Personal Values and Goals
Give an example of a value.
Loyalty, hard-working, creativity, Honesty, independent.
What does joining a family business offer you?
Experience
Buying an existing business is less risky than starting a new one. True or False.
True, because the employees are already hired and trained, equipment is already in place and the business has customers.
Why should we research a business before buying it?
To make sure the business was successful and has not problems (Debt).
Why would someone choose to start their own business?
Open something new with a fresh idea. Have something that relates to their interests.
What is the meaning of value?
What are the rewards to be apart of a family business?
trust and togetherness that families share, and you get to work as a team. You can see your family multiple times a week.
What is goodwill?
Loyalty, which is valuable in a business.
what are two ways we can see if a business is for sale?
Look online, in newspaper or hire a business broker.
What are the advantages of starting your own business?
You can do things your own way from scratch, you can build the company with fresh ideas and enthusiasm.
Who influences your values?
Family, religion, teachers, friends, society, and personal experiences.
What are the challenges of entering into a family business?
Hard for owners to get away from the business, and parents cannot view their children as someone capable of making wise decisions.
Name the advantages of buying an existing business.
Has established procedures in place.
Inventory and credit on hand.
Owner may offer advice during transition period.
Has reputation already = customers
How can we prevent ourselves from buying a business with multiple burdens?
Investigate the company and industry carefully.
Don't rely on what the seller tells you.
Hire an accountant.
Hire an attorney to advise and you and investigate legal liabilities.
What are disadvantages of starting your own business?
Risk of failure
Business not making any money
No Customers interested in the business.
Once you have identified your values, what can you do next?
We can create goals for our future and entrepreneurial ideas.
What questions should you ask yourself before entering a family business?
Do I have the ability to work with a family?
Do we share the same goals for business?
Can we maintain a positive family relationship?
Can we be clear and specific about expectations of each other?
What are the disadvantages/ risks of buying an existing business?
Poor reputation
Broken equipment
Unreliable employees
What questions should you ask before purchasing a business?
Is the business interesting to me and others?
Why is the owner selling the business?
What is the businesses potential growth?
What questions should you ask yourself before starting your own business?
Do I have the motivation?
Do I have the right resources available?
Do I have enough financial resources to start from scratch?
Am I willing to accept the risks?
What factors influence your choice of business?
Personality, abilities, background, hobbies, interests, and experience.
Why do some families work well together and others do not?
They may share the same goals and values for both the business and the future, while others may not.
What is the meaning of franchise, Franchisee, and Franchisor.
Franchise: Legal agreement between new business in the name of a recognized business.
Franchisee: Buyer of business. has the right to product and process of business. (Ex. McDonald)
Franchisor: Seller of the business (its planning and management expertise).
What are some reasons owners may sell a business?
retirement, illness, loss of interest, and need for cash.
What tasks must you complete when starting your own business?
Make sure enough people would be interested in your business/Idea.
Determine if your business is at a physical location or online.
Purchase equipment
Hire employees
Advertise
Prepare a business plan.