1. business - making a start
TRANSCRIPT
tel.: 1300 083 691
MAKING A START
Making A Start presentation attempts identifies elements to consider when you are thinking of starting your own business.
• Pros & Cons
• Entrepreneurship
• Learn from the experiences of others
tel.: 1300 083 691
PROS AND CONS
Is going into business right for you?
Pros• Personal challenge & opportunity
• Independence & autonomy• Flexible working hours & flexible work location
• Direct „effort & financial reward‟ relationship
Cons• Business & financial insecurity
• Self finance of pension & work benefits
• On going business administration
• Impact on work/life balance
“There is an opportunity gap when the scope for growing income at a very fast rate is limited for those who have too little to invest , but expands dramatically for those who can invest a bit more.”
tel.: 1300 083 691
ENTREPRENEURSHIP
What is an entrepreneur?• An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business and make it grow.
• Differ from managers through their overriding responsibility to use the resources of the organization to accomplish their goals.
• Willing to take risks.
Am I an entrepreneur?Yes, when you undertake and manage the risk of setting up a business, you are an entrepreneur.
Qualities of an entrepreneurMost successful entrepreneurs share certain common qualities such as:• Self confidence and Self determination • Commitment and Perseverance• Initiative and Judgement• Self starter
tel.: 1300 083 691
ENTREPRENEURSHIP
Self employed need:
• To turn a pre-acquired skill/know-how into a service
• Portfolio (Evidence)• Easy access to customers (i.e. contacts./ networks)
• Self-Confidence • Basic business know-how• Relatively high profit margin‟s
• Cash flow
Entrepreneurs need:
• A team• A large market opportunity.
• A WOW• Key Partners/ Early Evangelists.
• A solution/ offer customers will buy/use.
• A “Market Validated Business Model” that is both repeatable, predictable and scalable.
• Profits• Resources and Investment
tel.: 1300 083 691
LEARN FROM EXPERIENCE OF OTHERS
Learn from both the mistakes and the successes
Speaking to those already in business, or to someone who has had experience of setting up a small business, will give you an insight into the realities of starting up your own business.
Suggested sources of local contacts:• Professional and/or Trade Associations• Business groups • Family and friends who have started their own business• Professional adviser/Mentors
“Ignore the stock market, ignore the economy, and buy a business you understand” “Warren Buffet CEO Berkshire Hathaway and one of the world’s richest entrepreneurs
tel.: 1300 083 691
If you have any queries please call us on 1300 083 691
or
We can contact you request via our website press here
View our Business Starter Package
View our Compliance and Administration Package
What Next?
tel.: 1300 083 691
Lasseter InFocus
Offices: T: 1300 083 691MelbourneAltona E: [email protected] W: www.Lasseter.com.au