity. Be easy to find. Steal good ideas and make them your own (benchmark) Look out for opportunities. Remember other forms of marketing. Be friendly! Photo Courtesy of: Marc Wathieu Source: Entrepreneur, accessed November

13 Entrepreneurship Within Firms LG1 INTRAPRENEURS Intrapreneur -- A creative person who works as an entrepreneur within a corporation. Intrapreneurs use a company s existing resources to launch new products for the company. Art Fry of 3M developed Post-Its when he was trying to mark pages of his hymnal without damage. 6-26

14 Encouraging Entrepreneurship: What Government Can Do LG1 GOVERNMENT and ENTREPRENEURSHIP Immigration Act passed in 1990 created a category of investor visas that encourage entrepreneurs to come to the U.S. Enterprise Zones -- Specific geographic areas to which governments attract private business investment by offering lower taxes and other government support. Incubators -- Offer new businesses low-cost offices with basic services. 6-27

15 Small Versus Big Business LG2 SMALL BUSINESS STATISTICS There are 27.8 million small businesses in the U.S. Of all nonfarm businesses in the U.S., almost 97% are considered small. Small businesses account for over 50% of the GDP. Small businesses generate 60-80% of new jobs. About 80% of U.S. workers first jobs were in small business. 6-30

16 Importance of Small Business LG2 ADVANTAGES of SMALL OVER BIG BUSINESS More personal customer service. The ability to respond quickly to opportunities. Photo Courtesy of: Elliot Brown 6-31

17 Small Business Success & Failure LG2 BUSINESS FAILURES are LOWER THAN the REPORTS BECAUSE Owner closing a business to start another is reported as a failure. Changing forms of ownership is reported as a failure. Retirement is reported as a failure. 6-32

18 Small Business Success & Failure LG2 THEY DID WHAT? Famous Business Failures Tommy Hilfiger First store went bankrupt Milton Hershey First confectionery failed H.J. Heinz Company went bankrupt six years after start Walt Disney First film company went bankrupt Henry Ford First two car companies failed L.L. Bean Almost went bankrupt in first year Source: World Features Syndicate. 6-33

19 Learning About Small Business Operations LG3 LEARNING ABOUT SMALL BUSINESS Learn from Others Investigate your local colleges for classes on small business and entrepreneurship; talk to and work for successful local entrepreneurs. Get Some Experience Gain three years experience in the field; then start a part-time small business. Take Over a Successful Firm Serve as an apprentice and eventually take over once the owner steps down. 6-34

20 Making Ethical Decisions SHOULD YOU STAY or SHOULD YOU GO? Suppose you worked in a company for two years and you see signs of it faltering. You and a coworker have ideas about how to succeed and are considering quitting to start your own company. Should you approach other coworkers about working for your new venture? Will you try to lure your old boss s customers? What are the alternatives? What are the consequences? What is the most ethical choice? 6-35

21 Begin with Planning LG4 BUSINESS PLANS (Take BUSM 66 to learn more) Business Plan -- A detailed written statement that describes the nature of the business, the target market, the advantages the business will have over competition, and the resources and owners qualifications. A business plan forces potential owners to be specific about what they will offer. A business plan is mandatory for talking with bankers or investors. 6-37

22 Getting Money to Fund a Small Business LG4 SOURCES of CAPITAL Personal savings Relatives Former employers Banks & finance companies Government agencies Angel investors Venture capitalists -- Individuals or companies that invest in new businesses in exchange for partial ownership. 6-40

23 Connecting through Social Media PEER-to-PEER LENDING Kickstarter and Lending Club connect loan seekers to potential lenders. Administrators assign interest rates between 6.78% and 24.95% based on their credit history, how much money is needed, and what the person is using it for. 6-43

24 The Small Business Administration LG4 HELP PLEASE! SBA Resources and Other Helpful Groups SBA: SBDC: SCORE: BUSINSIGHT: Visit assigned website, explore links and resources, and write individual paper: 1) What services / tools do they offer? 2) What did you find most meaningful? 6-48

25 The Small Business Administration LG4 CAREER PLAN Q&A 6-49

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