Chapter 06 – Entrepreneurship and Starting a Small Business
VII. GOING GLOBAL: SMALL-BUSINESS PRO-
SPECTS
A. The WORLD MARKET is more lucrative for small
businesses than the U.S. market alone.
Chapter 06 – Entrepreneurship and Starting a Small Business
6-42
progress
assessment
(Text page 172)
PPT 6-54
Progress Assessment
(See complete PowerPoint slide notes on page 6.62.)
Chapter 06 – Entrepreneurship and Starting a Small Business
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(See complete PowerPoint slide notes on page 6.62.)
E. Small businesses have several ADVANTAGES
OVER LARGE BUSINESSES:
1. Overseas buyers enjoy dealing with individuals
rather than with large corporate bureaucracies.
vice and more attention.
F. SOURCES OF INFORMATION about international
business.
VIII. SUMMARY
Chapter 06 – Entrepreneurship and Starting a Small Business
PowerPoint slide notes
PPT 6-1
Chapter Title
PPT 6-2
Learning Goals
PPT 6-3
Learning Goals
Chapter 06 – Entrepreneurship and Starting a Small Business
PPT 6-4
Jay-Z
PPT 6-5
Name That Company
PPT 6-6
What Is Entrepreneurship?
Chapter 06 – Entrepreneurship and Starting a Small Business
PPT 6-7
Notable Entrepreneurs
PPT 6-8
Success Knows No Age
PPT 6-9
You’re Never Too Young to Be an
Entrepreneur
Chapter 06 – Entrepreneurship and Starting a Small Business
PPT 6-22
Online Business
It’s expected that online sales will reach $250 billion by
2014.
PPT 6-23
Affiliate Marketing
PPT 6-24
Boosting Your Business’s Online
Presence
1. Activity online, both in retail and marketing, con-
tinues to grow each year. It’s important that busi-
nesses (even the small ones!) have an online, user-
friendly presence.
2. This slide provides some guidelines to successfully
navigate the process of creating an online business
identity.
3. Ask the students, Do you have any other ideas of
important steps to take in creating an online person-
ality for a business? Through Facebook? Twitter?
Ads on Pandora or Hulu?
6-52
PPT 6-25
Intrapreneurs
In order to develop new ideas, engineers at Google are al-
lowed to work on projects that interest them for up to 20%
of the time at work. The idea is to support creative people
and ideas in an effort to launch new products. This work
can be more motivating than working on someone else’s
ideas.
PPT 6-26
Government and Entrepreneurship
Small business is the economic engine of the U.S. econ-
omy. Due to the economic power of small businesses the
government has used “investor visas,” enterprise zones, and
business incubators to encourage entrepreneurship. A good
website to further explore incubators is www.nbia.org/.
Chapter 06 – Entrepreneurship and Starting a Small Business
PPT 6-27
Progress Assessment
1. The primary reasons that people are willing to take
the risk of entrepreneurship are:
• Opportunity to share in the American
dream
• Profit, the potential to become wealthy and
successful
• Independence, becoming your own boss
• Challenge, the desire to take a chance
2. Whereas an entrepreneur has to wear many hats and
take huge responsibility, a team allows members to
combine creative skills with production and market-
ing skills right from the start. Having a team can al-
so ensure more cooperation and coordination later
among functions in the business.
3. Most entrepreneurs are committed to the quest for
growth in their business. Micropreneurs know they
can be content even if their companies never appear
on a list of top-ranked businesses. Many micropre-
neurs are home-based businesses.
4. The Internet has opened the world of entrepreneur-
ship wider than ever. Online sales have grown six
tomers cannot easily purchase at retail locations.
PPT 6-28
Small Businesses
6-54
PPT 6-29
Small-Business Statistics
The power of small business is immense. Students are of-
ten shocked to see how small businesses contribute to the
U.S. economy.
PPT 6-30
Advantages of Small over Big
Business
PPT 6-31
Business Failures Are Lower Than the
Reports Because . . .
Chapter 06 – Entrepreneurship and Starting a Small Business
6-55
PPT 6-32
They Did What?
1. Starting a successful new business is never easy and
many famous entrepreneurs failed at their first and
subsequent attempts.
2. Ask the students, How can a business failure actual-
ly be a positive experience? (While failure is never
a goal, it often gives the entrepreneur an invaluable
experience. There is an old adage, Learn from your
mistakes.)
3. Ask the students, If your first business failed, would
you try again? Why or why not?
4. How can businesses survive such poor performanc-
es? (Determination and passion of the owners and
founders plays a big role.)
PPT 6-33
Learning about Small Business
PPT 6-34
Going Down with the Ship
Chapter 06 – Entrepreneurship and Starting a Small Business
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PPT 6-35
Major Business Functions
Starting a business is when the real work begins. It is im-
portant that entrepreneurs understand the major business
functions such as planning, financing, understanding your
customer, managing employees, and keeping good records.
Many entrepreneurs create business plans that may in part
outline the major business functions.
PPT 6-36
Business Plans
The business plan is the entrepreneur’s road map to suc-
cess. While a well-designed business plan will not guaran-
tee success, the lack of one may lead to failure. To borrow
money or to seek investors, a business plan is a must.
PPT 6-37
Writing a Business Plan
Chapter 06 – Entrepreneurship and Starting a Small Business
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PPT 6-38
A Family Affair
1. This slide illustrates what needs to be considered
before starting a business with family members.
2. Communication and the establishment of clear ex-
pectations are the keys to making a family business
work.
3. Ask the students, Why do family businesses need
extra care?
PPT 6-39
Sources of Capital
One reason that businesses fail is a lack of capital. Capi-
tal can come from internal sources (personal saving, em-
ployees, etc.) or from external sources (relatives, banks, and
angel investors). One source of external funding is venture
capital. Venture capitalists are individuals or companies that
invest in new businesses in exchange for a stake in owner-
ship. Many well-known businesses, such as Google, Zap-
pos, and Apple, received a first round of funding from ven-
ture capitalists.
PPT 6-40
Funding Your Dream
1. Financing is hard to come by in this economy.
2. This slide outlines Seth Godin’s advice on how to
self-fund start-ups.
Chapter 06 – Entrepreneurship and Starting a Small Business
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PPT 6-41
Community Development Financial
Institutions
PPT 6-42
Social Lending
PPT 6-43
The Small Business Administration
The importance of small business to the U.S. economy
cannot be overstated. The SBA is the government agency
that advises and assists small businesses with financial ad-
vice and management training. For more information on the
SBA visit its website at www.sba.gov.
Chapter 06 – Entrepreneurship and Starting a Small Business
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PPT 6-44
The Small Business Investment
Company
PPT 6-45
Small Business Development Centers
PPT 6-46
Community Advantage and Small Loan
Advantage Program
Chapter 06 – Entrepreneurship and Starting a Small Business
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PPT 6-47
Help Please!
1. These are other sources for helpful information
about starting and running a small business.
2. Encourage students to go to these websites to learn
what services each offers.
PPT 6-48
The Market
PPT 6-49
Managing Employees