Entrepreneurship and Starting a Small Business - Coggle Diagram
Entrepreneurship and Starting a Small Business
Why people take the entrepreneurial challenge
What does it take to be an entrepreneur
Affiliate marketing: An online marketing strategy in which a business rewards individuals or other businesses for each visitor or customer the affiliate sends to its website.
Intrapreneurs: Creative people who work as entrepreneurs within corporations
Micropreneurs: Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small
Entrepreneurial team: A group of experienced people from different areas of business who join to form a managerial team with the skills to develop, make, and market a new product.
Getting started in small business
Start with too little capital
Buy too much on credit
Carry extravagant habits
Small business: is independently owned and operated, is not dominant in its field of operation, and meets certain standards of size in terms of employees or annual receipts.
Managing a small business
People with unsatifsfied wants and needs who have both the resources and the willingness to buy.
Banks and finance institutions
Family and business associates
Individuals or companies that invest in new businesses in exchange for partial ownership of those businesses.
Business plan: Written statement that describes the nature of the business, the target market, the advantages the business will have over the competition, and the resources and qualifications of the owner(s).
Advantages over large businesses
Overseas buyers often enjoy dealing with individuals rather than with large corporate bureaucracies.
Small companies can usually begin shipping more faster
Small companies can provide a wide variety of suppliers
Small companies can give customers personal service and undived attention