Entrepreneurial and Small Business Development - Rural Economic Development - Lecture Slides, Slides of Development Economics

Download Entrepreneurial and Small Business Development - Rural Economic Development - Lecture Slides and more Slides Development Economics in PDF only on Docsity! Entrepreneurial and Small Business Development Docsity.com Overview • Local economies driven by small business • Creates jobs • Significant source of employment Docsity.com Entrepreneurial Development • Who are entrepreneurs? – Risk takers – Leaders – Aggressive work ethic – Creative – Motivated in spite of setbacks Docsity.com Entrepreneurship involves the startup process. Small business management focuses on running a business over a long period of time. SOURCES: Based on, with additions to, Carol Moore, “Understanding Entrepreneurial Behavior: A Definition and Model,” in Academy of Management Best Paper Proceedings, edited by J. A. Pearce II and R. B. Robinson, Jr., 46th Annual Meeting of the Academy of Management, Chicago, 1989, 66–70. See also William Bygrave, “The Entrepreneurial Paradigm (I): A Philosophical Look at Its Research Methodologies,” Entrepreneurship: Theory and Practice, Fall 1989, 7–25. The Startup Process Source: Hatten, Small Business Management, 4th Edition 6 Docsity.com Entrepreneurial Development • Whom to encourage – Entrepreneurs fail – Weed them out • Obstacles to small business development Docsity.com Small Business Incubators • Low Rent • Shared Support Services • Network Opportunities Docsity.com Small Business Financial Management • Financial Document • Role of the Economic Development Practitioner – Deciding What to Provide – The Territory – Problems – Local Business History – Business Climate – How to Market – When to Quit Docsity.com Business Plan Development • Financial • Development • Sales tools • Know your product Docsity.com Financial Data • Estimated Sales • Costs & Expenses Forecast • Cost of Sales/manufacturing • Selling, General, & Administrative Expenses • Capital • Ratio Analysis • Break-Even Analysis Docsity.com Documents • Balance Sheet • Income Statement • Cash Flow • Supporting Documentation – Resumes – Personal Financial Information – Leases – Other documents relevant Docsity.com Summary • Small Business backbone of the community • Important to keep economy going Docsity.com