BUS 1750 - Lecture Notes on Chapter 7 - Small Business and Entrepreneurship- Economic Rocket Fuel PDF

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Download BUS 1750 - Lecture Notes on Chapter 7 - Small Business and Entrepreneurship- Economic Rocket Fuel PDF

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October 9, 2013 Chapter 7: Small Business and Entrepreneurship- Economic Rocket Fuel Key Questions Why do entrepreneurs launch small businesses? What is the typical entrepreneurial mindset and characteristics? What are the funding options for small business? What are the opportunities and threats facing small businesses? What are ways to become a business owner and facilitate success? What is the size, scope, and economic contribution of small business? Launching a New Venture: What’s in it for Me? Greater Financial Success Independence Flexibility Challenge Survival Opportunity Lost- there are trade-offs The Entrepreneur: A Distinctive Profile

Finding the Money: Funding Options for Small Business Personal Resources Loans Angel Investors Venture Capital Peer-to-Peer Lending A new and unique funding source for start-ups Websites bring together borrowers and investors Both parties benefit financially Entrepreneurs find this an easier source for funding with more favorable terms Small Business Sustainability Sustainable business practices can save money

Many large corporations assess suppliers based on environmental benchmarks Sustainable planning Establish a benchmark Identify best opportunities Develop implementation plans Set deadlines Keep the plan active Opportunities and Threats for Small Business: A Two-Sided Coin Threats Higher Risk of Failure Lack of Knowledge and Experience Too Little Money Bigger Regulatory Burden Higher Health Insurance Costs Opportunities Market Niches Personal Customer Service Lower Overhead Cost Technology Launching Options: Reviewing the Pros and Cons

Making it Happen: Tools for Success Use the Small Business Administration

Gain Experience Learn from Others Educate Yourself Write a Business Plan The Business Plan Executive Summary Description of Business Competitive and Industry Research Marketing Strategies Operating Procedures Personel Financial Projections Small Business and the Economy: An Outsized Impact Creating New Jobs Fueling Innovation Vitalizing Inner Cities Entrepreneurship Rates Around the World...