Introduction to business: small business & entrepreneurship

Slide 1

Slide 1 text

Small business & entrepreneurship creative commons licensed (BY-NC-ND) flickr photo by tylernol: https://flic.kr/p/9muXtV

Slide 2

Slide 2 text

Quiz • Closed book/closed notes • Put your phones away • You may collaborate with your team • You are responsible for the answers on your quiz • You do not have to choose the same answers as your team

Slide 3

Slide 3 text

Slide 4

Slide 4 text

Ordering: • Wait time: several years. • $1500 non-refundable deposit creative commons licensed (BY-ND) flickr photo by The Vanilla Workshop: https://flic.kr/p/6YycAP

Slide 5

Slide 5 text

No content

Slide 6

Slide 6 text

In teams: • What innovations has Sacha White made at Vanilla Bicycles? • What has he done to ensure that his business makes a profit? • What risks has Sacha White taken? • What advantages does Sacha White derive from owning his own business? • What disadvantages does he face? • How did location affect Sacha White's success? Would his business be successful in another location?

Slide 7

Slide 7 text

Why do people start own businesses? • independence • desire to determine own destiny • willingness to find & accept challenge • family background • age • no jobs available

Slide 8

Slide 8 text

Why doesn't everyone start their own business? • risk • work • responsibility • stress • undesirable duties

Slide 9

Slide 9 text

creative commons licensed (BY-NC) flickr photo by The Scott: https://flic.kr/p/5Rjc5M

Slide 10

Slide 10 text

Business plan: • purposes • feasibility study • obtain funding: • loans, investment • must be detailed, but must have compelling executive summary

Slide 11

Slide 11 text

Executive summary creative commons licensed (BY-SA) flickr photo by Julian Partridge: https://flic.kr/p/nzcBBA

Slide 12

Slide 12 text

Benefits to community cc licensed ( BY NC ND ) flickr photo by mystuart: http://flic.kr/p/9cNVv9

Slide 13

Slide 13 text

Company and industry creative commons licensed (BY-NC-ND) flickr photo by SP8254: https://flic.kr/p/6ssgh7

Slide 14

Slide 14 text

Management team • Form of organization • Qualifications of management • Compensation package • Organizational structure

Slide 15

Slide 15 text

Manufacturing and operations plan creative commons licensed (BY-SA) flickr photo by brewbooks: https://flic.kr/p/neD29

Slide 16

Slide 16 text

Labor force creative commons licensed (BY-NC-ND) flickr photo by jcolman: https://flic.kr/p/6rxrjx

Slide 17

Slide 17 text

Marketing plan • Target market • Pricing • Distribution • Promotion creative commons licensed (BY-NC-SA) flickr photo by HubSpot: https://flic.kr/p/5StEXZ

Slide 18

Slide 18 text

Financial plan creative commons licensed (BY-NC) flickr photo by Wonderlane: https://flic.kr/p/4A34sJ

Slide 19

Slide 19 text

Exit strategy creative commons licensed (BY-NC-SA) flickr photo by Jeff Hester: https://flic.kr/p/4H7kPx

Slide 20

Slide 20 text

Critical risks and assumptions

Slide 21

Slide 21 text

What does it take to succeed? • Business knowledge • Management skills • Attitude • Adequate funding • Money management • Time management

Slide 22

Slide 22 text

Why do businesses fail? • Bad idea • Cash problems • Managerial incompetence • Poor customer focus • Inability to handle growth

Slide 23

Slide 23 text

creative commons licensed (BY-NC-ND) flickr photo by Voxphoto: https://flic.kr/p/P3Vqs

Slide 24

Slide 24 text

• SBA • Small Business Development Center • SCORE • Incubators • Edge Center for Entrepreneurship and Innovation •SCORE