chapter 3.1 vocabulary & notes
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Chapter 3.1 Vocabulary & Notes. Understanding Entrepreneurial Trends Entrepreneurship. Understanding Entrepreneurial Trends. Internet Businesses/Online Businesses. businesses that conduct business mainly on the internet Advantages: potential to attract a huge amount of customers - PowerPoint PPT PresentationTRANSCRIPT
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Chapter 3.1 Vocabulary & Notes
Understanding Entrepreneurial Trends
Entrepreneurship
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Understanding Entrepreneurial Trends
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businesses that conduct business mainly on the internet
Advantages:◦ potential to attract a huge amount of customers◦ faster business growth
Internet Businesses/Online Businesses
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Provide services to people for many different reasons◦ biggest and fastest growing part of the American
economy◦ Examples: Banking, Insurance, Education,
Advertising, Real Estate, Trades, Tax Preparation
Service Businesses
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Businesses that are run out of an individuals home◦ Rapid business growth since the late 1990’s◦ Examples: Consultants, Sales Reps, Writers,
Graphic Artists, Web Designers, Survey Takers
Home-based Businesses
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A business that focuses on a goodwill mission to better society
Examples: United Way, Salvation Army, Feed the Children, YMCA, American Red Cross
Nonprofit Businesses
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Trend in business to improve processes, efficiency and marketing to gain a competitive advantage over competition
Technology
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Contracting with other companies for services
Outsourcing
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Partnering with another company for mutual benefit
Strategic Alliances
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Starting another company within a company
Corporate Ventures
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1. Brainstorming – thinking freely to generate new ideas
2. Recognize Needs as Opportunities3. Evaluate Products & Services4. Observe the world around you and the
people5. Learn about different types of businesses
and industries
Learning to Recognize Opportunity
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Thinking creatively that results in a new way of doing something
Innovation
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A small specialized market
Niche
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Personal characteristics that describe a population◦ Age◦ Gender◦ Income◦ Ethnic background◦ Education◦ Occupation
Demographics
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Interests Hobbies Work
Consider Your Own Experiences
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Trade Magazines◦ Periodical published for specific types of business
or industries
Consider Outside Sources
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Specialty Magazines◦ periodical that targets people with a specific
interest◦ Examples: Sports, Fashion, Computers &
Electronics, Entertainment, Autos, Cooking
Consider Outside Sources
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Trade Show◦ Show or exhibition in which vendors promote new
products and do demonstrations to market products
Consider Outside Sources
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Newspapers Internet Government Agencies
Consider Outside Sources
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Ch. 3.2Starting vs. Buying a
BusinessEntrepreneurship
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Beliefs and principles that you choose to live by◦ Define who you are◦ Shape your attitudes and choices◦ Identify priorities
Influenced by◦ Family◦ Religion◦ Friends◦ Society◦ Personal Experiences
Personal Values & Goals
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a business in which one or more members of a family have a significant ownership interest in the business◦ Typically small businesses◦ Exceptions: Marriot, Mattel Toys◦ Only 1/3 survive to the second generation
Family Business
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Shared feeling of trust and togetherness Family working as a team can achieve great
things Family profits
Rewards of Family Business
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It is tough to separate business and family Can’t get away Trouble viewing problems objectively
without emotion Backstabbing
Challenges to Family Business
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Could I work for someone in my family? Do we share similar values & goals? Clear Expectations? Can we separate family & business when we
go home each night? Can we keep relationships positive?
Questions to Ask?
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Buying the rights to set up a new business patterned on an existing model
A legal agreement to begin a business in the name of the recognized company
Examples: ◦ Subway◦ Dunkin Donuts◦ UPS Store◦ Super 8◦ McDonald's
Buying a Franchise
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Franchisee – buyer of the rights◦ Example: John Doe, Susan Smith
Need initial investment in $30,000 - $250,000 range
Franchisor- seller of the rights
◦ Example: McDonald’s, Subway
Franchisee vs. Franchisor
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Usually less risky Facility, employees, equipment, procedures
are usually established Customer base Goodwill – loyalty to existing customers
Buying an Existing Business
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Read pg. 60 thru the end of the Section 3.2 on pg. 63
◦ Franchises◦ Evaluating a Business Opportunity◦ Starting Your Own Business
◦ Answer #3 and #4 on pg. 63 in your journal
In Your Book