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Chapter 5

Chapter 5. Entrepreneurship. 5.1: The Visionaries Behind New Businesses. Objectives: Describe an entrepreneur List advantages and disadvantages of entrepreneurship Analyze your own entrepreneurship characteristics . The Ins and Outs of an Entrepreneurship.

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Chapter 5

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  1. Chapter 5 Entrepreneurship

  2. 5.1: The Visionaries Behind New Businesses • Objectives: • Describe an entrepreneur • List advantages and disadvantages of entrepreneurship • Analyze your own entrepreneurship characteristics

  3. The Ins and Outs of an Entrepreneurship • An Entrepreneurship is a business started by someone who notices a need for a product or service. • Soared in the late 1990s  Internet

  4. The Ins and Outs of an Entrepreneurship (continued) • A virtual business (dot-com company) is a business that operates on the Internet. • May exist only online or in addition to an actual store.

  5. The Ins and Outs of an Entrepreneurship (continued) • A person who recognizes business opportunity and organizes, manages, and assumes the risks of a business enterprise is known as an entrepreneur. • Intends to increase the market value of the business

  6. Figure 5.1 • Twelve Characteristics of Successful Entrepreneurs • Rank the importance of each of these characteristics from 1 (most important) to 12 (least important) • Also, draw a star next to the characteristics that represent you. • Complete independently in your notes

  7. Small Business • An independently owned business that usually has the owner as it’s manager. • Classify the following as small business or large business: • McDonalds • WalMart • Sorella • Iron Hill • Starbucks

  8. What is a small business? • An independently owned business that usually has the owner as the manager. • Limited geographic area • Employs fewer than 500 people • Not dominant in the industry

  9. Internet business • Dot-com company • A business that operates on the internet • Benefits? Disadvantages?

  10. Rewards of Entrepreneurship • Being the boss • Doing what you enjoy • Having the opportunity to be creative • Building an enterprise

  11. Challenges of Entrepreneurship • Getting funds to start the business • Being fully responsible for the business • Other challenges for entrepreneurs

  12. The impact of small business • 99% • One-person • 2/3 of all new jobs are generated by small businesses • Increasing virtual business

  13. Chapter 5.2The business plan • Objectives • Describe how to prepare for your own business • Discuss the parts of a business plan

  14. Checklist for Starting a Venture • A checklist is a good way to organize your thoughts. • Important in developing your business plan. • Questions to keep in mind/consider: • What will I produce? • Who are my main competitors? • Why is my product needed? • How much will my product cost to produce? • How many people will I need to run the business? • What physical facilities will I need? • What licenses, permits, or other legal documents do I need? • How much money will I need to get started?

  15. Parts of a Business Plan 1. Executive Summary • 1 page overview of the plan • Placed at the beginning of the proposal • Written after you complete the rest of the sections • Should be intriguing! 2.Company Description • Explains the type of company you plan to start • Include Mission Statement 3.Products and Services • Describe the kinds of products you will sell or the services you will provide 4.Marketing Plan • Describes your likely customers • Indicate the marketing that you plan to use • Include types and locations of advertising

  16. Parts of a Business Plan 5. Competitive Analysis • How do you have an advantage over your competitors? • Who are your main competitors? 6. Management Plan and Operating Plan • Detail the companies key employees • Describe your team’s necessary capabilities and responsibilities 7. Financial Plan • Discuss the company’s financial needs (financing) • Projections for revenue, costs, and profits 8. Growth Plan • How will you expand in the future?

  17. Parts of a business plan • Be sure to include: • Cover page • Title Page • Table of Contents • Supporting documents and sources page

  18. Mini-Business Plan Activity • Working in teams of one or two, complete the following: • Develop a possible business idea that would be realistic for a high school student. • Describe your business venture by completing a mini-business plan • All of the 8 components (two or three sentences each) listed above should be addressed • Write on a piece of paper, names at the top, and turn in.

  19. Homework • Read Chapter 5.2 pgs 83-87 • Taking your own notes as you read • Complete Key Concept Questions • #1-3 • Separate sheet of paper • Will be collected

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