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

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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 - Starting with too little capital or being careless in its use
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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...
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This note was uploaded on 04/22/2008 for the course COM 318 taught by Professor Stewart during the Spring '07 term at Purdue.

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

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