Entrepreneurship-ELCO

WELCOME to…ENTREPRENEURSHIP

1 WHAT IS ENTREPRENEURSHIP?

Entrepreneurs: Past and Present
Economics: The Basics

2 SHOULD YOU BECOME AN ENTREPRENEUR?

Types of Entrepreneurial Businesses
Characteristics of Successful Entrepreneurs
Identifying Business Opportunities and Setting Goals

3 WHAT SKILLS DO ENTREPRENEURS NEED?

Communication Skills (Writing, Speaking, Listening)
Math Skills
Problem-Solving Skills
Business Experience

4 WHICH TYPE OF OWNERSHIP SHOULD YOU
SELECT?

Run an Existing Business
Enter a Family Business
Own a Franchise
Start a Business
Legal Forms

5 HOW IS A BUSINESS PLAN DEVELOPED?

Purpose of the Plan
The Importance of the Plan
Basic Elements of a Business Plan
Effective Business Plans

6 HOW IS A MARKET NEED IDENTIFIED?

The Value of Market Research
Performing Market Research
Understanding the Competition

7 HOW TO FINANCE, PROTECT, AND INSURE
YOUR BUSINESS?

Putting Together a Financial Plan
Obtaining Financing for Your Business
Theft Proof Your Business
Insure Your Business

8 HOW IS A LOCATION CHOSEN?

Retail Business Location
Non-Retail Business Location
Design the Physical Layout
Purchasing Equipment, Supplies, and Inventory

9 HOW TO MARKET THE BUSINESS?

The Marketing Mix-Product, Distribution, Price
The Marketing Mix-Promotion
Set Marketing Goals

10 HOW TO HIRE AND MANAGE STAFF?

Hiring Employees
Creating a Compensation Package
Managing Your Staff

11 HOW TO DO THE RECORD KEEPING AND
ACCOUNTING?

Set Up a Record Keeping System
Understand Basic Accounting
Track Your Inventory

12 HOW TO UNDERSTAND FINANCIAL
MANAGEMENT?

Manage Your Cash Flow
Analyze Your Financial Performance
Hire Experts

Expectations:

Students will participate in classroom learning activities to prepare them to create a business plan to be presented to the class.

Grading:

Tests/Quizzes/Projects/Homework/Classroom Participation

A Welcome