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