a group of experienced people from different areas of  business who join together to form a managerial team with the skills needed to develop, make, and market a new product.

entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.

Getting Customers

Time Managment

Separate work and family

abiding by city ordinances

managing risk

creative people who work as entrepreneurs within corporations.

IMMIGRATION ACT OF 1990

encourage more entrepreneurs to come to the United States

created a category of “INVESTOR VISAS” that allows 10,000 people to come to the U.S. each year if they invest $1 million in an enterprise that creates or preserves 10 jobs.

specific geographic areas to which government try to attract private business investment by offering lower taxes and other government support.

Is independently owned and operated

  Is not dominant in its field of operation

Meets certain standards in terms of employees or annual receipts (for example, less than $2 million a year for service companies).

a. PLANNING your business

b.   FINANCING your business

c.   KNOWING your customers (marketing.)

d.   MANAGING your employees (human resource development.)

e.   KEEPING RECORDS (accounting).

a detailed written statement that describes the nature of the business, the target market, the advantages the business will have in relation to competition, and the resources and qualifications of the owner(s).

private individuals who invest their own money in new business with potential.

Small Business Administration

a U.S. government agency that advises and assists small businesses by providing management training and financial advice and loans.

What is the

MICROLOAN PROGRAM

awards loans on the basis of belief in the borrowers’ integrity and the soundness of their business idea

Define:

Small Business Investment company program

a program through which private investment companies licensed by the Small Business Administration lend money to small businesses.

individuals or companies that invest in new businesses in exchange for partial ownership of those businesses

an SBA office with volunteers from industry, trade associations, and education who counsel small businesses at no cost (except for expenses.)