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Starting Your Small Business

Starting Your Small Business. Small Business Management. What is the significance of small businesses?. Why is There Growing Interest in Small Business?. Number of Small Businesses is Growing Rapidly 23 million in the U.S. Typical entrepreneur

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Starting Your Small Business

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  1. Starting Your Small Business

  2. Small Business Management • What is the significance of small businesses?

  3. Why is There Growing Interest in Small Business? • Number of Small Businesses is Growing Rapidly • 23 million in the U.S. • Typical entrepreneur • Small Businesses Generates Most of Private Employment • Public Favors Small Businesses • Available resources • Characteristics

  4. Why is There Growing Interest in Small Business? • Increasing Interest in High Schools and College • Trend toward Self-Employment • Available for All Ages

  5. What is a Small Business? • Definitions • Textbook • Four characteristics • Congress • Small Business Association

  6. Entrepreneurial Ventures v. Small Businesses • Entrepreneurial Ventures • Profit, innovation, growth • Entrepreneur • Small Businesses • Goals • Personal Goals

  7. Contributions of Small Businesses • Encourage Innovation and Flexibility • Maintain Close Relationships with Customers & Community • Keep Larger Firms Competitive • Provide Employees with Comprehensive Learning Experience • Develop Risk Takers • Generate New Employment • Provide Greater Job Satisfaction

  8. Problems for Small Businesses • Inadequate Financing • Inadequate Management • Burdensome Government Regulations & Paperwork

  9. Current Trends for Small Businesses • Technology • Occupational & Industry Trends • Reinvention • Reengineering • Downsizing • Global Challenges

  10. Why Start Your Own Business? • Personal objectives • Achieve independence • Obtain additional income • Help the family • Provide products not available elsewhere

  11. Why Start You Own Business? • Business Objectives • Service Objective • Profit Objective • Social Objective • Growth Objective • Integration

  12. Characteristics of Successful Entrepreneurs • Desire Independence • Strong Sense of Initiative • Motivated by Personal & Family Considerations • Expect Quick & Concrete Results • Able to React Quickly • Dedicated to Their Business • Enter Business by Chance and Design

  13. What Leads to Success? • Serving an Adequate & Well-Defined Product Market • Acquiring Sufficient Capital • Recruit & Use HR Effectively • Obtain & Use Timely Information • Coping Effectively with Regulations • Expertise in Field by Owner and Employees • Flexibility

  14. Opportunities for Small Business • Fast Growing Industries • High-knowledge industries

  15. Areas of Concern for Small Business Owners • Poorly Planned Growth • Loss of Independence • Typical Growth Pattern • Threat of Failure • Discontinuance • Failure • Formal • Personal • Why?

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