Small Business Management Launching and Growing Entrepreneurial Ventures, 15th Edition by Justin G

Small Business Management Launching and Growing Entrepreneurial Ventures, 15th Edition by Justin G

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Chapter 1 The Entrepreneurial Life CHAPTER OUTLINE Spotlight: Bridgecreek (video provided at http://www.bridgecreek.com ) 1 Entrepreneurship and Small Business Distinguish between an entrepreneur and a small business owner. Who Are the Entrepreneurs? Point out how entrepreneurial ventures are critical to the health of the U.S. economy, so an entrepreneurial career contributes to personal rewards and societal welfare. Contributions of Small Business to the Economy Small business makes a positive contribution to the economy More than twice the number of jobs contributed by larger businesses Larger firms could cut costs as the recession developed Small businesses in general didn’t have that option Entrepreneurship offered in Universities across the U.S. reflecting the desire to own a business Entrepreneurship offers many opportunities Megan Wettach (Fashion designer) Opened a store to sell prom dresses in Mount Pleasant, Iowa) Took an entrepreneurship class at University of Iowa Began designing her own gowns and obtained a $150,000 line of credit Signed a deal with an apparel maker in China and negotiated a deal to sell her own dresses She feels she can be a “global force in fashion” Sergey Brin and Larry Page (founded Google) Example of unlimited potential of entrepreneurial ventures Overwhelming success Google used as a verb in languages around the world Entrepreneurs (not limited to business founders; includes second-generation firm owners, franchisees, and owner-managers) Ask students for examples of entrepreneurs they know or know about Definition of an entrepreneur A person who relentlessly focuses on an opportunity, either in a new or existing enterprise, to create value, while assuming both the risk and reward for his or her effort What Is Small Business? Criteria Varies Number of employees, sales volume, and value of assets have been used Criteria used in this text Number of employees in the business is fewer than 100 1
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2 Except for marketing function, operations are geographically localized Financing provided by no more than a few individuals Business may begin with a single individual, but may grow Provide examples of local businesses (Microsoft and Apple could also be examples of small businesses that grew from 1-3 owners and are no longer small businesses) 2 Entrepreneurial Opportunities Explain the characteristics of entrepreneurial opportunities and give examples of successful businesses started by entrepreneurs. Entrepreneurial Opportunity Economically attractive and timely opportunity that creates value for prospective customers and firm’s owners Involves more than just a good business idea; requires critical resources People Assets Capital Three Success Stories Table Occasions (El Paso, TX) Cecilia “Chia” Stewart, Stacey Hunt, Claudia Narvaez owners Entered El Paso Pro Musica Tablescapes competition and won first-place
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Small Business Management Launching and Growing Entrepreneurial Ventures, 15th Edition by Justin G

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