Glencoe Accounting

Unit 1: Introduction to Accounting

WebQuest Internet Project

An entrepreneur takes an idea and turns it into a business. This involves risks, but those risks can result in big rewards. The chart shows the trend of risk-takers' confidence over nine quarters. You may wonder what chance you have to become a successful entrepreneur. After you complete this project, you may have the answer.

Many entrepreneurs find satisfaction in going into business for themselves. To reduce their risk and improve their chances for success, potential entrepreneurs find out as much as they can about business opportunities and what it takes to get started. Your task is to write a report on the opportunities, risks, and rewards of small business ownership. Your report should include information on the following topics:

• An overview of what it takes to become a successful entrepreneur
• Opportunities for starting a small business or buying a franchise
• Potential problems faced when starting a business
• Raising money to start a business
• Making a business plan

To successfully prepare your report you will need to complete the following items:

• Find information about starting a small business or buying a franchise. Use the following Web resources:

Small Business Opportunities magazine

www.sbomag.com

Startup Journal

www.startupjournal.com

Entrepreneurship

www.entrepreneurship.com

BusinessWeek Online

www.businessweek.com

Entrepreneur.com

www.entrepreneur.com

• Make a list of personal traits needed for success as an entrepreneur.
• Identify 10 small business and 10 franchise opportunities.
• List at least 5 business startup risks.
• Make a list of sources for startup money.
• Choose the business or franchise that you feel would be most successful, and explain your selection.

To improve your report, consider the following questions and suggestions:

1. Use the self-appraisal test found on the Web to assess your entrepreneurial traits. Compare your results with those for your classmates who take the same test.
2. Compare starting a new business with buying a franchise. What are the pros and cons for each option?
3. Where can you find help on starting a business or buying a franchise?
4. What is the most difficult part of starting a new business?

Here are some suggestions for finishing your report.

• Talk with small business or franchise owners in town about your project and add their ideas to your report.
• Present an oral summary to your class outlining the potential rewards and pitfalls of small business ownership.
• Use the information from your research to prepare a bulletin board for the teacher.

• Describe the kind of person best suited for owning and operating a business.
• Summarize the major hurdles to overcome before starting a business.
• Select five startup businesses that might be of interest to you and your friends.
• Why do you think starting a new venture appeals to so many people in the United States?

A choice of career in accounting can be very rewarding and an easy way to open your own business. As a Certified Public Accountant, you are authorized by your state to offer accounting services to the public.

Question:

• What skills do you think you will need in addition to competence in accounting for running a successful business?

All kinds of organizations use accounting information when communicating with the public. Organizations use radio, television, newspapers, and the Web to report accounting information to interested parties.

Question:

• Go through your newspaper and list 10 articles that make some reference to accounting. What companies or organizations do they mention?