{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

9.7.06 - -Borrowing money without a plan on how to pay it...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
9.7.2006 Entrepreneurship: Accepting the risk of starting and running a business. Why do people become entrepreneurs? - “Opportunity” reasons: they deal with things outside the person. - “Personal” reasons: What must a successful entrepreneur be? - Self-directed and disciplined - Action oriented - Highly energetic// hard worker Kinds of entrepreneurs: - “Classic” entrepreneur - Intrapreneur – Inside entrepreneur - “Turn-around” entrepreneurs/ change agents: buy something that’s failing and make it profitable. - Micropreneur: Someone who starts a business designed to fit with his/her lifestyle. ( A family woman who starts a business in order to fit their lifestyle) *What factors influence the value of business? - What the business owns - What the business earns - What makes your business unique? Causes of small business failures - Overpricing (or under pricing) goods or services - Understanding how much time it will take to develop a market or clientele
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: -Borrowing money without a plan on how to pay it back-Not allowing for setbacks or unexpected expenses.-Forgetting about taxes, insurance, and other business costs-Buying/ Selling too much on credit-Failing to keep complete and accurate financial records What can gov’t do to improve entrepreneurship?-immigration act of 1990-Enterprise zones-Business incubator-Small Business Administration (SBA) o Source of information and assistance o Service corps of retired executives (SCORE) o Active corps of executives (ACE) o Source of business loans Business Plan Outline:-An executive summary-Company background-An organization chart and HR plan-Financial, operations, and marketing plans-A location analysis-Other sections specific to the particular areas of business. Other sources of Expert Advice-Attorney-Accountant-Insurance agent-Commercial loan officer-Industry trade associations...
View Full Document

{[ snackBarMessage ]}