entrepreneurial success
DESCRIPTION
Entrepreneurial success is hard to come by, but learn from those that succeed and you too can be successful. You will be surprised by what the secret to success actually is.TRANSCRIPT
ACHIEVING ENTREPRENEURIAL& SMALL BUSINESS SUCCESS
Meadow Creek Marketing
OBJECTIVES
WHAT IS AN ENTREPRENEUR?
WHY DO SOME ENTREPRENEURS SUCCEED & OTHERS FAIL?
WHAT ARE THE SECRETS OF ENTREPRENEURIAL SUCCESS?
Copyright Meadow Creek Marketing, Inc. 2010
THE GOAL IS TO MAKE YOU SUCCESSFUL
WHAT IS A SMALL BUSINESS?
WHAT’S A SMALL BUSINESS IN MOST MANUFACTURING - 500
EMPLOYEES IN MOST SERVICES - $7 MILLION IN
SALES
NOT BIG BUSINESSES ONLY 0.1% OF THE OVER 27 MILLION
BUSINESSES
Copyright Meadow Creek Marketing, Inc. 2010
THE ELUSIVE SMALL BUSINESS
THERE ARE ABOUT 6 MILLION FIRMS THAT EMPLOY LESS THAN 500 PEOPLE
STATISTICALLY, BIG BUSINESSES DON’T EXIST
THERE ARE OVER 27 MILLION BUSINESSES
Copyright Meadow Creek Marketing, Inc. 2010
WHERE ARE THE OTHER 21 MILLION BUSINESSES?
NON-EMPLOYER FIRMS
78% OF ALL FIRMS ARE NON-EMPLOYER FIRMS
ACCOUNT FOR 3% OF TOTAL REVENUE
Copyright Meadow Creek Marketing, Inc. 2010
ECONOMIST DON’T LOVE YOU FOR WHO YOU ARE,BUT FOR WHAT YOU CAN BE
PERILOUS GROUND
1 2 3 4 5 6 7 8 9 100%
20%
40%
60%
80%
100%
85%
50%35%
Success Rate
Copyright Meadow Creek Marketing, Inc. 2010
WHY DO THEY FAIL?
START FOR THE WRONG REASON
LACK OF BUSINESS EXPERIENCE
LACK OF INDUSTRY EXPERIENCE
INSUFFICIENT CAPITAL
LACK OF PROMOTION AND CREDIBILITY
Copyright Meadow Creek Marketing, Inc. 2010
GOOD NEWS IS – THERE’S A CURE
SURVEY OF SMALL BUSINESS
ONE-THIRD OF SMALL BUSINESS OWNERS FEEL:
PASSION IS MORE IMPORTANT THAN EXPERTISE
GUT FEEL IS MORE IMPORTANT THAN ANALYSIS
DON’T NEED, WANT OR INTEND TO HAVE A PLAN
Copyright Meadow Creek Marketing, Inc. 2010
WHERE’S THE PASSION?
ONLY 10% OF RESPONDENTS WORK MORE THAN 60 HOURS A WEEK
THE AVERAGE SUCCESSFUL STARTING ENTREPRENEUR WORKS
A SEVENTY HOUR WEEK.
Copyright Meadow Creek Marketing, Inc. 2010
ENTREPRENEURSHIP
THE PROCESS OF CREATING OR SEIZING AN
OPPORTUNITY AND
PURSUING IT REGARDLESS OF THE RESOURCES CURRENTLY
CONTROLLED.
Copyright Meadow Creek Marketing, Inc. 2010
THE SECRETS OF SUCCESS
USED TO BE WE LOOKED FOR TRAITS OR BACKGROUND
THAT DEFINED SUCCESSFUL ENTREPRENEURS
TODAY, ENTREPRENEURSHIP IS LOOKED AT AS A
SOCIAL PROCESSCopyright Meadow Creek Marketing, Inc. 2010
HOW DO ENTREPRENEURS SUCCEED?
SKILLED AT USING THEIR TIMETO DEVELOP RELATIONSHIPS WITH
PEOPLE THAT ARE VITAL TO THE SUCCESS OF THEIR BUSINESS.
Copyright Meadow Creek Marketing, Inc. 2010
BACK TO PASSION
WHY DO ENTREPRENEURS DEFAULT TO PASSION?
THEY LACK THE RESOURCES TO DO IT ANY OTHER WAY
SUCCESSFUL ENTREPRENEURS WILL FIND THE RESOURCES THEY LACK
THROUGH BUILDING RELATIONSHIPSCopyright Meadow Creek Marketing, Inc. 2010
EXPERIENCE
NO ONE PERSON HAS ALL THE SKILLS NECESSARY
BUT THE WORLD WANTS YOU TO SUCCEED
NON-EMPLOYER BUSINESSES PROVIDE: LEARNING EXPERIENCE STOCK FOR FUTURE EMPLOYER BUSINESSES
Copyright Meadow Creek Marketing, Inc. 2010
YOU ARE THE SOURCE OF FUTURE JOBS
NETWORKING
EXPANDING THE NUMBER OF ONE'S BUSINESS AND/OR SOCIAL CONTACTS BY MAKING CONNECTIONS THROUGH
INDIVIDUALS
Copyright Meadow Creek Marketing, Inc. 2010
NOT HANDING OUT BUSINESS CARDS, DELIVERING YOUR ELEVATOR SPEECH
AND MAKING A SALE
WHY NETWORK?
BUILD RELATIONSHIPS
STRENGTHEN YOUR REPUTATION
INVEST IN YOUR SOCIAL CAPITAL
Copyright Meadow Creek Marketing, Inc. 2010
DO WHAT SUCCESSFUL ENTREPRENEURS DO
SUMMARY
MOST SMALL BUSINESSES FAIL
THEY FAIL DUE TO THE LACK OF RESOURCES
SUCCESSFUL ENTREPRENEURS OBTAIN
RESOURCES THROUGH NETWORKING
Copyright Meadow Creek Marketing, Inc. 2010