2 Bell RingerWhat are you looking forward to doing during break?
3 Importance of Small Business “For the land of the Free, and the home of the Brave”National Anthem
4 What are the benefits of having a small business? Creates new jobsRecycles old structuresOpportunities for minorities and womenProvides new products and servicesAllows one to peruse their dreams of becoming successfulAccounts for 55% of the innovative products and services we use today
5 Types of Small Business Structure Sole ProprietorshipPartnershipCorporationCharterStock holdersBoard of DirectorsLimited liabilityFranchise
6 Entrepreneurship Advantages Autonomy/Empowermenthaving the right to make one's own choices and having the ability to act on themJob satisfactionGetting to do what you love to do.Income potential
7 Entrepreneurship Disadvantages LiabilityTortAny action or inaction that wrongs, damages, or injures another, and thus forms the basis of a civil lawsuit.FinancialWork long hoursWork at least 60 hours a weekBusiness may not prosperBusiness may fail and you may end up broke!
8 Entrepreneurial Traits InitiativeLeadership qualitiesDependabilityTrustworthinessOrganizational skillsDedication/perseveranceDecision making/problem solving skillsRisk takerForesightJudgment/reasoningCommunication skillsInnovativeMost individuals have the personality to be an entrepreneur
9 4 steps to becoming an entrepreneur 1. VisionBe innovative (Creative)2. ResearchCollect as much information as possible about the business opportunity3. PlanningMake sure you have you business plan in order4. ActingTalk is cheap!! Act on your dreams