Starting Your Own Business Turning an  Avocation into a  Vocation Jim Shankle Managing Director 71 Ventures LLC www.71Vent...
The Secret to Success? <ul><li>? </li></ul>
The Secret to Success <ul><li>Do What You  Love </li></ul><ul><li>“ Childhood Dreams are the Incubators for Adult Success”...
The Best Book Ever Written  for Entrepreneurs
The Dream Giver <ul><li>Every Action Moves You One Step Closer to  Success </li></ul><ul><ul><li>Every  Failure  Moves You...
Step 1: Create a Life Plan <ul><li>85% of Success is Based on Knowing Yourself </li></ul><ul><ul><li>Your Personality </li...
Elements of Your Life Plan <ul><li>Your Current Status </li></ul><ul><li>Your Ideal Life </li></ul><ul><li>Your Loves: Wha...
Internal  Analysis <ul><li>What Are Your Talents? </li></ul><ul><li>What Do You Like To Do? </li></ul><ul><li>What Experie...
Your Ideal Work Style <ul><li>Full-time or part-time </li></ul><ul><li>At-home or on the road </li></ul><ul><li>working be...
Your Personal Mission Statement <ul><li>Consists of </li></ul><ul><ul><li>Your Values </li></ul></ul><ul><ul><li>What Driv...
Key Moves to Get You Where You Want to Go <ul><li>Develop Action Items To Transform a Life Plan  </li></ul><ul><ul><li>Fro...
Using your Life Plan <ul><li>Print Your Life Plan And Keep It In Plain View.  </li></ul><ul><ul><li>Constantly Remind Your...
Step 2: Choosing a Business Model <ul><li>Home-based </li></ul><ul><li>Brick-and-mortar </li></ul><ul><li>e-Commerce </li>...
Step 3: Create a Business Plan –  Some Defining Questions <ul><li>What’s Your Business Idea? </li></ul><ul><li>How Does Yo...
… and More Questions <ul><li>Can I Make A Living From My Business? </li></ul><ul><li>Who Is The Competition? </li></ul><ul...
… and More Questions <ul><li>What Are The Employee Needs? </li></ul><ul><li>Where Will I Locate The Business? </li></ul><u...
… and Yet Again, More Questions <ul><li>How Do I Locate My Suppliers? </li></ul><ul><li>What Will My Equipment Needs Be? <...
Step 4: Select a Business Structure <ul><li>Sole Proprietorships </li></ul><ul><li>Partnerships </li></ul><ul><li>Corporat...
Step 5: Create Key Business Assets <ul><li>Website Address </li></ul><ul><li>Trademarks </li></ul><ul><li>Copyrights </li>...
Step 6: Find the Funding <ul><li>Bootstrapping </li></ul><ul><li>Debt Financing </li></ul><ul><li>Grants </li></ul><ul><li...
Step 7: Organize Logistics <ul><li>Accounting </li></ul><ul><li>Legal Services </li></ul><ul><li>Insurance </li></ul><ul><...
Step 8: Find Great People <ul><li>Understanding The Power Of People </li></ul><ul><li>Find The Stars To Bring Onto Your Te...
Step 9: Establish a Brand <ul><li>Draft Your Brand DNA Or Essence </li></ul><ul><li>Define And Relate To Your Target Audie...
Step 10: Market and Sell <ul><li>Research & Strategy </li></ul><ul><li>Marketing Materials </li></ul><ul><li>Marketing Met...
Treasure Troves of Practical Advice <ul><li>www.LuckyNapkin.com </li></ul><ul><li>www.DrDoug.com </li></ul><ul><li>www.Obs...
Start Your Own Business? <ul><li>Questions? </li></ul>
Upcoming SlideShare
Loading in …5
×

Starting Your Own Business The Dream Giver

966 views
891 views

Published on

Based on The Dream Giver

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
966
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
30
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Starting Your Own Business The Dream Giver

