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Chapter 6 Business - Coggle Diagram
Chapter 6 Business
Why people take the entrepreneurial challenge
opportunity
profit
independence
challenge
what does it take to be an entrepreneur
self directed
self nurturing
action oriented
highly energetic
tolerant of uncertainty
micro-preneurs: entrepreneurs willing to accept the risk of starting and managing a small business
getting started in small business
there are 28 million small businesses in the US
600,00 businesses paying tax and hiring employees start every year
small businesses have generated 65% of new jobs since 1995
80% of US workers start in small businesses and make their way up
small businesses make up to 60-80% of the nations economy
learning about small business operations
it is important to learn from others, get some experience, take over a successful firm,
learn from others: investigate your local community, start classes on small business and entrepreneurship, talk to others who already have some experience, be aware of problems and risks and finding a good team.
get some experience: become an apprentice of work for a small entrepreneur. many business owners get experience from prior jobs.
take over a successful firm: work long hours and barely take vacations. invest time and effort in the work.
managing a small business
plan your business
financing your business
knowing your costumers (marketing)
managing the employees (human resource development)
keeping records (accounting)
business plan: written statement that describes the nature of the business and other specific details involved in the business
getting money to fund a small business
venture capitalists: may finance projects for a price. they may ask to stake in your company.
going global: small business prospects
small business have advantages over large business in the international trade
overseas buyers enjoy dealing with individuals rather than large corporations
small companies can being shipping much faster
small companies provide a wide variety of suppliers
small companies provide personal customer service and undivided attention