Chapter_6 - Chapter 6 Entrepreneurship and Starting a Small...

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Chapter 6 Entrepreneurship and Starting a Small Business Entrepreneurship is accepting the risk of starting and running a business. The Job Creating Power of Entrepreneurs in the United States Dupont 1802 $36,000 startup Avon 1886 $500 startup Kodak 1880 $3,000 startup 1837 $7,000 startup Ford $28,000 startup Amazon.com $300,000 startup (parents’ retirement acct.) Why People Take the Entrepreneurial Challenge Opportunity, Profit, Independence, Challenge What Does It Take to Be an Entrepreneur? Self Directed, Self Nurturing, Action Oriented, Highly Energetic, Tolerant of Uncertainty . . . others??? Most entrepreneurs don’t get the ideas for their products and services from some flash of inspiration. The flashlight approach is looking around, asking questions, see a good idea and then implement it. Entrepreneurial Teams An Entrepreneurial Team is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new Apple Computers started with Steve Jobs (charismatic), Steve Wozniack (inventor), Mike Markkula (business expertise and venture capital). Apple was built around a “smart team” of seasoned managers. Everyone worked together to conceive, develop, and market products. Micropreneurs and Home Based Businesses Micropreneurs are interested in simply enjoying a balanced lifestyle while doing the work they love. Many home based businesses are owned by people who are trying to combine career and family. Reasons for growth of home based businesses are: computer technology has leveled the competitive playing field (broadband, PDAs, etc…) corporate downsizing has made workers aware that there is no such thing as job security social attitudes have changed new tax laws have loosened restrictions regarding deductions for home offices Major challenges include: getting new customers managing time keeping work and family tasks separate abiding by city ordinances managing risk (homeowners policy) work at home scams Cleaning service, resume service, web design, etc… make good, low start up cost, businesses
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Web Based Businesses In 2006, online sales in the US topped $200 Billion – a 25% increase from 2005. Category 2006 sales* (projected) Growth year-over-year Channel share Computer hardware/software $16.8 16% 47% Consumer electronics $9.8 23% 14% Music/video $8.2 24% 16% Appliances and tools $5.9 22% 4% Toys/video games $5.8 24% 18% Gift cards $5.8 28% 18% Computer peripherals $1.4 11% 22% Total online spending (all categories) $211.4 20% 7.9% * $ in billions Source: The State of Retailing Online 2006 (Shop.Org/Forrester Research) © TWICE 2006
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Chapter_6 - Chapter 6 Entrepreneurship and Starting a Small...

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