AUGUST 23, 2010 Objective: Students will learn about the entrepreneurial startup process.
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Transcript of AUGUST 23, 2010 Objective: Students will learn about the entrepreneurial startup process.
AUGUST 23, 2010Objective: Students will learn about the entrepreneurial startup process.
For Seniors:Pair up with a Senior and discuss:
The difference between a Good and a Service
What are the four Factors of Production?
What is Scarcity?What are the two parts to Demand?Elastic Goods versus Inelastic Goods
Everyone’s Back
My website is working!!!
http://www.ops.org/high/burke/STAFF/FacultyNZ/NieburNichole/tabid/647/Default.aspx
Surplus – Too much supply for demand Shortage – Too much demand for supply Equilibrium – The point where consumers
buy all of a product, leaving neither a surplus or a shortage.
Suppy
The Entrepreneurial Process
1. The entrepreneur2. The environment3. The opportunity4. Start-up resources5. The new venture organization
The Entrepreneur
Sees the opportunity Gathers the resources to take advantage
of the opportunity Creates a company to execute that
opportunity
The Environment
All those variables NOT controlled by the entrepreneur
1. The nature of the environment (uncertain, fast, changing, stable, conservative…)
2. Availability of resources (skilled labor, start-up capital…)
3. Realized value (favorable taxes, good market, supportive government policies)
4. Incentives (enterprise zones)
The Opportunity
An idea of commercial value
http://www.thesocialnetwork-movie.com/
Start-up Resources
May include: Skilled labor Management Expertise Legal and financial advise Location Equipment Customers
Organization
The last step in the entrepreneurial process is to formally organize the business and open for operations.
How many new businesses fail? Talk to your neighbor… what percentage
of new businesses do you think fail within 10 years?
According to Dun & Bradstreet 69.7% of new businesses are still in business 10 years later.
Ways a Business May Look Like a Failure Discontinuance – a business operating under
a new name or a business that has been purposely discontinued to start a new one.
Organization change – example: switching from sole proprietorship to a corporation.