Introduction to business: small business & entrepreneurship

CC-BY-SA

Transcript

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

   View Slide

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
   

   View Slide

3. Vanilla Bicycles
   Founded 1999
   Portland, OR
   © 2014 The Vanilla Workshop
   

   View Slide

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
   

   View Slide

5. View Slide

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?
   

   View Slide

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

   View Slide

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

   View Slide

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

   View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

20. Critical risks and assumptions
    

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide

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

    View Slide