Bell Ringer What are you looking forward to doing during break?
Importance of Small Business “For the land of the Free, and the home of the Brave” National Anthem
What are the benefits of having a small business? 1. Creates new jobs 2. Recycles old structures 3. Opportunities for minorities and women 4. Provides new products and services 5. Allows one to peruse their dreams of becoming successful 6. Accounts for 55% of the innovative products and services we use today
Types of Small Business Structure 1.Sole Proprietorship 2.Partnership 3.Corporation Charter Charter Stock holders Stock holders Board of Directors Board of Directors Limited liability Limited liabilityFranchise
Entrepreneurship Advantages 1.Autonomy/Empowerment 1. having the right to make one's own choices and having the ability to act on them 2.Job satisfaction 1. Getting to do what you love to do. 3.Income potential
Entrepreneurship Disadvantages 1.Liability Tort Tort Any action or inaction that wrongs, damages, or injures another, and thus forms the basis of a civil lawsuit. Financial Financial 2. Work long hours Work at least 60 hours a week Work at least 60 hours a week 3. Business may not prosper Business may fail and you may end up broke! Business may fail and you may end up broke!
Entrepreneurial Traits 1.Initiative 2.Leadership qualities 3.Dependability 4.Trustworthiness 5.Organizational skills 6.Dedication/perseverance 7.Decision making/problem solving skills 8.Risk taker 9.Foresight 10.Judgment/reasoning 11.Communication skills 12.Innovative 13.Most individuals have the personality to be an entrepreneur
4 steps to becoming an entrepreneur 1. Vision Be innovative (Creative) Be innovative (Creative) 2. Research Collect as much information as possible about the business opportunity Collect as much information as possible about the business opportunity 3. Planning Make sure you have you business plan in order 4. Acting Talk is cheap!! Act on your dreams