EntrepreneurshipEntrepreneurship

“An Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities”

Bill Bolton and John Thompson

EntrepreneurshipEntrepreneurship

Is the practice of starting new Is the practice of starting new organizations, particularly new organizations, particularly new businesses generally in response businesses generally in response to identified opportunities, which to identified opportunities, which can be associated with risk or can be associated with risk or rewards.rewards.

Five Types of Business Five Types of Business OwnersOwners

IdealistsIdealists OptimizersOptimizers Hard WorkersHard Workers JugglersJugglers SustainersSustainers

Traits of the Successful Traits of the Successful EntrepreneurEntrepreneur

Goal OrientedGoal Oriented Opportunity SeekerOpportunity Seeker Takes advantages of opportunitiesTakes advantages of opportunities Knows his/hers strengths and Knows his/hers strengths and

weaknessesweaknesses Always wants to be the bestAlways wants to be the best Enjoys their jobEnjoys their job Knows when to get helpKnows when to get help

Legal Forms of Legal Forms of BusinessBusiness Sole Proprietorship Sole Proprietorship

PartnershipPartnership

CorporationCorporation

Business PlanBusiness Plan

Document specifying the business Document specifying the business details prepared by an details prepared by an entrepreneur prior to opening a entrepreneur prior to opening a new business.new business.

Steps to a Successful Steps to a Successful Business PlanBusiness Plan Develop your personal and Develop your personal and

company goals.company goals. Define a viable market segment Define a viable market segment

for your product or service. for your product or service. Develop your marketing plan. Develop your marketing plan. Write your initial version of the Write your initial version of the

business plan. business plan. Determine your financing needs. Determine your financing needs.

Steps to a Successful Steps to a Successful Business Plan Business Plan continuedcontinued Form your key teams: founders, Form your key teams: founders,

management, and directors.management, and directors. Finalize your financing needs and create Finalize your financing needs and create

your formal business plan.your formal business plan. Develop a marketing strategy to obtain Develop a marketing strategy to obtain

financing for your company.financing for your company. Market your plan successfully, Market your plan successfully,

attracting capital on your terms.attracting capital on your terms. Market your product/service and Market your product/service and

manage your business to achieve your manage your business to achieve your goals.goals.

Financial ResourcesFinancial Resources

Debt FinancingDebt Financing

Equity FinancingEquity Financing

Venture Capital FirmVenture Capital Firm

Business TacticsBusiness Tactics

Start a businessStart a business Buy an existing Buy an existing

business business Buy a FranchiseBuy a Franchise Business IncubatorBusiness Incubator

Managing a Growing Managing a Growing BusinessBusiness1. Stages of Growth

Managing a Growing Managing a Growing BusinessBusiness

2. Planning2. Planning

3. Organizing3. Organizing

4. Leading4. Leading

5. Controlling5. Controlling

The Seven Biggest The Seven Biggest Mistakes of Startup Mistakes of Startup BusinessesBusinesses

By: SCORE

Mistake 1: Driving a Mistake 1: Driving a fire engine without a fire engine without a route.route. You need a planYou need a plan Don’t quit your day job without a Don’t quit your day job without a

planplan

Mistake 2: Selling Mistake 2: Selling price is too lowprice is too low New entrepreneurs are notorious New entrepreneurs are notorious

for pricing their goods and for pricing their goods and services too lowservices too low

Don’t sell diamonds for the price Don’t sell diamonds for the price of rhinestones.of rhinestones.

Mistake 3: Starting a Mistake 3: Starting a business just for the business just for the thrill of it.thrill of it.

Entrepreneurs tend to be big-Entrepreneurs tend to be big-picture typespicture types

The longer they must ‘sweat the The longer they must ‘sweat the details’, the more nervous they details’, the more nervous they getget

Don’t start a business to find life Don’t start a business to find life on the edgeon the edge

Mistake 4: Clueless Mistake 4: Clueless about marketingabout marketing

Startups rarely plan or budget for Startups rarely plan or budget for marketingmarketing

Marketing worries about sales Marketing worries about sales tomorrowtomorrow

Sales closes sales todaySales closes sales today

Mistake 5: Being a pal Mistake 5: Being a pal instead of a bossinstead of a boss

Processes are created by accident Processes are created by accident

Don’t give away authority Don’t give away authority

Mistake 6: ‘Blowing Mistake 6: ‘Blowing through’ your capitalthrough’ your capital

New business owners grossly New business owners grossly underestimate their financial underestimate their financial needsneeds

Mistake 7: Mistake 7: Overlooking your loved Overlooking your loved onesones

Startups often demand 80-100 Startups often demand 80-100 hours workweekshours workweeks

Don’t let a launch cause lifelong Don’t let a launch cause lifelong regretsregrets

5-Step Selling Process

1. Greet the customer2. Analyze the need3. Show the product4. Explain the features and

benefits5. Close the sale and follow up