Midterm Notes - MIDTERM NOTES Entrepreneur one who organizes operates and assumes the risk of a business venture 4 things increase the chances of

Midterm Notes - MIDTERM NOTES Entrepreneur one who...

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MIDTERM NOTES: Entrepreneur: one who organizes, operates, and assumes the risk of a business venture. 4 things increase the chances of success: 1. Money 2. Idea 3. Person 4. Timing 12 Characteristics/traits of a successful entrepreneur: o Overachiever o Moderate/Calculated Risk Taker o *Hardworker* (most important) o Goal Setter o Innovative/Creative o Self-Confident (NOT arrogant) o Long-term Commitment o Enthusiastic o Persevere o Dreamer (being something vs having something) o Anticipate the Future o Resourceful o #13 added= HEART 4 Things you can do if you don’t have the traits: o 1. Develop them 2. Hire the traits 3. Get it for Free 4. Light a Spark Small Business Planning: small business = less than 500 employees Advantages of Small Business: o Personal attention of the owner o Market is mainly local o Wide variations in sales (niches) o Close rapport with personnel o Quickly respond to market fluctuations – o Easier to manage, safer/less risk, sense of achievement/ recognition Disadvantages of Small Business: o Time (competition, unstable) o Money (income patterns) o Quality of employees (can’t afford to pay high wages) o Economics of scale (mass product things makes it cheaper) o Market Research Budget (no money to fund research) Strategic Planning: start at the end and work backward Mission Statement: short statement of your purpose ( 1 paragraph) Goal Setting: once you have a goal there are lots of ways to get there. 7 Steps: o Set long-range goals o Be specific and tangible o Set a timeframe to achieve goals o Sub-divide goals and keep track of progress o Make the goal challenging but realistic o Write down goals and display where you can see daily (day/night) o Keep track of progress and change goals as necessary 3 Resources to be successful: 1.Time 2. Money 3. Talent $250,000 Business Plan: on a 3x5 card, write down 6-7 most important tasks to be accomplished the next day. Number or color code, look at the card every 15 minutes. Cross off what is finished 3 Preliminary Steps: o Advisors: best kinds are CPA’s, business people, and bankers 1
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o Preparation: 9 months from time of idea to opening doors o Experience: 19 Steps to Starting a Business: o How much profit do you want o What are the needs of the consumer o Analyze your strengths and weaknesses o Evaluate potential risks/solutions o Forecast sales o Statement of assets o
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  • Spring '14
  • DavidL.Dahl
  • Balance Sheet, Small Business Planning, weak business plan

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