Key reasons to launch a small business
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Entrepreneurs
People who risk their time, money, and other resources to start and manage a business
Entrepreneurial mindset
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Intrapreneurs
Innovative workers who focus on launching new products and generating new profit streams for the company that employs them
Minipreneurs
Individuals launching super small scale enterprises. Include microbusiness, freelancers, side businesses, weekend entrepreneurs, web-driven entrepreneurs, free agents and more
Importance of Intra/minipreneurs
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Key factors that drive entrepreneurship
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Opportunity for small business
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Threats for small business
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Launch options
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Pros of starting from scratch
-It's all you: your concept, decisions, structure
-Don't have to deal with prior owner's bad decisions
Cons of starting from scratch
-It's all you: that's a lot of pressure
-Can be hard to get credit
-Logistics can be challenging
-Takes time, money, and sweat to build customer base
Pros of buying an established business
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Cons of buying an established business
-Working with someone else's idea may not be fun
-May inherit old mistakes
Pros of buying a franchise
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Cons of buying a franchise
-Less opportunity for creativity
-Tied to national brand's mistakes
-Purchasing price and on-going royalties (monetary payments)
Tools for business success
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Business Plan
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Importance of SBA
Helps write a business plan
Small Business Administration (SBA)
An agency of the federal government designed to maintain and strengthen the nation's economy by aiding, counselling, assisting, and protecting the interests of small business
Elevator Pitch
A short summary of your business intended to gain interest from investors
Components of elevator pitch
-Succinct
-Easy to understand
-Shows how you make money
-Doesn't leave them with any questions
Funding options
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Angel investor
an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.
Venture Capital Firms
form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth (in terms of number of employees, annual revenue, or both).