Jerry r. mitchell feb 28,2011
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Jerry r. mitchell feb 28,2011

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Why you should start your own business

Why you should start your own business

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Jerry r. mitchell feb 28,2011 Jerry r. mitchell feb 28,2011 Presentation Transcript

  • JERRY R MITCHELL Feb 28,2011 1 “Career Choices During These Economically Troubling Times"
  • JERRY R MITCHELL Feb 28,2011 2 “You will never do anything in this world without courage. It is the greatest quality of the mind next to honor” James L. Allen
  • JERRY R MITCHELL Feb 28,2011 3 RELYING UPON YOUR EMPLOYER FOR A SECURE RETIREMENT IS A COMFORTABLE BUT DANGEROUSLY OUTDATED NOTION.
  • JERRY R MITCHELL Feb 28,2011 4 TODAY THERE ARE THREE CAREER OPTIONS AVAILABLE TO YOU
  • JERRY R MITCHELL Feb 28,2011 5 THE FIRST OPTION IS TO STAY IN YOUR CURRENT POSITION PROVIDED YOU STILL HAVE ONE
  • JERRY R MITCHELL Feb 28,2011 6 THE SECOND OPTION IS TO SEARCH FOR A NEW POSITION
  • JERRY R MITCHELL Feb 28,2011 7 THE THIRD OPTION IS TO START YOUR OWN BUSINESS
  • JERRY R MITCHELL Feb 28,2011 8 Losing your job: making a career move
  • JERRY R MITCHELL Feb 28,2011 9 You are lost now that you have lost your job and you feel like your world has come to an end. How will you make it ? What will you do ?
  • JERRY R MITCHELL Feb 28,2011 10 You’ve been working for so long you don’t know what to do with yourself everyday and where do you go
  • JERRY R MITCHELL Feb 28,2011 11 Can you find another job and how long will you be without work?
  • JERRY R MITCHELL Feb 28,2011 12 These are all the questions that will run through your mind when you lose your job and you are trying to figure out what to do afterwards.
  • JERRY R MITCHELL Feb 28,2011 13 How do you make it now?
  • JERRY R MITCHELL Feb 28,2011 14 Even though it’s a hard thing to swallow that one day you had a job and the next day you don’t. You have to look at this as a new opportunity for bigger and better things to happen for you.
  • JERRY R MITCHELL Feb 28,2011 15 The first thing is to accept for whatever reason you have lost your job, this is where you are suppose to be in your life right now.
  • JERRY R MITCHELL Feb 28,2011 16 Take losing your job as a opportunity to discover which direction you want to go in for your career. You might discover losing your job is the best thing that could have ever happen to you.
  • JERRY R MITCHELL Feb 28,2011 17 If you had never lost that job you might not have had enough nerves to walk away to find something better or do what you secretly always wanted to do.
  • JERRY R MITCHELL Feb 28,2011 18 Now is the time to search yourself for this. Take this time since you have been put into this situation to look at other things before you jump back into what you had.
  • JERRY R MITCHELL Feb 28,2011 19 You will have to regroup your life style until you can start back working. Just don’t give up your life. Keep searching for a job or that new career you might have decided you wanted and everything will eventually fall back into place.
  • JERRY R MITCHELL Feb 28,2011 20 Life after losing your job might not be as bad as you think, it’s what you make of it.
  • JERRY R MITCHELL Feb 28,2011 21 As a small-business owner, you just can't compete on price. Forget it! Actually, the market is much less price-sensitive than you think it is. The market bears all kinds of prices. Can you believe people pay $50,000 for a watch? Three dollars for a bottle of water? Hundreds of dollars for pro music tickets? Consumers will buy just about anything if they can see the value or benefit.
  • JERRY R MITCHELL Feb 28,2011 22 So how much should you charge? As much as it takes to get what you want from your business, regardless of what your competitors are charging. Create a selling price that covers all your costs, plus profit, then figure out how to sell your product.
  • JERRY R MITCHELL Feb 28,2011 23 Here's a sure-fire, make-your-dreams-come-true formula for making money in your business: First, determine how much money you want to make. How much money will it take to make all the headaches of small- business ownership worth it? It's up to you. Pick a number. You can make any salary you want-but you have to build it into your selling price.
  • JERRY R MITCHELL Feb 28,2011 24 Next, figure out what you're selling. What's your "widget"? If you sell your services, knowledge and expertise, you sell time. If it takes skilled labor hours to create your product, you're selling time. When you sell time, you can only deliver so many "billable hours" per day, per week, per year
  • JERRY R MITCHELL Feb 28,2011 25 Then, decide how many you can sell in a year. Suppose you sell four billable hours per day, five days per week, for 50 weeks in one year. 4 X 5 X 50 = 1,000 billable hours per year.
