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Introduction to business: small business & entrepreneurship

1247d0fbb1983f2e8070809bb7acd6ef?s=47 Ted Major
February 16, 2016

Introduction to business: small business & entrepreneurship

CC-BY-SA

1247d0fbb1983f2e8070809bb7acd6ef?s=128

Ted Major

February 16, 2016
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  1. Small business & entrepreneurship creative commons licensed (BY-NC-ND) flickr photo

    by tylernol: https://flic.kr/p/9muXtV
  2. 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
  3. Vanilla Bicycles Founded 1999 Portland, OR © 2014 The Vanilla

    Workshop
  4. 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
  5. None
  6. 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?
  7. Why do people start own businesses? • independence • desire

    to determine own destiny • willingness to find & accept challenge • family background • age • no jobs available
  8. Why doesn't everyone start their own business? • risk •

    work • responsibility • stress • undesirable duties
  9. creative commons licensed (BY-NC) flickr photo by The Scott: https://flic.kr/p/5Rjc5M

  10. Business plan: • purposes • feasibility study • obtain funding:

    • loans, investment • must be detailed, but must have compelling executive summary
  11. Executive summary creative commons licensed (BY-SA) flickr photo by Julian

    Partridge: https://flic.kr/p/nzcBBA
  12. Benefits to community cc licensed ( BY NC ND )

    flickr photo by mystuart: http://flic.kr/p/9cNVv9
  13. Company and industry creative commons licensed (BY-NC-ND) flickr photo by

    SP8254: https://flic.kr/p/6ssgh7
  14. Management team • Form of organization • Qualifications of management

    • Compensation package • Organizational structure
  15. Manufacturing and operations plan creative commons licensed (BY-SA) flickr photo

    by brewbooks: https://flic.kr/p/neD29
  16. Labor force creative commons licensed (BY-NC-ND) flickr photo by jcolman:

    https://flic.kr/p/6rxrjx
  17. Marketing plan • Target market • Pricing • Distribution •

    Promotion creative commons licensed (BY-NC-SA) flickr photo by HubSpot: https://flic.kr/p/5StEXZ
  18. Financial plan creative commons licensed (BY-NC) flickr photo by Wonderlane:

    https://flic.kr/p/4A34sJ
  19. Exit strategy creative commons licensed (BY-NC-SA) flickr photo by Jeff

    Hester: https://flic.kr/p/4H7kPx
  20. Critical risks and assumptions

  21. What does it take to succeed? • Business knowledge •

    Management skills • Attitude • Adequate funding • Money management • Time management
  22. Why do businesses fail? • Bad idea • Cash problems

    • Managerial incompetence • Poor customer focus • Inability to handle growth
  23. creative commons licensed (BY-NC-ND) flickr photo by Voxphoto: https://flic.kr/p/P3Vqs

  24. • SBA • Small Business Development Center • SCORE •

    Incubators • Edge Center for Entrepreneurship and Innovation •SCORE