our new entrepreneurs
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Our New Entrepreneurs. How Everyday Americans Create Thriving Companies. The Growth of Small Business. More than 1 million new businesses are started each year 80% of our companies now have 20 employees or less Only 3% of our businesses have more than 100 employees - PowerPoint PPT PresentationTRANSCRIPT
Our New Entrepreneurs
How Everyday Americans
Create Thriving Companies
The Growth of Small Business
• More than 1 million new businesses are started each year
• 80% of our companies now have 20 employees or less
• Only 3% of our businesses have more than 100 employees
• 3/4 of our jobs are created by small companies
Reasons for Shift
• Development of technology
• Globalization of economy
• Changing American family
The Surge of Entrepreneurship
• 4% of American adults are in the process of starting a business
• 1/3 of American households have had some experience starting a business
• 50% of business students want to own and operate their own company
• 64% of women 18 to 34 want to start their own business
Our New Economy
• Agricultural economy
• Mass-production economy
• Information economy
• Customer-driven economy
The Bad News
• 50% of new businesses fail within the first 5 years
• In some industries, 50% of new businesses fail within 2 years
The Ten Keys to Success 1 Knowing the terrain
2 Seizing the opportunity
3 Finding a mentor
4 Radiating zeal
5 Working with tenacity
6 Giving mind-boggling service
7 Building the team
8 Getting more from less
9 Notching it upward and onward
10 Giving something back
Knowing the Terrain
• Knowing the industry
• Knowing the competitors
• Knowing the products
• Knowing the services
• Knowing customers’ needs
• Knowing the missing pieces
Seizing the Opportunity
• A need that is not being met
• Credible position in the industry
• Resources to get started
• Customer who want to buy the product or service RIGHT NOW!
Finding a Mentor
• Someone with business experience
• Someone who knows you fairly well
• Someone with passion for idea
• Someone with business contacts
Radiating Zeal
• Passion for products or services
• Passion to be successful and independent
Working with Tenacity
• Having a remarkable work ethic
• Taking responsibility for outcomes
Giving Mind-Boggling Service
• Exceeding customer expectations
• System to maintain superb service
Building the Team
• Board with relevant experience
• Executive team with critical skills
• Sharing of company ownership
• Partnerships with suppliers
Getting More From Less
• Going in lean
• Staying lean
• Low cost provider
Notching it Upward and Onward
• Expanding the core business
• Extending beyond core business
Giving Something Back
• The business supports the community
• The community supports the business
The Ten Keys to Success 1 Knowing the terrain
2 Seizing the opportunity
3 Finding a mentor
4 Radiating zeal
5 Working with tenacity
6 Giving mind-boggling service
7 Building the team
8 Getting more from less
9 Notching it upward and onward
10 Giving something back