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Entrepreneurship 3310 week 2 notes

by: Ariana Rios-Lobo

Entrepreneurship 3310 week 2 notes ACCT 2331

Marketplace > University of Houston > Accounting > ACCT 2331 > Entrepreneurship 3310 week 2 notes
Ariana Rios-Lobo
GPA 3.25

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About this Document

Since he didn't go over much in class. I added my chapter one notes to this weeks notes.
Acct Principles I - Financial
Samuel Goble
Class Notes
ENTR, Entrepreneurship, entr3310
25 ?




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This 3 page Class Notes was uploaded by Ariana Rios-Lobo on Tuesday February 2, 2016. The Class Notes belongs to ACCT 2331 at University of Houston taught by Samuel Goble in Spring 2016. Since its upload, it has received 19 views. For similar materials see Acct Principles I - Financial in Accounting at University of Houston.


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Date Created: 02/02/16
Three financial statements: (there are actually 4)…statement of Stockholder' equity  Balance Sheet  Income Statement  Cash flow statement Balance Sheet: personal financial sheet Setting up a balance sheet  Assets: the resources of a company  Liabilities: amounts owed to creditors Ex. Accounts payable, notes payable  ex. cash, equipment, supplies, rent   debits always on the left  Credits always on the right  Stockholder equity part of credits Debits and credits are always equal Assets= Liabilities + stockholder equity What is the significant difference between assets on a personal and business balance sheet?  Personal: takes current market value  Business: takes lower of the two values, either market value or cost (bought at price)  Publicly traded company's must file one quarterly Guess Speaker 01/28 Chapter 1 notes Starting your own business Four key ideas: 1. Believe that you can do this 2. Planning + Action= Success 3. Help Helps 4. Do well. Do good Types of small business Franchise: a prepackaged business bought, rented, or leased from a company called a franchisor Small and medium enterprise: the international term for small business Independent small business: a business owned by an individual or small group Owner-managed firms: a business run by the individual who owns it Serial entrepreneurs: people who open multiple businesses throughout their career Overall growth strategy: one of four ways to position a business based on the rate and level of growth entrepreneurs anticipate for their firm  Lifetime or part-time firms: small business made to provide partial financial support for the existing lifestyle of the owner  Traditional small business: firm intended to provide a living income to owner while operating on a schedule consistent with other firms in the industry High-preforming small business: intended to provide owner with high income with sales  higher than small business  High-growth venture: firm started with intent of eventually going public, follows pattern of growth and operations of big business Rewards:  Flexibility  Income  Growth Myths:  Not enough financing  You cant start a business in a recession  To make profits, you need to make something  If you fail, you can never try again  Students don’t have to skills to start a business Crowdfunding: funding a business online through the collective involvement of others who provide donations, loans, or investments Bootsrapping: using low-cost or free techniques to minimize your cost of doing business Four elements to start a business:  Boundary- place  Resources- money, knowledge  Intent- desire  Exchange- for money Creative destruction: the way that newly created goods, services, or firms can hurt existing goods, services, or firms Global Entrepreneurship Factor-driven economy: nation where the major forced for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production  Entrepreneurship is essential to build personal wealth Efficiency-driven economy: nation where industrialization is becoming the major force providing jobs, revenue, and taxes, and where minimizing costs while maximizing productivity  Key way to build the middle class and a growing retail and wholesale sector. Middle range Innovation-driven economy: nation where the major forces for jobs, revenues, and taxes come from high-value added production based on new ideas and technologies and from professional services base on higher education  entrepreneurship levels average the lowest Opportunity -driven entrepreneurship: creating firm to improve one's income or a product or service Necessity-driven entrepreneurship: creating firm as an alternative to unemployment Beyond small business CSI entrepreneurship: corporate, social, and independent entrepreneurship Focus: creation, customer-focus, efficiency Independent entrepreneurship: a person or group own their own for-profit business Corporate entrepreneurship: takes place in exciting businesses around new products, services, or markets Social entrepreneurship: involves the creation of self-sustaining charitable and civic organization, or for-profit organizations, which invest significant profits in charitable activities Mindshare: degree of attention your target market pays to your idea or organization Crowdsourcing: techniques often based on internet based services to get opinions or ideas through the collective involvement of others Challenge and the entrepreneurial way  If you don’t succeed the first time, try ,try, again  Scale back  Bird in the hand  Pivot  Take it on the road  Ask for help  Plan to earn


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