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4.02 Small Business and Entrepreneurship.

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Presentation on theme: "4.02 Small Business and Entrepreneurship."— Presentation transcript:

1 4.02 Small Business and Entrepreneurship

2 Bell Ringer What 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 jobs Recycles old structures Opportunities for minorities and women Provides new products and services Allows one to peruse their dreams of becoming successful Accounts for 55% of the innovative products and services we use today

5 Types of Small Business Structure
Sole Proprietorship Partnership Corporation Charter Stock holders Board of Directors Limited liability Franchise

6 Entrepreneurship Advantages
Autonomy/Empowerment having the right to make one's own choices and having the ability to act on them Job satisfaction Getting to do what you love to do. Income potential

7 Entrepreneurship Disadvantages
Liability Tort Any action or inaction that wrongs, damages, or injures another, and thus forms the basis of a civil lawsuit. Financial Work long hours Work at least 60 hours a week Business may not prosper Business may fail and you may end up broke!

8 Entrepreneurial Traits
Initiative Leadership qualities Dependability Trustworthiness Organizational skills Dedication/perseverance Decision making/problem solving skills Risk taker Foresight Judgment/reasoning Communication skills Innovative Most individuals have the personality to be an entrepreneur

9 4 steps to becoming an entrepreneur
1. Vision Be innovative (Creative) 2. Research 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

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