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Unformatted text preview: Chapter 01 - Small Business: Its Opportunities and Rewards CHAPTER 1: SMALL BUSINESS: ITS OPPORTUNITIES AND REWARDS Chapter Summary This chapters overviews the role of entrepreneurship in the United States and discusses the impact that small businesses have on the community as a whole. Basic definitions of entrepreneurship, small business and the main entry methods are provided. The reason entrepreneurs chose to go into business and the actions they must accomplish to be successful are also included. The BRIE model is introduced and described in this chapter. Learning Objectives After studying this chapter, the student should be able to: 1. Understand the scope of small business in the United States 2. Learn the differences between small businesses and high-growth ventures. 3. Discover the rewards entrepreneurs can achieve through their businesses 4. Be able to dispel the key myths about small businesses 5. Identify actions key to becoming a small business owner 6. Understand how small business is important to our economy and your community Focus on Small Business: Aaron the Cartoonist Aaron McGruder may not have started out to be an entrepreneur, but the creator of the popular comic strip, Boondocks , was able to take a hobby and make it into a paying business. McGruder was smart enough to realize that he didnt have all the answers so he took advice from his public and sought outside help (e.g., attorneys) when necessary. Focus on Small Business Discussion Questions 5.1 How did Aaron move what was his passion and hobby into a viable business? In short, he worked hard at becoming a professional cartoonist. Before he turned pro he used school to organize the work needed to lay a foundation for his profession. He did research (as part of classes). He pilot tested his cartoons inside the ivory tower to get feedback and improve his skill level and characters. He leveraged his school work to get visibility inside the profession itself. And when he needed help to go to the next level, he got it. 1-1 Chapter 01 - Small Business: Its Opportunities and Rewards 5.2 What did Aaron do to develop his skills as a cartoonist? He practiced for years before he tried his skills in a pilot test, doing comic strips for local student newspapers. Even as he did those strips, he asked readers about them and refined the characters and drawing as he went along. 5.3 What kinds of research did Aaron use to understand the cartooning industry? He interviewed many of the African-American professional cartoonists, as well as doing an industry analysis to see how the cartooning industry overall works. 5.4 What kinds of help did Aaron use to develop his business? He sought help from people with more expertise than himself. He talked to the African-American professional cartoonists to find out the easy and hard parts of their business and situation. He talked with people in the cartooning industry to find out how professional cartooning operated. When he found out how difficult it find out how professional cartooning operated....
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- Spring '09