Entrepreneurs' Diary- Completion
Rain Ashbell
M19-EntrepreneurialSUccess-OL.pptxSmall Business management
ENTR 442
Achieving Success in the Small Business
Yongseok Jang, Ph.D.
Assistant Professor of Entrepreneurship
Questions
2
What success means: quadruple bottom line
The small business life cycle
Small Business Life Cycle
Business life cycle
The sequence or pattern of developmental stages any business goes through during its life span.
3
Life Cycle Stages
4
Emergence
Existence
Survival
Success
Resource Maturity
The Small Firm Life Cycle
Figure 20.1
Liability of newness
5
Life Cycle
Emergence
Conception & Action toward starting a firm
12.3 % of the age 15-25 actually took action toward starting a firm
Techniques to take challenge:
1. use BRIE behaviors (chapter 1)
2. get into business part time
6
Life Cycle
Existence
In operation, but not yet stable markets, operations, or finances
Liability of Newness
Techniques to take challenge:
Help from others
Develop/use social network
7
Life Cycle
Success
Established in the market, consistently growing financial performance, with slowly rising sales
Slack resources
High-performing small business
8
Life Cycle
Resource Maturity
Stable sales and profits
Challenge: Complacency
Tactics to fight
Recency
Frequency
9
Life Cycle
Resource Maturity
Stable sales and profits
Challenge: Complacency
Tactics to fight
Potency
Recommendation
Ta-Bom
10
Life Cycle
Take off
Exceptional growth
Involves working with potential source of funding and other key resources
Very rare; high-growth firm model
11
Life Cycle
Meaning of all this
Firms development is predictable
A powerful reminder of issues
Help you identify when to grow and what to expect
12
Questions
13
What success means: quadruple bottom line
The small business life cycle
The Quadruple Bottom Line
Table 20.1
How is success measured with respect to the quadruple bottom line?
Success should not be solely measured in terms of profits
14
The Firm
Supplemental profits
as a secondary income for entrepreneurs
Substitution profits
to equal and replace the salary or wages
Success profits
Returns at levels higher
15
Community: how the business relates to
Community impact
Building trust
Promoting a positive culture
Enhancing flexibility
Fostering innovation
16
Family and Yourself
17
Review..
18
What success means: quadruple bottom line
The small business life cycle
