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The following will be discussed in this chapter: start/operate small business, business plan, business plan - projected financial statements, startup business, financing small business - traditional, other sources of financing, franchise system, trends in small business,. | Lecture 8 Chapter 4 Understanding Entrepreneurship & New Ventures Start/Operate Small Business Business Plan Start From Scratch? Financing Buying Existing? Business Plan Includes: Goals and Objectives Sales Forecast (strength and weakness) Summarizes Strategy Identifies Implementation Business Plan- Projected Financial Statements Cash Budget- Most Important Income Statement Balance Sheets Breakeven Startup Business Buying and existing business Starting from scratch My Customers? Where? Price? Quantities Will Be Bought? Competitors? Product Differentiation? Financing Small Business- Traditional Family/Friends Personal Savings Lenders Investors Government Other Sources Of Financing Venture Capital Companies Group of small investors Make profit on companies with rapid growth potential Franchise System Franchise Agreement Franchisor Franchisee Franchise Contract Franchisor, Inc. Franchisee Branded Product/Service Performance Monitoring $$$$$ Franchise System Access to big businesses Rapid growth – money provided by the franchisee Franchisee does not build business from scratch Disadvantage – start up cost Trends In Small Business E-Commerce Big Business Crossovers Utilize business idea Burned our in corporate world Minorities & Women Global Trade/Suppliers Better Survival Rates Reasons For Failure Source: The Coleman Chronicles, Vol. 1 Issue 20, “The Most Common Reasons for Small Business Failure http://www.coleman.bc.ca/publications/chronicles/vol1issue20.htm Reasons For Success Hard Work, Drive, & Dedication Demand For Product/Service Managerial Competence Luck Legal Entities of Business Ownership Sole Proprietorship Partnerships General Limited Master Limited Cooperatives Corporations Closely-Held vs. Publicly- Held Limited Liability Professional Multinational (Transnational) Sole Proprietorship Freedom Easy To Form Low Start-up Costs Tax Benefits Unlimited Liability Lack Of Continuity Resources of One Person Advantages Disadvantages General Partnership More . | Lecture 8 Chapter 4 Understanding Entrepreneurship & New Ventures Start/Operate Small Business Business Plan Start From Scratch? Financing Buying Existing? Business Plan Includes: Goals and Objectives Sales Forecast (strength and weakness) Summarizes Strategy Identifies Implementation Business Plan- Projected Financial Statements Cash Budget- Most Important Income Statement Balance Sheets Breakeven Startup Business Buying and existing business Starting from scratch My Customers? Where? Price? Quantities Will Be Bought? Competitors? Product Differentiation? Financing Small Business- Traditional Family/Friends Personal Savings Lenders Investors Government Other Sources Of Financing Venture Capital Companies Group of small investors Make profit on companies with rapid growth potential Franchise System Franchise Agreement Franchisor Franchisee Franchise Contract Franchisor, Inc. Franchisee Branded Product/Service Performance Monitoring $$$$$ Franchise System Access to big businesses .