  • JERRY R MITCHELL Feb 28,2011 26 Next, crunch the numbers. Want to make $100,000? If you have 1,000 billable hours per year, it will take $100 per hour just to cover your salary. Add to that all the other costs of doing business. Inflate for profit. Voila! You have a selling price that makes sense-and makes money.
  • JERRY R MITCHELL Feb 28,2011 27 Learn to market yourself and eliminate price competition forever. The market doesn't set prices…marketers do! What makes you special? Here's a clue: Look at what the low-price providers may sacrifice…service, good manners, convenience, quality, a sense of humor. Substitute "I'll do it for you" instead of "Do it yourself." Get the idea? To charge more, you must be different.
  • JERRY R MITCHELL Feb 28,2011 28 Entrepreneur seems to be the hottest buzzword going around, the hero, the savior of economies worldwide. How do we spot one when we see one?
  • JERRY R MITCHELL Feb 28,2011 29 Entrepreneurs, , are people who perceive new opportunities and create and grow ventures around those opportunities.
  • JERRY R MITCHELL Feb 28,2011 30 An entrepreneur, pronounced 'on-truh-pruh-nur', is someone who starts a business and is good at finding ways to make money.
  • JERRY R MITCHELL Feb 28,2011 31 Do you think being a successful entrepreneur is impossible - think again. Many have taken the leap to create a better life for themselves and their families. Because of the down-turn in the economy, downsizing (by many once stable companies), and the high cost of living many are searching for alternative income.
  • JERRY R MITCHELL Feb 28,2011 32 Hence the stampede to the home based business and the world of entrepreneurship. But what does it take to be a successful entrepreneur? What qualities must a person have to be successful as an entrepreneur? It has been proven that successful entrepreneurs have:
  • JERRY R MITCHELL Feb 28,2011 33 The right mindset is the key to being a successful entrepreneur. You must believe in your self and your abilities to get things done. It is so amazing how we always think other people can do it but we can't.
  • JERRY R MITCHELL Feb 28,2011 34 Remember to relax and look for help when you need it. I sure did. Understand that you are in business for you self but not by yourself. If your goal is to earn $2000 or $10,000 a week, believe it is possible. Anything some else can do you can do it to.
  • JERRY R MITCHELL Feb 28,2011 35 You must believe that the good life is for you and that you deserve it. Otherwise you will sabotage yourself if success comes to you.
  • JERRY R MITCHELL Feb 28,2011 36 Successful entrepreneurs must be open-minded and embrace changes. They are never afraid to take a risk. They are savvy and understand the need to promote their product through effective mediums. Far too many entrepreneurs underestimate how important this is to the livelihood of their business.
  • JERRY R MITCHELL Feb 28,2011 37 If you don't have prospects you don't have customers. If you don't have customers you are not in business. The call word for an entrepreneur is Promote, Promote, Promote.
  • JERRY R MITCHELL Feb 28,2011 38 Because of all the new technology available for marketing the successful entrepreneur has just about every thing needed to succeed. The internet is the largest marketing medium in the world and it is right at our fingertips.
  • JERRY R MITCHELL Feb 28,2011 39 Successful entrepreneurs must have a reason for being successful. When the obstacles come, and they will you must have a strong "Yes" to continue on or you will say No and quit. Their must be meaning and passion in what you do or the path will feel empty.
  • JERRY R MITCHELL Feb 28,2011 40 Sir Winston Churchill had to give a speech at a commencement service of a military academy and he only said 9 words "Never Give Up, Never Give Up, Never Give Up" and walked of the stage.
  • JERRY R MITCHELL Feb 28,2011 41 Successful entrepreneurs must be open-minded and embrace changes. They are never afraid to take a risk. They are savvy and understand the need to promote their product through effective mediums. Far too many entrepreneurs underestimate how important this is to the livelihood of their business.
  • JERRY R MITCHELL Feb 28,2011 42 What was his message? Persistence! Persistent will be to a successful entrepreneurs as carbon is to steel. When you spent your last dollar and the next sales is not coming as planned you must persist, because your biggest break through is usually just after your biggest disappointments.
  • JERRY R MITCHELL Feb 28,2011 43 Maybe you want to help starving children in Africa. Maybe you want to help hungry children around the world. Maybe you just want to have enough money to help those around you. What-ever your mission is it must be big and beautiful. It must add meaning to your life.
  • JERRY R MITCHELL Feb 28,2011 44 As you can see you can develop yourself into a successful entrepreneur if you have the right mindset, market yourself and product and have a mission for success. If you need more help please contact me.
