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Chapter7
1.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7 ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7 ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Small Business and Entrepreneurship: Economic Rocket Fuel 2 LO1 Why do entrepreneurs launch small businesses? LO2 What is the typical entrepreneurial mindset and characteristics? LO3 What are funding options for small business? LO4 What are the opportunities and threats facing small businesses? LO5 What are ways to become a business owner and facilitate success? LO6 What is the size, scope and economic contribution of small business?
3.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Entrepreneurship Plays a Positive Role in U.S. Economy • New business creation increased steadily from 2007 to 2009 • Interest among teenagers in launching a business is consistent at 40% • In 2010, U.S. entrepreneurship rates reached their highest level in 15 years • Job seekers offer hope as job creators 3 Source: Despite Recession, Youth Remain Interested in Entrepreneurship, Poll Shows, November 17, 2010, Philanthropy News Digest website, http://foundationcenter.org/pnd/news/story.jhtml;jsessionid=R0ZQZFD52NZNLLAQBQ4CGW15AAAACI2F?id=314900002, accessed March 18, 2011, “Jobless Entrepreneurship” Tarnishes Steady Rate of U.S. Start-Up Activity, Kauffman Study Shows, March 7, 2011, Kauffman website, http://www.kauffman.org/newsroom/jobless-entrepreneurship-tarnishes-steady-rate-of-us-startup- activity.aspx, accessed March 18, 2011
4.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Launching a New Venture: What’s in It For Me? 4 Greater Financial Success Independence Flexibility Challenge Survival Opportunity Lost – there are trade-offs Business opportunities are like buses…there’s always another one coming. -- Richard Branson, Virgin Enterprise “ “
5.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Entrepreneur: A Distinctive Profile 5
6.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. New Venture: Living Social Escapes Video HereVideo Here 6
7.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Gather Around the Water Cooler: Let’s Talk • 7 ©iStockphoto.com/DNY59 • What motivated Maya to start Urban Escapes? • What entrepreneurial characteristics do you see in Maya? • How did Maya fund her start up?
8.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Entrepreneurship: Do You Have What it Takes? • Do you enjoy working? • Do you gamble? • Can you fake it? • Are you good on your feet? 8Source: Personality Test for Entrepreneurship Success by Andy Swan, Small Biz Survival website, http://www.smallbizsurvival.com/2008/08/personality-test-for-entrepreneurship.html, posted August 4, 2008, accessed April 3, 2011. ©iStockphoto.com/Neustockimages
9.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Roach Coaches Minus the Roaches • Today’s food truck owners are tech-savvy entrepreneurs Build loyal customers via social media Kogi BBQ truck has 28,000 Twitter followers • Lunch trucks today have gone upscale Korean/Mexican Tacos Gourmet deserts Sustainably harvested fish tacos 9 Source: “Food Truck Nation,” by Katy McLaughlin, June 5, 2009, The Wall Street Journal website, http://online.wsj.com/article/SB10001424052970204456604574201934018170554.html, accessed June 3, 2010; “How to Open a (Successful) Food Truck,” by Christine Lagorio, May 12, 2010, Inc. website, http://preview.inc.com/guides/2010/05/opening-a-successful-food-truck.html, accessed June 3, 2010.
10.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Finding the Money: Funding Options for Small Business 10 Personal Resources Loans Angel Investors Venture Capital ©Colin Anderson/Blend Images/Jupiterimages©Colin Anderson/Blend Images/Jupiterimages
11.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Peer-to-Peer Lending • A new and unique funding source for start-ups • Websites bring together borrowers and investors • Both parties benefit financially • Entrepreneurs find this an easier source for funding with more favorable terms 11 ©TheStudioDog/Photodisc/GettyImages
12.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Small Business Sustainability • Sustainable business practices can save money • Many large corporations assess suppliers based on environmental benchmarks • Sustainable planning: 1. Establish a benchmark 2. Identify best opportunities 3. Develop implementation plans 4. Set deadlines 5. Keep the plan active 12Source: Sustainability Planning for Business Owner by Kelly Spors , May 9, 2010, Small Business Trends website, http://smallbiztrends.com/2010/05/sustainability-planning-for-business-owners.html, accessed April 3, 2011
13.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Opportunities and Threats for Small Business: A Two-Sided Coin 13 Threats: • Higher Risk of Failure • Lack of Knowledge and Experience • Too Little Money • Bigger Regulatory Burden • Higher Health Insurance Costs Opportunities: • Market Niches • Personal Customer Service • Lower Overhead Cost • Technology Opportunities: • Market Niches • Personal Customer Service • Lower Overhead Cost • Technology
14.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. New Business Survival Rates 14
15.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Launching Options: Reviewing the Pros and Cons 15
16.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Making it Happen: Tools for Success 16 • Use the Small Business Administration • Gain Experience • Learn from Others • Educate Yourself • Write a Business Plan ©TheStudioDog/Photodisc/GettyImages Source: Focus on Success, Not Failure by Rhonda Abrams, May 7, 2004, USA Today website money section, http://www.usatoday.com/money/smallbusiness/columnist/abrams/2004-05-06-success_x.htm.
