Entrepren eurial

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REPORTED BY: Nancy B. Sabayan Lucille Anne Quintia 1/18/13

The Entrepreneur Option guides entrepreneurs looking to start a business through business and franchise opportunities. Whether in career transition, investing for the future or just exploring your options
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The Entrepreneur Option means there is never any pressure or obligation. The goal of this is to help people determine if business ownership is right for them.

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What is Entrepreneurial /Entrepreneur?

willing to take risks in order to make a profit.

An entrepreneur is an individual who accepts some sort of risk usually financial in the pursuit of new ventures. The word can apply to any person organizing a new project or opportunity, though it is most often used in a business context. A person in this role is often characterized as innovative, independent, optimistic, 1/18/13

Very few people ever got rich by working for someone else. Leaving aside pop musicians, sportsmen and similarly gifted people, the only way to acquire wealth by work is to build a business of your own. The type of business you decide upon will depend on: a) how much money you have available as start-up capital and working capital; b) your business idea; and c) your confidence level. 1/18/13

There are three types of business:

1.) The traditional one in which you are reliant solely on your own efforts; 2.) A franchise where you follow a proven idea and receive considerable training and back-up from the franchise company; and 3.) Network marketing.
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The traditional business requires:

considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an 1/18/13

Franchises
have a high success rate. Banks like them because each franchise operation has a proven track record and thus the banks can accurately judge the risk, consequently they will lend money for this sort of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the business's turnover has to be paid to the franchise company.
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Network marketing
also known as multi-level marketing, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A network marketing business can be started in your spare time - in fact that is the best way to approach it. Start small, and keep at it. The secret is perseverance, get past the first year and you should find the business has a sound foundation from which you can build a serious income 1/18/13

START UP Creating A New Business

A. What is Business? B. Types of Business C. Values of Business D. Purpose and Characteristics of Business E. Essentials of a Business System F. Forms of Business Organization G. Identifying the Business H. Planning the Business

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What is Business?

Is an undertaking or venture for the primary purpose of making a gain or profit. Includes any lawful activity carried on continuously, which involves buying & selling, manufacturing and rendering of services for money.

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Types of Business
1. Commerce & Trade it concerns with the transfer or exchange of goods from producers to consumers or between nations and individuals. It is classified into: a. Domestic or Local trade refers to purchase and sale of commodities of goods within the country. b. International trade known as export and import trade. It is the purchase and sell of goods or services between countries. 2. Industry concern with the production of goods that are used 1/18/13 either by the consumers known as

Types of Business
3. Investment of finance it concerns with the investing or lending money and collecting the same with interest. 4. Service it deals with the rendering of services for money. a. Recreation Service include motion pictures production and distribution, theaters for drama and stage presentation, television and the like. b. Personal service includes the likes of restaurants, hotels, lodging housing and others. 1/18/13

Values & Purpose of Business VALUES Business supply good and services Business creates jobs Business pays taxes Business are buyers Business attract other businesses PURPOSE & CHARACTERISTICS Livelihood Social Recognition Profit Development

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1.Essentials of a Business System To be financially successful, the business must possess the following: 2. Product or service on Demand 3. Adequate capital 4. Competent Management 5. Well-defined objective 6. A strategic location 7. A loyal and motivated workforce 8. An adequate accounting system 9. Capable financial control 10. Proper form of Business 1/18/13 Organization

Forms of Business Organizations

Single Proprietorship business organization owned and managed by only one person or single family Partnership business organization owned & managed by two or more persons who contribute money, property or service to a common fund as capital.

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 Corporation business organization

whose common fund or capital is divided into shares of stocks. The owners are called cooperators or stockholders. Cooperative a business organization that is owned and operated by its members who use to and buy its goods or services, the profit of which are distributed to the members in proportion to the amount of goods or services they use or buy. 1/18/13

Identifying the Business

I. Generating Idea for Business
a. Examine existing goods and services. b. Examine present and future need c. Examine how needs are being satisfied d. Examine available materials or things around you. e. Read magazines, news articles, and other publications on new products and techniques or new advances in technology. II. Selecting the Right Idea 1/18/13

Planning the Business Planning- is the process of looking ahead and anticipating events. It leads into a predetermined actions that will put into effect to achieve a desired objective. Business planning requires all the other management skills such as marketing, financial management, managing people and understand the legal aspects of business. Planning significantly increases your changing of success by focusing on five areas 1/18/13