  • JERRY R MITCHELL Feb 28,2011 45 Remember "Nothing changes in your life until you do"
  • JERRY R MITCHELL Feb 28,2011 46 The American system of business management has been admired and emulated around the world. This system is characteristic of two traits in the American psyche:
  • JERRY R MITCHELL Feb 28,2011 47 (1) enthusiasm for the future and making things better, and (2) an openness and willingness to change in order to achieve that end.
  • JERRY R MITCHELL Feb 28,2011 48 No society in the world is better or more prolific at creating new businesses than the United States capitalistic system but often we are so busy commercializing ideas and starting new ventures that we don't take the time to learn basic, successful management principles that have been developed by our larger companies.
  • JERRY R MITCHELL Feb 28,2011 49 Many entrepreneurs are technical experts in what they do but start a business without any formal training or experience in management practices and principles. By "management" here we mean the business of successfully managing the non-technical side of the business, the "back room" activities.
  • JERRY R MITCHELL Feb 28,2011 50 As a result of inadequate management, many small businesses fail in the early years. They fail not because of a weakness in the product or service concept they have, but because the business was not properly managed in the back office.
  • JERRY R MITCHELL Feb 28,2011 51 Once a business has emerged or grown to a certain level, management techniques must change or the business will run into trouble. For many small businesses this level is $1-3 million in annual sales or 5-15 employees.
  • JERRY R MITCHELL Feb 28,2011 52 Sometimes the owner or manager of a small business must evolve, morph or otherwise change from a manager of things to a manager of people and from a technical expert to a strategic thinker.
  • JERRY R MITCHELL Feb 28,2011 53 This is often a difficult task because of ingrained habits developed over time but failure to grow as a manager is a major, perhaps the major reason why a business will falter, stagnate or even collapse under its own weight.
  • JERRY R MITCHELL Feb 28,2011 54 Sometimes the owner or manager of a small business must evolve, morph or otherwise change from a manager of things to a manager of people and from a technical expert to a strategic thinker.
  • JERRY R MITCHELL Feb 28,2011 55 But what do successful businesses have that troubled businesses don't?
  • JERRY R MITCHELL Feb 28,2011 56 "Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover." Mark Twain
  • JERRY R MITCHELL Feb 28,2011 57 Fundamental transformations are not led by institutions. Institutions, for the most part, have a focus which prohibits their ability to recognize and understand the sea change around them. Their organizational structures impede their ability to adapt and respond, and they often sub- optimize their activity in new venues to protect legacy interests, products or markets.
  • JERRY R MITCHELL Feb 28,2011 58 Action and knowledge is with people on the cutting edge in this digital age. Peter Drucker once defined the entrepreneur "as someone who does something new and gets it done." I suggest that there is a new breed of entrepreneur — netpreneur — who is getting new things done with the digital medium.
  • JERRY R MITCHELL Feb 28,2011 59 Netpreneurs are the people creating models, ventures and opportunities centered around digital networks. They are united by their reliance on the network bridge and the critical mass of the Internet.
  • JERRY R MITCHELL Feb 28,2011 60 They are students of all ages developing new ideas in their basements and employees who become overnight millionaires at companies like market America, Yahoo, Google, LinkedIn, Face Book and scores more.
  • JERRY R MITCHELL Feb 28,2011 61 They are intrapreneurs spinning out of older, established organizations, collaborating in new ways to understand and capitalize on the landscape of opportunity. And they are not just building businesses. Netpreneurs are bringing innovation and the entrepreneurial spirit to healthcare, education, government and community service.
  • JERRY R MITCHELL Feb 28,2011 62 With the promise and potential of the "information superhighways" we should all ask ourselves: Why, despite the communications innovations of the last 150 years, each of which was supposed to miraculously improve our society, do we approach the 21st century with so many vexing social problems unresolved, and, in some cases, made worse?
  • JERRY R MITCHELL Feb 28,2011 63 The answers are not in technology, but in people. The hope and promise is that the uniquely empowering nature of the new communications medium may help people collaborate to find answers.
  • JERRY R MITCHELL Feb 28,2011 64 The question is: How do we capitalize on the opportunity for sustained, constructive change for our families, communities, institutions and businesses?
  • JERRY R MITCHELL Feb 28,2011 65 Measure what you value. We must be less focused on technical, trophy accomplishments, like giving every child a laptop computer, and more focused on making a sustainable difference; that is, the real outcomes for people, businesses and communities.
  • JERRY R MITCHELL Feb 28,2011 66 Champions aren't made in gyms. Champions are made from something they have deep inside them -- a desire, a dream,and a vision. They have to have last-minute stamina, they have to be a little faster, and they have to have the skill and the will. But the will must be stronger than the skill. Muhammad Ali
  • JERRY R MITCHELL Feb 28,2011 67