Chapter 6 your financial statements P 148 Entrepreneur When you sell stock you have to be open to the public about it and submit Comes up with a good idea Borrows money from family and friends or takes out a bank loan Sell product or service How unemployment rate is computed those actively looking for a job those willing and able to work P 150 why do people want to become an entrepreneur Achieve the American Dream Unlimited financial and personal satisfaction Make a profit Have independence Richest person in the world not a self made entrepreneur Carlos Lim o Came from personal wealth P 150 151 What does it take to be an entrepreneur Be tolerant of uncertainty Adapt to changes in customer demand Self director action oriented P 151 Sequence of prospectives What do I want but can never find What can improve my life What product or service you would want to see P 154 Abide by city ordinances and city ordinances Business must have commercial insurance Is it legal to do what you want to do Check this out before you start your business Business Scans P 156 Web based businesses Inexpensive Minimum of net income No advertising expense P 157 what can govt do Investor visa granted to an immigrant who will invest 1 million dollars or more or employ people in a business Enterprise Own Specific geographic area govt wants you to do business in Lower taxes Getting Started in a small business p 159 Good ideas money good employees Independently owned and operated not dominant in market fewer than 1500 employees revenue less than 2 million Generate 50 of GDP and 60 80 of new jobs P 160 success or failure Managerial competent or incompetent Have enough money Potential problems any one of them can doom a company What s the likelihood of being repaid Angel investor investor in a new company no track record contribute to P 162 Goodwill P 163 Managing a small business A Business Plan Need one to get a bank loan Financing 163 4 social responsibility riskier Venture capital 169 Know your customers and what they demand Managing Employees Begins when you hire them Keeping records Important If you cant do it hire someone who can Know what your prooducts are making expenses Small business going global Predicting small businesses will go from 1 in 2013 to 50 in 2015
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