A career in_entrepreneurship_ethan_chazin_31oct2013

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Business Ownership: Pursuing A Career in Entrepreneurship...Is it Right For YOU?

Business Ownership: Pursuing A Career in Entrepreneurship...Is it Right For YOU?

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  • 1. Going Out on Your Own: Is “IT” in You Presented by: Ethan Chazin President & Founder The Chazin Group, LLC
  • 2. ALL Entrepreneurs Share Common Traits
  • 3. Do You Have What it Takes • • • • • • • • • • • • Take an assessment Dogged Determination Risk Takers/Embrace Chaos & the Unknown Thrive in Uncertainty Dare to Change the world Love Setting Deadlines Hate Working For others Love Solving problems Ask LOTS of questions Self-awareness Lifelong learners Is ALL this in YOU???
  • 4. Business planning is critical
  • 5. Planning is critical • Speak to as many entrepreneurs as you can to pick their brain (lessons learned) • Research, research, research. • Build a customer framework model. • Develop a business plan. • Starting Saving NOW!
  • 6. Customer Framework Model • Value proposition: the product/service, its features/benefits or uniqueness versus the competition; size of the market opportunity; and minimum viable product that best illustrates the product as quickly as possible to elicit customer feedback early. • Customer segments: who your customer is and what problems the product solves. • Channels: how you’ll distribute/sell your product. • Customer Relationships: how you’ll create demand for your product/service.
  • 7. Customer Framework Model • Cost Structure: the fixed and variable costs required to operate your business. • Key Activities: the tasks the company must perform to succeed. • Key Resources: suppliers, commodities, or other essential elements of the business. • Key Partners: other enterprises essential to success of the business. • Revenue Streams: revenue and profit sources and size.
  • 8. Obtain Funding
  • 9. Traditional & Non-Traditional • Traditional: – Banks – Venture Capitalists, Angel investors • Non-traditional – Micro-lenders • Most funding for start-ups come from the entrepreneur, friends & family
  • 10. What’s required of you • All lenders require the following 6 “C”s: 1. Character: credit report, references, work experience. 2. Capital: personal investment into the business. 3. Capacity: cash flow, business plan, commitment. 4. Collateral: pledge of property or assets to bank in case of default. 5. Cosigner: person who signs the loan contract with the borrower. 6. Conditions: sector of business, competitive landscape, growth and attractiveness of industry.
  • 11. Mentors/coaches Needed
  • 12. Mentors Needed • We all have blind spots • You can’t be an expert in everything but need to oversee all the functions of your business • Resources exist everywhere! – Score, SBA, private coaches, incubators, business/merchant associations, faculty, fellow students
  • 13. In Summary… • It’s NOT for everybody. • You’ll NEVER work harder in your life. • It beats working for others. • Confirm your business idea can be commercialized. • Have great credit. • Start building a war chest. • Pursue partnerships.
  • 14. Tr • • • • • • • T X X X X X x