2 starting own business.entrepreneurship
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Starting a business allows entrepreneurs to be their own boss, pursue financial success through wealth creation, and gain job security since large companies are eliminating more jobs than creating. Entrepreneurs should select a business idea centered around something they love and are good at doing that also satisfies a need in the marketplace. A business plan is required, and financing options include credit cards, loans from family/friends, bank loans, venture capitalists, or angel investors. Governments support new businesses through business incubators, enterprise zones, and supportive legislation.
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2 starting own business.entrepreneurship
- 1. > > > > > > > > Starting Your Own Business: The Entrepreneurship Alternative
- 3. • Being your Own Boss – Self-management is the motivation that drives many entrepreneurs. • Financial Success – Entrepreneurs are wealth creators. • Job Security – Over the past ten years, large companies have eliminated more jobs than they have created. • Quality of Life – Starting a business gives the founder some choice over when, where, and how to work.
- 5. • Selecting a Business Idea – Find something you love to do and are good at doing – Can your idea satisfy a need in the marketplace? • Entrepreneurs must be sure that the idea they choose has interest in the marketplace Business Plan
- 6. • Debt Financing – Credit Cards – Family and Friends – Bank Loans (SBA backed) • Equity Financing – Venture Capitalists – Angel Investors
- 7. • Business Incubators is a key way government supports new ventures – Clean Energy Incubator (CEI) • Enterprise Zones – Encourage entrepreneurship in specific geographic areas • Government Legislation