1. Chapter 5: The Challenges of Starting a Business
What is an Entrepreneur?
The Place of Small Business in the Business Landscape
What Industries are Small Businesses In?
Advantages and Disadvantages of Business Ownership
Staring a Business
The Business Plan
How to Succeed in Managing a Business
(Cases and problems)

2. 1. What is an Entrepreneur?
Define entrepreneur and describe the three characteristics of entrepreneurial activity
What are the advantages of entrepreneurism?
Explain the differences between the three types of start-up firms

3. 2. The Place of Small Business in the Business Landscape
Define a small business.
What do they contribute and why are they important to US economy?
What role do they play in business innovation and outsourcing?

4. 3. What Industries are Small Businesses In?
Define industry.
What’s involved in the goods producing sector of industry? The service producing sector?
Why are most small businesses involved in the service producing sector?

5. 4. Advantages and Disadvantages of Business Ownership
What are the advantages of business ownership? Disadvantages?
What do statistics show as the average hours for the work week of an entrepreneur?

6. 5. Staring a Business What does it take to start a business?
What are some ways people come up with business ideas?
What are your ownership options and how do they work?

7. 6. The Business Plan What is the purpose of a business plan?
Explain each of the following sections of a formal business plan:
Executive Summary, Business Description, Industry Analysis, Mission Statement/Core Values, Management Plan, Organizational/Operational Process, Marketing, Global Impact, Financial Plan

8. 7. How to Succeed in Managing a Business
Discuss ways to succeed in managing a business and explain why some businesses fail
What are the SBA, SBDC, and SCORE? How do they operate and what services do they provide?

9. Cases and Problems The class will divide into 4 groups:
Groups 1 and 3 will complete the Learning on the Web exercise in Chapter 5
Groups 2 and 4 will complete the Career Opportunities exercise in Chapter 5
Be prepared to discuss your answers in your groups in the next class session