Powerpoint 5 14 getting started in your own business

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POWERPOINT 5-14 Getting Started in Your Own Business (Refers to text pages 163- 168) LECTURE LINK 5-8 Start-Ups for Grown-Ups Nearly half of the country’s self-employed workers are Baby Boomers, and that fig- ure is expected to climb as this generation retires. (See complete lecture link on page 5.38 of this manual.) 5.26 I NTRODUCTION TO B USINESS : Instructor’s Resource Manual
LECTURE OUTLINE LECTURE NOTES c. They find their jobs are more chal- lenging, their ideas are more ac- cepted, and their bosses treat them with more respect . 2. As the business grows, the entrepre- neur must delegate authority. a. In businesses with long-term em- ployees, this is especially difficult. b. These long-term employees may not have the necessary manage- rial skills. 3. Family firms may be held back by atti- tudes such as “you can’t fire family” or you must promote someone because “they’re family.” 4. It is usually best to gradually recruit and groom employees for manage- ment positions. G. Keeping Records 1. A businessperson who sets up an ac- counting system early will save much grief later. 2. It is usually better if the entrepreneur uses experts to set up the accounting system. 3. An entrepreneur needs to handle some record-keeping activities. 4. Computers simplify record keeping and let the business owner follow the progress of the business. 5. A good accountant can help: a. set up record keeping systems; b. provide tax planning, financial forecasting; BONUS INTERNET EXERCISE 5-3 What Is “Small”? The Small Business Admin- istration defines “small” in different ways for different industries. This Internet exer- cise asks students to visit the SBA Website and find defini- tions for several industries. (See complete exercise on page 5.41 of this manual.) BONUS INTERNET EXERCISE 5-4 Small Business Administra- tion Resources This Internet exercise asks the student to identify SBA services available locally. (See complete exercise on page 5.42 of this manual.) BONUS INTERNET EXERCISE 5-5 Recordkeeping for the IRS This Internet exercise asks students to use the SBA Web- site to find out what types of records must be kept and what types of reports are re- quired to be filed. (See com- plete exercise on page 5.43 of this manual.) CHAPTER 5: Entrepreneurship and Starting a Small Business 5.27
LECTURE OUTLINE LECTURE NOTES c. choosing sources of financing. SELF CHECK QUESTIONS (Text page 168)

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