4.02 4.02

Small Business and EntrepreneurshipSmall Business and Entrepreneurship

Bell RingerBell Ringer

What are you looking forward to doing What are you looking forward to doing during break?during break?

Importance of Small BusinessImportance of Small Business

““For the land of the For the land of the Free, and the home of Free, and the home of the Brave”the Brave”

National AnthemNational Anthem

What are the benefits of having a What are the benefits of having a small business?small business?

1.1. Creates new jobsCreates new jobs

2.2. Recycles old structuresRecycles old structures

3.3. Opportunities for minorities and womenOpportunities for minorities and women

4.4. Provides new products and servicesProvides new products and services

5.5. Allows one to peruse their dreams of Allows one to peruse their dreams of becoming successfulbecoming successful

6.6. Accounts for 55% of the Accounts for 55% of the innovative products innovative products and servicesand services we use today we use today

Types of Small Business StructureTypes of Small Business Structure

1.1. Sole ProprietorshipSole Proprietorship

2.2. PartnershipPartnership

3.3. CorporationCorporation CharterCharter Stock holdersStock holders Board of DirectorsBoard of Directors Limited liabilityLimited liability

FranchiseFranchise

Entrepreneurship AdvantagesEntrepreneurship Advantages

1.1. Autonomy/EmpowermentAutonomy/Empowerment1.1. having the right to make one's own choices having the right to make one's own choices

and having the ability to act on them and having the ability to act on them

2.2. Job satisfactionJob satisfaction1.1. Getting to do what you love to do.Getting to do what you love to do.

3.3. Income potentialIncome potential

Entrepreneurship DisadvantagesEntrepreneurship Disadvantages

1.1. LiabilityLiability TortTort

Any action or inaction that wrongs, damages, Any action or inaction that wrongs, damages, or injures another, and thus forms the basis or injures another, and thus forms the basis of a civil lawsuit.of a civil lawsuit.

FinancialFinancial

2.2. Work long hoursWork long hours Work at least 60 hours a weekWork at least 60 hours a week

3.3. Business may not prosperBusiness may not prosper Business may fail and you may end up broke!Business may fail and you may end up broke!

Entrepreneurial Traits Entrepreneurial Traits

1.1. InitiativeInitiative2.2. Leadership qualitiesLeadership qualities3.3. DependabilityDependability4.4. TrustworthinessTrustworthiness5.5. Organizational skillsOrganizational skills6.6. Dedication/perseveranceDedication/perseverance7.7. Decision making/problem solving skillsDecision making/problem solving skills8.8. Risk takerRisk taker9.9. ForesightForesight10.10. Judgment/reasoningJudgment/reasoning11.11. Communication skillsCommunication skills12.12. InnovativeInnovative13.13. Most individuals have the personality to be an entrepreneurMost individuals have the personality to be an entrepreneur

4 steps to becoming an 4 steps to becoming an entrepreneur entrepreneur

1. Vision1. Vision Be innovative Be innovative

(Creative)(Creative)

2. Research2. Research Collect as much Collect as much

information as information as possible about the possible about the business opportunitybusiness opportunity

3. Planning3. Planning Make sure you have Make sure you have

you business plan in you business plan in orderorder

4. Acting4. Acting Talk is cheap!! Act on Talk is cheap!! Act on

your dreamsyour dreams