Business 1010 (Greg Powell) CHAPTER 5.
Business 1010 (Greg Powell) CHAPTER 5. BA 1010
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This 3 page Class Notes was uploaded by Austin Hansen on Sunday February 7, 2016. The Class Notes belongs to BA 1010 at Southern Utah University taught by Greg Powell in Fall 2015. Since its upload, it has received 38 views. For similar materials see in Business at Southern Utah University.
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Date Created: 02/07/16
FEBRUARY 3, 2016 (Wednesday) Capter 5 Class notes Business Ownership and Entrepreneurship Small businesses (characterized as small business by SBA) Disney and Apple both started in a garage. All large businesses start small. Advantages: Independence, challenging, you are the BOSS! AVERAGE AGE of Entrepreneurs is similar to this graph: 70% of Entrepreneurs are 2544 years old. FACT: Woman own 66% of all homebased businesses MANY SMALL BUSINESS FAIL! (about 70% will fail within the first 210 years). Why do some small businesses fail? Going into an unknown market without “Testing the water." Under estimating the TIME of building the market. Not enough MONEY capital Lack of management understanding and experience (If you want to be successful… Get mentors, study, and immerse yourself in the desired area of business and or life). Conclusion: Successful businesses start small, take risks, adapt over time (requiring awareness and focus"full immersion in specific markets"). FEBRUARY 5, 2016 CHAPTER 5 (continued) Where do Entrepreneurs get their money? No one will give you money unless you put down your own savings first. Business Plan!! (Write down your business plan and update it often) Why have a business plan? Communicates to potential investors. Manages progress. Plans various phases of business. Commits to paper an inward idea. SBA (Small Business Administration) Who is the SBA? A government Agency that assists, counsels, and protects the interests of small business in the US. Franchising is often more successful than starting your own business. Process: The entrepreneur desiring to pair up with a bigger, more well known corporation sits down with the desired corporation and sign a “franchising agreement." Franchisor Corporate company Franchisee Entrepreneur/Owner EXTRA PERSONAL THOUGHTS: 5 things that lead to success 1.) 4% success comes from Character, “affluenza." 2.) 5% Athletic Ability 3.) 7% emotional stability-(1/2 of peoples potential lays dormant because its dependent on emotion). 4.) 8% is self-confidence 5.) 76% self- motivation/ commitment/ work ethics REMEMBER: No one is born great, some are given a head start with physical or mental abilities, but no one is born great. You need to earn it. Everyone has great potential in at least one area. Food for the thought: “YOU CAN REPLACE SKILLS WITH BAD HABITS; HOWEVER, YOUR BRAIN DOES NOT FORGET A SKILL ONCE LEARNED… PERFECT PRACTICE MAKES PERMANENT.”
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