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8/12/2019 EBT 3.03 Starting a Business
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3.03 Starting a Business
Objective 3.03 Understand the
procedures and requirements forstarting a business.
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Entrepreneurship
The process of
starting and
running onesown business.
This involves aconsiderable
amount of risk
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Starting a Business
Develop a Business Plan
Acquire Finances
Meet Legal Requirements
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Develop a Business Plan
A detailed proposal
that describes a new
business
Presented to
potential investors
and lenders
Most business
plans are 30 pages
or more.
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Purposes of a business plan
To obtain financingBanks and potential lenders
require a business plan
Helps organize and
analyzedata critical to the
new business
To provide a start-up
proposalProvides an outlineto follow
when starting the business
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The components of a business plan
Executive summary: brief one- totwo-page description of the key pointsof
each section of the business plan
Product/service plan: presentsProduct or servicebeing offered
Unique featuresof product or service
Management team plan:Qualifications of the entrepreneur
Qualifications of any partnerswho may
be involved in the business venture
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The components of a business plan
Industry/market analysisanalyzes the:
Customers
CompetitionIndustry
Demographic, geographic, and
economic data
Operational plan: includes allprocesses involved in producingand/or
deliveringthe product or service to the
customer
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The components of a business plan
Growth plan:The growthplan presents plans for
future expansionof thebusiness
Financial plan:includesfinancial statementsthat will
help forecast the future
financial health of the
business
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Finance the Business
Identify family and friends
who are potential investors.
Are there other businesses
that would be probable
investors? Seek Employees
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Finance the Business
Contact financial agenciesfor
loans, grants and assistance:
Small Business Administration
Banks
Credit Unions
Insurance companies
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The Legal Environment
Permits or licenses
Building Permits
Cosmetology license
First aid certification
Contracts
Between partnersBetween owner and clients
Zoning laws
Taxes
Additional legal requirements for some businesses:
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The Legal Environment
(Protect Your Business)
Trademarks: Protect
business name or logo
Patents: Protect invention
of products or processes fromtheft
Copyright: Protect creative
works:Literary
Musical
Dramatic
Artistic work
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