Entrepreneurship - going from an Idea to a Business

Entrepreneurship

Entrepreneurship involves taking risks to create a new business by identifying market needs, quantifying opportunities, and translating them into products/services.

Opportunity Entrepreneurs

Pursue opportunities for profit.

Necessity Entrepreneurs

Replace lost income.

Skills for Success

Critical thinking, problem-solving, creativity, time management, selling skills.

Psychological Traits

Self-confidence, action orientation, tolerance for risk, energy.

Types of Entrepreneurs

Intrapreneur, Entrepreneurial Team, Micropreneur, Solopreneur, Side Hustle, Freelancer.

Idea Generation

Simplify existing products, adapt products to new markets, combine features or add services.

Market Research

Quantitative: Numbers-based analysis; Qualitative: Human satisfaction.

Business Plan

Components: Executive Summary, Marketing, Manufacturing, Management, Legal, Financing; Purpose: Obtain financing and think through details.

Pitch Deck

Includes: Intro, Team, Problem, Solution, Product, Market, Competition, Business Model, Investment.

Debt tolerance

Questions to consider when financing a start-up.

Funding Sources

Personal savings, loans, crowdfunding, angel investors, venture capitalists, etc.

Small Business

Independently owned, not dominant in its field, meets SBA criteria.

Role in Economy

Drives innovation, creates jobs, counters downsizing.

Home-Based Business

Benefits: Low startup costs, flexibility, reduced expenses; Challenges: Time management, work/life balance.

Buying a Business

Reduces uncertainty and generates profits quickly.

Reasons for Failure

Inadequate management, lack of financial support, difficulty hiring, aggressive competition, government paperwork.

Tips for Success

Keep good records, stay customer-focused, sell quality products, lead employees effectively.

Pillars for Growth

Caring for assets, R&D, risk management, social responsibility.

Sole Proprietorship

Benefits: Easy startup, simple taxes; Drawbacks: Unlimited liability, limited resources.

Partnership

Benefits: Shared expertise, simple taxes; Drawbacks: Unlimited liability, personality conflicts.

Corporation

Benefits: Limited liability, access to resources; Drawbacks: Double taxation, public disclosure.

LLC

Benefits: Limited liability, flexible management; Drawbacks: Self-employment tax, limited growth.

Cooperative

Benefits: Resilience, shared ownership; Drawbacks: Slow decision-making, financing challenges.

Franchise

Benefits: Proven business model, marketing support; Drawbacks: High initial fees, close management.

Business Law

Types: Statutory, Common, Administrative, International; Dispute Resolution: Judiciary, mediation, arbitration.

Contract Law

Conditions: Agreement, consideration, consent, legality, capacity, proper form; Breach Remedies: Specific performance, discharge, monetary damages.

Property Law

Categories: Real property, personal property, intellectual property.

Taxes

Types: Income, property, sales, excise, VAT.

Bankruptcy

Types: Chapter 7, Chapter 11, Chapter 13.

Consumer Protection

Antitrust Laws: Sherman Act, Clayton Act, FTC Act, Robinson-Patman Act.