Post on 31-Dec-2015
transcript
Chapter OneBusiness Growth & Prosperity
EntrepreneurshipEntrepreneur: Someone who starts,
manages, and owns a businessMost entrepreneurships start as small
businesses
Small Business: The term applied to any business that is operated by a one or a few individuals
Why Do People Become Entrepreneurs?
To leave the fast paced corporate environment
To be at home but still earn an income
To pursue a personal dream
What are Characteristics of a successful Entrepreneur?
Independent: They want to make their own decisions and do what they enjoy
Self-Confident: They must have the confidence to make choices alone and bounce back from poor decisions.
Determination/Perseverance: They must persist through hard times until goals are met.
Goal Oriented: They know what they want, and they are able to focus on achieving it.
Creative: They think of new ways to market their business, and are always looking for new solutions to problems.
Act Quickly: They are not afraid to make quick decisions when necessary in order to beat their competitors.
Motivated: They are able to set and achieve challenging goals
Necessary Skills Skill 1: Leadership
An ability to build consensus in the face of uncertainty.
Skill 2: Communication The ability to keep a clear and consistent
message. Skill 3: Decision Making
Or more importantly, knowing when to make a decision.
Skill 4: Being a Good Team Player Knowing when to trust and when to delegate.
Skill 5: Ability to Telescope To focus in on the details and then move back to
the bigger picture.
Assessing Your AptitudeDifferent jobs require different
aptitudes.Aptitude is the ability to learn a
particular kind of job.ie: Auto mechanics must possess aptitude
for solving mechanical problems. They also must be good with their hands.
Answering questions like this will help you identify the kinds of opportunities that might be good for you.
Pros and Cons of Entrepreneurship You are your own boss.
No one tells you what to do.
You choose a business that interests you.
You can be creative. You can make a lot of
money (money to the ceiling..endless bling).
It is risky. Going out of business or losing money (bye-bye bling).
Uncertain and irregular income. As the business goes so does the money.
You work long hours, no paid days off, and they sometimes work weekends and nights.
No one else to help you with decisions.
Growth of Small BusinessMost large businesses today began as
very small businesses. Because they supplied products and services consumers desired and because they were well managed, they became larger and larger.
For example, Subway began as a small business and now has over 13,000 restaurants around the country.
McDonalds and Holiday Inn started as small businesses
Growth of Franchise BusinessFranchise: is a legal agreement in
which a distributor buys the right to sell the franchising company’s product or service under the company’s name and trademark
Subways, Pizza Huts, Roy Rogers are all examples of franchises
Two parties must exist; the franchisor and the franchisee
Operating Your Business In order to run a business you have the
option of being one of two extremes or attempting to meet in the middle.
Businesses can operate effectively or efficiently.
EfficiencyWhat do we mean by efficiency?
Where a business has efficient production, it is operating at maximum output at minimum cost per unit of output.
ExamplesOlive GardenMcDonaldsFord
Effectiveness What do we mean by effectiveness?
Getting the customer exactly what they want
Which Fits You?Effectiveness Efficiency
Focuses on the desired result Focuses on doing one's work in the correct manner
Seeks successes Seeks to avoid failure
End of task most important Means or resource to do a task most important
Oriented toward strategy and setting and keeping priorities
Oriented toward keeping the present system going
Uses a job description to define the work to be done and to set goals based on priorities
Performs each of the stated duties of a job description in the correct manner.
Attempts to find new ways to perform the task better
Concerned with keeping the status quo (things the way they are)
Anticipates change Reacts to change
Flexible when change requires it. Inflexible -- determined to carry out plans regardless of change.
Motivated toward growth Comfortable with keeping things as they are.
Constantly giving critical evaluation of a task
Prone to keeping record of what is going on.
Being A (Blank) StudentEffectiveness Efficiency
Getting work done as fast as possible
Taking as much time as necessary to get it done right
Pro’s and Con’sWhat would be the outcome of each
example (How would the teacher/student feel)?