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C H AP T E R

SLIDE 1

CHAPTER

Entrepreneurship and
Small Business Management
6-1

Becoming an Entrepreneur

6-2

Small Business Basics

6-3

Starting a Small Business

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

6-1

Becoming an
Entrepreneur

Goal 1 Identify characteristics of successful


entrepreneurs.
Goal 2 Recognize the importance of
entrepreneurship in the economy.
Goal 3 Describe opportunities and risks of
entrepreneurship.
2012 Cengage Learning. All Rights Reserved.

SLIDE 2

CHARACTERISTICS OF
ENTREPRENEURS

C H AP T E R

SLIDE 3

Desire to be your own boss


Special skills and abilities

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

ENTREPRENEURS
IN ACTION

SLIDE 4

STARTING ON P. 124 DISCUSS THE


FOLLOWING:
Joshua Moore
Ben Cathers
Rich Stachowski
Abbey Fleck

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

SLIDE 5

WHAT DOES IT TAKE?


Not all business owners and managers
are entrepreneurs.
Entrepreneurs have unique skills and
personal characteristics.

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

ENTREPRENEURS ARE MORE

Persistent
Inquisitive
Energetic
Goal-oriented
Independent

SLIDE 6

Self-confident
Creative
Reliable
Competitive

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

ENTREPRENEURS HAVE

SLIDE 7

Problem-solving skills
Tolerance for ambiguity
Strong integrity
Personal initiative
Ability to secure resources
Capability to learn from failure
Willingness to work hard
2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

ENTREPRENEURSHIP
AND THE ECONOMY

C H AP T E R

SLIDE 8

Employment small businesses are


responsible for most new employment
Financing most new businesses start on
$10,000 or less
Productivity new and small businesses
produce a large volume of goods and
services for the economy

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

Employment Growth by
Business Size, 19902005

2012 Cengage Learning. All Rights Reserved.

C H AP T E R

SLIDE 9

Principles of Business, 8e

C H AP T E R

SLIDE 10

What are the sources of financing that


entrepreneurs use for their new
businesses?
Personal savings
Friends and family
Venture capital
Bank loans

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

OPPORTUNITIES AND RISKS

SLIDE 11

Before deciding to start a business, you


need to think about the opportunities and
risks.

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

NEW BUSINESS
OPPORTUNITIES

C H AP T E R

SLIDE 12

Innovation brand new invention


Improvement making something better

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

SLIDE 13

RECOGNIZING RISKS
Lack of adequate capital
Low sales
Higher than expected expenses
Competitive pressure
An owner unprepared to manage a
growing business
Operations requiring more time than the
owner is willing to commit
2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e

C H AP T E R

SLIDE 14

Where do entrepreneurship
opportunities begin?
Opportunities begin with innovations (ideas
about new products and services) or
improvements (ideas for changes to
existing products, services, or processes).

2012 Cengage Learning. All Rights Reserved.

Principles of Business, 8e