OVERVIEW of managing small business.pptx

Managing small business a module with an enlightening concepts

1. Managing small business Session two : The scope and overview of the course COURSECODE: MSB 425

2. Discussion points Define enterpreneurship Entrepreneurship vs manager Describe the start-up model of Entrepreneurship and small business management Business planning Business planning model

3. Entrepreneurship Entrepreneurship is the process of identifying opportunities for which marketable needs exist and assuming the risk of creating an organization to satisfy them . The essential act of entrepreneurship is new entry’. An entrepreneur is an individual who establishes and manages a business for the principal purpose of profit and growth .

4. What Is an Entrepreneur? An entrepreneur is a person who sees an opportunity or has an idea and assumes the risk of starting a business to take advantage of that opportunity or idea. The risks that go with creating an organization can be financial, material, and psychological.

5. Entrepreneurship vs Small Business Management Both are processes Entrepreneurship involves the start-up process. Small business management , is the ongoing process of owning and operating an established business . Small business management focuses on running a business over a long period of time and may or may not involve the start-up process . In managing a small business, most of the “ entrepreneuring ” was done a long time ago

6. A Model of the Start-Up Process

7. Environmental Factors Affecting the Start-Up Process

8. A Model of the Entrepreneurship/Small Business Management Process

9. Factors that drive the creation of new business ventures

10. The need for a business plan A business plan is a written document that demonstrates persuasively that enough products or services can be sold at a profit for your firm to become a viable business. Planning is an essential ingredient for any successful business A business plan tells the reader what your business objectives are; when, where, why, and how your business will accomplish its objectives; and who will be involved in running the business

11. A business plan tells the reader what your business objectives are; when, where, why, and how your business will accomplish its objectives; and who will be involved in running the business

12. The Purpose of a business plan To help you determine the feasibility of your business idea, To attract capital for starting up the business, and To provide direction for your business after it is in operation

13. The Practice: Guidelines for Writing a Business Plan Consider your audience Keep it brief not exceed 40pages Point of view Create a professional image Where to get help

14. The business planning cavas model