{"id":378,"date":"2015-04-21T20:53:18","date_gmt":"2015-04-21T20:53:18","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&p=378"},"modified":"2017-03-31T16:57:02","modified_gmt":"2017-03-31T16:57:02","slug":"putting-it-together-8","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-hccc-introbusiness\/chapter\/putting-it-together-8\/","title":{"raw":"Putting It Together: Entrepreneurship","rendered":"Putting It Together: Entrepreneurship"},"content":{"raw":"

Synthesis<\/h2>\r\nWe began this module by considering the contributions of entrepreneurs not only to the economy but to our daily lives. Reflecting on what you have learned in this module, think for a moment about how far entrepreneurs\u00a0have taken us, our economy, and the world. From two brothers who owned a bicycle shop in Dayton, Ohio . . .\r\n\r\n\"aircraft-74020_640\"<\/a>\r\n\r\n. . . to this:\r\n

https:\/\/youtu.be\/b2xYwVOJB-U<\/p>\r\n\r\n

Summary<\/h2>\r\n

Small Business<\/h3>\r\nSmall business and entrepreneurs fuel the economic engine of the U.S. Without small business, economic growth and recovery from cyclical downturns would be impossible. Small businesses make valuable contributions to the larger economy\u00a0by creating jobs and providing opportunities for individuals\u00a0to achieve financial success and independence. Large businesses depend upon their smaller counterparts for support in areas such as\u00a0component\u00a0 parts, services, and product distribution.\r\n

Entrepreneurs<\/h3>\r\nSo, who are these entrepreneurs? You have seen that they are creative, risk-taking, determined\u00a0individuals who, even after suffering setbacks, refuse to give up on their dreams and business aspirations.\u00a0<\/strong>\r\n

Advantages, Disadvantages,\u00a0and\u00a0Considerations<\/h3>\r\nThere are advantages and disadvantages of small-business ownership. Each individual must weigh the pros and cons in order to decide\u00a0whether small business ownership is the right path for them. Time, lifestyle, finances, stress, and independence are just a few of the factors involved in making that\u00a0decision.\u00a0We would like to think that every business venture will\u00a0be as successful as Apple or Starbucks, but the fact is that plenty of\u00a0start-ups\u00a0don't\u00a0make it. Knowing why businesses fail is key to planning around and avoiding common pitfalls. If you know where the land mines are you can work your way around them to get to the other side of the field!\r\n

Steps to Starting a Business<\/h3>\r\nStarting a business is a lot like\u00a0baking a cake\u2014there's a recipe and a \"procedure.\" \u00a0In this module you learned that there's\u00a0a series of procedures\u00a0and steps that every business owner goes through in order to establish their business. Which steps must be taken depend on\u00a0the business and its location. When we bake a cake there's\u00a0a series of cooking steps (measuring, mixing, baking, cooling, frosting) that results in dessert! Which ingredients you put into the cake depends on\u00a0what type of cake you are baking. Which ingredients (steps) you use to launch\u00a0a business depends on\u00a0what type of business you are starting, but the end result is the same\u2014business!\r\n

Business Plans<\/h3>\r\nThe business plan is the roadmap to business success. The components of the plan cover everything from financial projections to physical location to products and services. Having a complete and thorough plan is essential to the success of any business venture\u2014small or large. Remember what we said earlier in this section: businesses never plan to fail, but they do fail to plan!\r\n

Additional Resources:<\/h2>\r\nThe Small Business Administration Web site<\/a> has a wealth of resources for starting entrepreneurial ventures in the U.S.","rendered":"

Synthesis<\/h2>\n

We began this module by considering the contributions of entrepreneurs not only to the economy but to our daily lives. Reflecting on what you have learned in this module, think for a moment about how far entrepreneurs\u00a0have taken us, our economy, and the world. From two brothers who owned a bicycle shop in Dayton, Ohio . . .<\/p>\n

\"aircraft-74020_640\"<\/a><\/p>\n

. . . to this:<\/p>\n