17.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Business Plan 17 Executive Summary Description of Business Marketing Strategies Competitive and Industry Research Operating Procedures Personnel Financial Projections Executive Summary Description of Business Marketing Strategies Competitive and Industry Research Operating Procedures Personnel Financial Projections Source: Business Plan Basics, U.S. SBA, http://www.sba.gov/starting_business/planning/basic.html, accessed February 15, 2009. ©RAGMA IMAGES/Shutterstock.com
18.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Doomsday: No Rules, No Backup Video HereVideo Here 18
19.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Gather Around the Water Cooler: Let’s Talk • 19 ©iStockphoto.com/DNY59 • What is the risk of starting your own business? • Are there rules or backup to starting your own business? • How can entrepreneurs reduce their risk?
20.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Small Business and the Economy: An Outsized Impact 20 • Creating New Jobs • Fueling Innovation • Vitalizing Inner Cities • In 2008, 99.9% of businesses in the U.S. had less than fewer than 500 employees • 7% of small business owners ran their business without any employees • Small businesses generate about half the U.S. GDP • Small businesses employ half of the nation’s private workforce ©TheStudioDog/Photodisc/GettyImages Source: “Frequently Asked Questions,” SBA Office of Advocacy, updated September 2009, SBA website http://www.sba.gov/advo/stats/sbfaq.pde, accessed June 3, 2010.
21.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Accidental Invention • Many great ideas happen by accident • Penicillin was the result of not cleaning up a science workstation • Coca-Cola resulted from efforts to develop a headache medicine • Saccharin was discovered from a chemist not washing his hands “Luck is what happens when preparation meets opportunity” ~ Seneca 21Source: Top 10 Accidental Inventions, Science Channel website, http://science.discovery.com/brink/top-ten/accidental-inventions/inventions-01.html, accessed March 22, 2011.©haveseen/Shutterstock.com
22.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Entrepreneurship Around the World 22 Societies need entrepreneurs. While entrepreneurs think the environment is worse than 2009, intentions to launch a business have not declined. People are afraid of losing their jobs and are considering entrepreneurship Potential entrepreneurs may be more optimistic about their own ability Potential entrepreneurs may be delaying their launchSource: Global Entrepreneurship Monitor 2010 Report by Donna J. Kelley, Niels Bosma, José Ernesto Amorós, College and London School of Economics, file:///C:/Users/Marce/AppData/Local/Temp/GEM%20GLOBAL%20REPORT%202010rev.pdf, published March 2011, accessed March 21, 2011 Global Entrepreneurship Monitor, 2008 Executive Report by Niels Bosma, Zoltan J. Acs, Erkko Autio, Alicia Coduras, and Jonathan Levie, Babson College and London School of Economics, http://www.gemconsortium.org/article.aspx?id=76, published January 15, 2009, accessed February 17, 2009. ©BSHStock/ImageSource
23.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Entrepreneurship Rates Around the World 23
24.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. World Entrepreneurship Variables • What is the national per-capita income? • What will the entrepreneur need to give up (opportunity costs)? • How high is the risk of failure? • How strongly do the national culture and political environment support business start- ups? 24
25.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Reality TV: Start-up Junkies Video HereVideo Here 25
26.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Gather Around the Water Cooler: Let’s Talk • 26 ©iStockphoto.com/DNY59 • Ron Wiener, founder and CEO of Earth Class Mail, is a serial entrepreneur. He founded and sold four other businesses before founding Earth Class mail. What do you think has motivated him to do this? • What key entrepreneurial characteristics aptly describe Ron Wiener?
27.
©2013 Cengage Learning.
All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 7 ©2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Looking Back • Why do entrepreneurs launch small businesses? • What is the typical entrepreneurial mindset and characteristics? • What are funding options for small business? • What are the opportunities and threats facing small businesses? • What are ways to become a business owner and facilitate success? 27