Understanding Business 10e Chapter 6

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Department
Business and Management
Course
BMGT 110
Professor
Howard Frank
Semester
Spring

Description
● http://odesk.com // http://elance.com http://entrepreneur.com http://lemonade.com http://startupamericapartnership.org ● Enterpreneurship - accepting the risk of starting and running a business ● Reasons for taking the enreprenural risk: ○ opportunity ○ profit ○ independence ○ challange ● What does it take to be an entrepreneur? ○ self-directed ○ self-nurturing - believe in own idea ○ Action-oriented - burning desire to realize, actualize and build your dream into reality ○ highly energetic ○ tolerant of uncertainty ● You might have a business idea that is a good oportunity if ○ it fills customers’needs ○ You have the skills and resources to start a business ○ you can sell the product or service at a price customers are willing and able to pay- and still make profit ○ you can get your product or service to customers before your window of opportunity closes(similar solution comes out) ○ you can keep the business going ● Entrepreneurial team - a group of experienced people from different areas of business who join to form a managerial team with the skills to develop make and market a new product. ● micropreneours - entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle. ● Work at home challanges ○ getting new customers ○ managing time ○ keeping work and family tasks seperate ○ abiding by city ordinances - restriction on types of business and traffic in neighborhoods. ○ managing risk ● Affiliate marketing - an internet based marketing strategy in which a business rewards individual or other businesses(affiliates) for each visitor or customer the affiliate sends to its weebsite. ● Intrapreneurs - creative people who work as entrepreneurs within corporations. ● enterprise zones / empowerment zones / enterprise communities - specific geographic areas to which gtovernments attract private business investment by offering lower taxes and other government support. ● Incubators - Centers that offer new businesses low-cost office with basic services such as accounting, legal advice, and secretarial help. ● Small business - a busineres that is independently owned and operated, is not dominant in its field of operation, and meet certain standards of size(set by the small business administration) in terms of employees or annual receipts. ● Business plan - Is a detailed well written statement that describes the nature of the business, the target market, the advantages the business will have over competition and the resources and qualifications of the owners. ● Samples of business plans http://bplans.com/sample_business_plans http://sba.gov/starting http://Angellist.com www.nvca.org ● Outline of business plan ○ Cover letter ○ section 1 - executive summary ○ section 2- company bakcground ○ section 3 - management team ○ section 4 - f
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