Introduction to business: small business & entrepreneurship

CC-BY-SA

Transcript

1. Small business & entrepreneurship creative commons licensed (BY-NC-ND) flickr photo by tylernol: https://flic.kr/p/9muXtV
2. Quiz • Closed book/closed notes • Put your phones away • You may collaborate with your team • You are responsible for the answers on your quiz • You do not have to choose the same answers as your team
3. Vanilla Bicycles Founded 1999 Portland, OR © 2014 The Vanilla Workshop
4. Ordering: • Wait time: several years. • $1500 non-refundable deposit creative commons licensed (BY-ND) flickr photo by The Vanilla Workshop: https://flic.kr/p/6YycAP
6. In teams: • What innovations has Sacha White made at Vanilla Bicycles? • What has he done to ensure that his business makes a profit? • What risks has Sacha White taken? • What advantages does Sacha White derive from owning his own business? • What disadvantages does he face? • How did location affect Sacha White's success? Would his business be successful in another location?
7. Why do people start own businesses? • independence • desire to determine own destiny • willingness to find & accept challenge • family background • age • no jobs available
8. Why doesn't everyone start their own business? • risk • work • responsibility • stress • undesirable duties
9. creative commons licensed (BY-NC) flickr photo by The Scott: https://flic.kr/p/5Rjc5M
10. Business plan: • purposes • feasibility study • obtain funding: • loans, investment • must be detailed, but must have compelling executive summary
11. Executive summary creative commons licensed (BY-SA) flickr photo by Julian Partridge: https://flic.kr/p/nzcBBA
12. Benefits to community cc licensed ( BY NC ND ) flickr photo by mystuart: http://flic.kr/p/9cNVv9
13. Company and industry creative commons licensed (BY-NC-ND) flickr photo by SP8254: https://flic.kr/p/6ssgh7
14. Management team • Form of organization • Qualifications of management • Compensation package • Organizational structure
15. Manufacturing and operations plan creative commons licensed (BY-SA) flickr photo by brewbooks: https://flic.kr/p/neD29
16. Labor force creative commons licensed (BY-NC-ND) flickr photo by jcolman: https://flic.kr/p/6rxrjx
17. Marketing plan • Target market • Pricing • Distribution • Promotion creative commons licensed (BY-NC-SA) flickr photo by HubSpot: https://flic.kr/p/5StEXZ
18. Financial plan creative commons licensed (BY-NC) flickr photo by Wonderlane: https://flic.kr/p/4A34sJ
19. Exit strategy creative commons licensed (BY-NC-SA) flickr photo by Jeff Hester: https://flic.kr/p/4H7kPx
20. Critical risks and assumptions
21. What does it take to succeed? • Business knowledge • Management skills • Attitude • Adequate funding • Money management • Time management
22. Why do businesses fail? • Bad idea • Cash problems • Managerial incompetence • Poor customer focus • Inability to handle growth
23. creative commons licensed (BY-NC-ND) flickr photo by Voxphoto: https://flic.kr/p/P3Vqs
24. • SBA • Small Business Development Center • SCORE • Incubators • Edge Center for Entrepreneurship and Innovation •SCORE