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MTSU High School Entrepreneurship Experience

MTSU High School Entrepreneurship Experience. WELCOME!. Welcome! What Will We Be Doing Today?. Morning. Afternoon. Lunch at the Keathley University Center Pep Talk and Informational Session from Dr. Wilson Visit from Mr. Hunter McFarlin , McFarlin Financial Services

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MTSU High School Entrepreneurship Experience

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  1. MTSU High SchoolEntrepreneurship Experience WELCOME!

  2. Welcome! What Will We Be Doing Today? Morning Afternoon Lunch at the Keathley University Center Pep Talk and Informational Session from Dr. Wilson Visit from Mr. Hunter McFarlin, McFarlin Financial Services Playing the Cash Flow 101 Game Wrap-up and Adjournment • Visit from Seema Phillips, realtor and co-owner, Miel Restaurant in Nashville • Visit from Pastor Chris Johnson, founder of Zion Christian Ministries and other organizations • Campus tour of MTSU • Orientation to the College of Business

  3. Welcome! What Will We Be Doing Today? Morning Afternoon Lunch at the Keathley University Center Pep Talk and Informational Session from Dr. Wilson Visit from Mr. Hunter McFarlin, McFarlin Financial Services Playing the Cash Flow 101 Game Wrap-up and Adjournment • Visit from Seema Phillips, realtor and co-owner, Miel Restaurant in Nashville • Visit from Pastor Chris Johnson, founder of Zion Christian Ministries and other organizations • Campus tour of MTSU • Orientation to the College of Business

  4. Mrs. Seema Phillips Miel Restaurant

  5. Pastor Chris Johnson, Zion Christian Ministries

  6. What is an Entrepreneur?? How about this one? Or better yet, this one? Is this one? Why do the things that these entrepreneurs make catch on so well?

  7. What Makes for an Entrepreneur? • Entrepreneurs: • Find resources • Address problems (opportunities) • Fill holes • Take risks • Bet on themselves • Optimists • Have networks

  8. What’s So Great About Entrepreneurship? • Carving your own path • Making a difference • Reaching your full potential • Possibly starting something with large returns • Doing what you love

  9. The Reality of American Business • Last year, there were 6.4 million attempts to create new businesses in the U.S. • There are 27 million registered businesses. • Only 6.1 million of those have employees. • Only 10% of those have 10+ employees! • There are only about 7,000 publicly traded firms in the U.S.

  10. The Reality of American Business • The U.S. is pretty average in our rate of entrepreneurship. • Developing countries are where the majority of entrepreneurial activity lies! • Women are creating businesses at half the rate of men, but this is changing to be more equal. • Ethnic minorities are the fastest growing groups of entrepreneurs in the U.S.

  11. Why Start Your Own Business or Nonprofit? • The idea of working for someone else is not appealing. OR • You see an opportunity in the marketplace. OR • You see something that could be better addressed through the power of many.

  12. What is the difference between a business and a nonprofit organization? Businesses… Nonprofits… Are formed to address problems that are not profitable in society. Must show their commitment to society to maintain tax-exempt status. Cannot distribute profits to any owners. • Are formed so that an owner can pocket the difference between sales and expenses (income) and benefit personally from the venture.

  13. Examples Businesses Nonprofit organizations Boys and Girls Club YMCA American Red Cross Salvation Army Your church American Humane Society • Microsoft • GM • GE • Camino Real • McDonald’s • Exxon

  14. Starting a Business • Get together a plan and all of the resources you will need to start. • Incorporate with your state’s one-stop resource. • File for business license at local city hall. • Get a tax identification number with state and federal governments. • Get involved with your local Small Business Development Center.

  15. Starting a Nonprofit • Decide on your mission. Get a plan and resources together. • Incorporate with your state if your want your nonprofit to exist separately from you. • File to become a 501(c)(3) tax-exempt organization. • Also file to be tax-deductible, if you accept donations. (IRS Publication 526 lists deductible types of organizations)

  16. The Down Side: It Is EASY to Fail in a Business! • After 3 years, about ½ of the small businesses are still open • After 10 years, about ¼ are still open • Remember, not everyone opening a business is college-trained, or trained at all, for that matter. • Why do you think businesses fail?

  17. Most Common MistakesBusiness Owners Make • No management skills • No financial plan • Not enough cash • Not enough marketing • No strategy • Uncontrolled growth • Poor location • Poor inventory control • Pricing not compatible with costs

  18. Know the “Dials” of Your Business Management Customer Service Marketing Ordering/ Purchasing Production Businesses are much like short-wave radios. One small adjustment, and they can start working like a charm or failing for hard-to-see reasons!

  19. Things You Can Do to Improve Your Chances of Success in Business • Look around – be observant of opportunities. • Practice being personally financially responsible. • Become educated in the technical side of running a business. • Bookkeeping, tax payments and rules, purchasing, scheduling, and production • Become networked in a group of powerful people. • Get a job in the area you would like to operate a business within.

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