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Starting Your Small Business

Ryan McVay/Getty Images . 1. Chapter. Starting Your Small Business. Business v. Small Business Trends, Challenges, Opportunities, & Concerns of Small Business Characteristics of Entrepreneurs. Rapid Small Business Growth. 23 Million Employment 75% Of New Jobs

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Starting Your Small Business

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  1. Ryan McVay/Getty Images 1 Chapter Starting YourSmall Business Business v. Small Business Trends, Challenges, Opportunities, & Concerns of Small Business Characteristics of Entrepreneurs

  2. Rapid SmallBusiness Growth • 23 Million • Employment • 75% Of New Jobs • 50% Of Private Employment • 99% Of Employers • 97% Of Exporters

  3. Rim Light/PhotoLink/Getty Images Entrepreneurship Today • Male- 1.9 Men Per Woman • Ethnically Diverse • 25-34 • Specialty Expertise • $100 B For 3.5 M Startup/Small Businesses

  4. Royalty-Free/CORBIS Public FavorsSmall Business • Black Enterprise- http://www.blackenterprise.com • Entrepreneur • Inc. • Hispanic Business- http://www.hispanicbusiness.com • Family Business • Entrepreneurial Woman • Your Company • Etc.

  5. Interest At Schools • Courses • 20 Years Ago- None • Now- Hundreds • Ages 13-18 = Positive Potential • Business Career • Males = 13% • Females = 10%

  6. EntrepreneurialStudent Organizations • Association of College Entrepreneurs • University Entrepreneurial Association • Students in Free Enterprise - http://www.sife.org

  7. Photodisc Collection/Getty Images Self-Employment Trend • Increased Investor Interest • Executives Taking Early Retirement • 55% Want To Be Own Boss • Technological Advances

  8. Doug Menuez/Getty Images Attractive To All Ages • More Than ½ Of Independent Workers In NYC • College-Educated • 25- 40 Years Old • 84% Of Entrepreneurs “Not Worried About Future” • 40% Have Management Experience • ¼ Managed/Owned Business Before

  9. Hisham F. Ibrahim/Getty Images Small Business? • Independent Management • Capital/Ownership = Few Individuals • Operations Are Local • Business = Small But Competitors = Large

  10. SBA Definition “…a small business is one that is independently owned and operated and is not dominant in its field of operation.”

  11. Classification By Size

  12. Venture Profit Growth Quick Sellout Small/Micro No New Or Innovative Activities Provide Owner Living Objectives

  13. Most CommonHome-Based Businesses Source: Independent Insurance Agents of America

  14. Royalty-Free/CORBIS Contributions OfSmall Business • Encourage Innovation & Flexibility • Close Relationship With Customers/Community • Force Large Firms To Be Competitive • Provide Employees Learning Experience • Develop Risk Takers • New Employment • Greater Employee Job Satisfaction

  15. Royalty-Free/CORBIS Problems ForSmall Business • Recession/Current Economy • Retirement/Transition • Capital/Financing • Unexpected Growth • Succession • Inadequate Financing • Inadequate Management • Government Regulations/Paperwork

  16. Chad Baker/Ryan McVay/Getty Images Challenges ToSmall Business • Exploding Technology • Occupational/Industry Shifts • Reinvention • Reengineered • Downsizing/Rightsizing • Global

  17. Declining Job Types

  18. Why Start ASmall Business?

  19. Why To Not StartA Small Business?

  20. Job Satisfaction

  21. Ryan McVay/Getty Images Objectives OfSmall Business Owners • Achieve Independence • Additional Income • Help Families • Products Not Available

  22. Passion Not Money Something You Know Patience Mentor Funding Cash Manager Build Sales Don’t Rush Wary Of Bad Advice/Suppliers Checklist ForAspiring Entrepreneurs

  23. Nick Rowe/Getty Images Business Objectives • Service • Profit • Social • Growth • Mesh Objectives

  24. Desire Independence Strong Sense Of Initiative Personal/Family Motivation Quick/Concrete Results Able To React Quickly Dedicated To Business Enter Business By Chance And/Or Design Characteristics OfSuccessful Owners

  25. Ryan McVay/Getty Images Successful SmallBusiness Management • Adequate Market • Sufficient Capital • Recruit Effectively • Timely Information • Cope With Gov’t Regs. • Expertise • Flexible

  26. Mel Curtis/Getty Images Personal Analysis • Values • Mental Abilities • Attitudes

  27. Where Are the New Jobs?

  28. Royalty-Free/CORBIS Factors Affecting Industry/Business • Economics • Technology • Lifestyle • Political • Demographics

  29. Career Counseling Catering Computer & Office Machine Repair Day Care Education Financial Planning Home Health Marketing Senior Fitness & Recreation Specialized Delivery Ideas For Small Business

  30. Jim Arbogast/Getty Images Small Business Concerns • Poorly Planned Growth • Loss Of Independence • Threat Of Failure • Discontinuance • Types • Formal • Personal/Informal

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