  1. 1. Starting Your Own Business Turning an Avocation into a Vocation Jim Shankle Managing Director 71 Ventures LLC www.71Ventures.com
  2. 2. The Secret to Success? <ul><li>? </li></ul>
  3. 3. The Secret to Success <ul><li>Do What You Love </li></ul><ul><li>“ Childhood Dreams are the Incubators for Adult Success” </li></ul><ul><li>If You’re Not Passionate About It, Do Something Else </li></ul><ul><li>Awareness of an Opportunity That Fits Your Passions is the Ignition </li></ul><ul><li>Motivation is the Accelerator </li></ul>
  4. 4. The Best Book Ever Written for Entrepreneurs
  5. 5. The Dream Giver <ul><li>Every Action Moves You One Step Closer to Success </li></ul><ul><ul><li>Every Failure Moves You One Step Closer to Your Dream </li></ul></ul><ul><ul><li>Never, Ever Quit </li></ul></ul><ul><li>Impediments Are Fear & Negativity </li></ul><ul><ul><li>“ I don’t Know How” </li></ul></ul><ul><ul><li>“ It’s Not That Good” </li></ul></ul><ul><ul><li>“ I’ve Never Made Anything Before” </li></ul></ul><ul><ul><li>“ I’m Too Busy” </li></ul></ul><ul><ul><li>“ I Don’t Have the Money” </li></ul></ul><ul><ul><li>“ If It Was Such a Good Idea, Someone Else Would Have Already Done It” </li></ul></ul><ul><ul><li>and on and on….. </li></ul></ul>
  6. 6. Step 1: Create a Life Plan <ul><li>85% of Success is Based on Knowing Yourself </li></ul><ul><ul><li>Your Personality </li></ul></ul><ul><ul><li>Your Gifts </li></ul></ul><ul><ul><li>Your Purpose </li></ul></ul><ul><li>Plan Your Life, Then Plan Your Business </li></ul><ul><ul><li>The most successful and happy people are entrepreneurs who created a business that’s in perfect synchronicity with what they want out of life </li></ul></ul><ul><ul><li>If you do what you love, you’ll work harder , better and more happily </li></ul></ul>
  7. 7. Elements of Your Life Plan <ul><li>Your Current Status </li></ul><ul><li>Your Ideal Life </li></ul><ul><li>Your Loves: What You Really Like Doing </li></ul><ul><li>Your Skills & Capabilities: What You Do Well </li></ul><ul><li>Your Track Record: What You Have Experience Doing </li></ul><ul><li>Your Ideal Work Style </li></ul><ul><li>Your Personal Mission Statement </li></ul><ul><li>Key Moves to Get You Where You Want to Go </li></ul>
  8. 8. Internal Analysis <ul><li>What Are Your Talents? </li></ul><ul><li>What Do You Like To Do? </li></ul><ul><li>What Experience Do You Have? </li></ul><ul><li>What Are Your Interests? </li></ul><ul><li>Do You Have Managerial Skills? </li></ul><ul><li>Are You A Decision-Maker? </li></ul><ul><li>What Is Your Energy Level? </li></ul><ul><li>Are You A Self-Starter? </li></ul><ul><li>Are You Self Motivated? </li></ul><ul><li>Are You Willing To Take Risks? Is Your Spouse?! </li></ul><ul><li>What Is Your Financial Situation? </li></ul>
  9. 9. Your Ideal Work Style <ul><li>Full-time or part-time </li></ul><ul><li>At-home or on the road </li></ul><ul><li>working behind the scenes or interacting with lots of people </li></ul><ul><li>Another way to look at this is, what level of risk do you want to take? </li></ul><ul><ul><li>You may want a relatively low-pressure first-go at entrepreneurship. </li></ul></ul>
  10. 10. Your Personal Mission Statement <ul><li>Consists of </li></ul><ul><ul><li>Your Values </li></ul></ul><ul><ul><li>What Drives You Forward </li></ul></ul><ul><ul><li>All Wrapped Up Into A One-page Statement </li></ul></ul><ul><li>To Write This </li></ul><ul><ul><li>Draw On Everything You’ve Discovered About Yourself </li></ul></ul><ul><li>Bring It All Together Into A Clear Statement of </li></ul><ul><ul><li>Your Principles </li></ul></ul><ul><ul><li>Your Priorities </li></ul></ul>
  11. 11. Key Moves to Get You Where You Want to Go <ul><li>Develop Action Items To Transform a Life Plan </li></ul><ul><ul><li>From A Self-Assessment Into An Action Plan </li></ul></ul><ul><li>At This Point In Life Planning, You Know </li></ul><ul><ul><li>Where You Want To Go </li></ul></ul><ul><ul><li>What Skills You Already Have </li></ul></ul><ul><ul><li>What Type Of Work Suits You Best </li></ul></ul><ul><li>Draw From That Information </li></ul><ul><ul><li>A List Of Moves That Help You Achieve Your Ideal Life </li></ul></ul>
  12. 12. Using your Life Plan <ul><li>Print Your Life Plan And Keep It In Plain View. </li></ul><ul><ul><li>Constantly Remind Yourself </li></ul></ul><ul><ul><ul><li>What You Want </li></ul></ul></ul><ul><ul><ul><li>What’s Important </li></ul></ul></ul><ul><ul><ul><li>What To Do Next </li></ul></ul></ul><ul><ul><li>Revisit Periodically </li></ul></ul><ul><ul><ul><li>Measure Your Success </li></ul></ul></ul><ul><ul><ul><li>Make Adjustments & Additions Where Appropriate </li></ul></ul></ul><ul><ul><ul><li>It’s Okay If Things Change Over Time </li></ul></ul></ul><ul><ul><ul><ul><li>Life Is Dynamic and Your Life Plan Should Be Too! </li></ul></ul></ul></ul><ul><ul><li>Use To Provide Context For Strategic Decisions You Make—including What Niche You Choose To Operate In, What Business Model You’ll Use, Whether You’ll Have Lots Of Employees Or A Home-based, One Person Operation. </li></ul></ul><ul><ul><li>Most Importantly, Your Life Plan Will Position You To Do What You Love And That Always Brings Out The Best In An Entrepreneur. </li></ul></ul>
  13. 13. Step 2: Choosing a Business Model <ul><li>Home-based </li></ul><ul><li>Brick-and-mortar </li></ul><ul><li>e-Commerce </li></ul><ul><li>eBay </li></ul><ul><li>Franchising </li></ul><ul><li>Licensing your product </li></ul><ul><li>Multi-level marketing </li></ul>
  14. 14. Step 3: Create a Business Plan – Some Defining Questions <ul><li>What’s Your Business Idea? </li></ul><ul><li>How Does Your Idea Address A Need? </li></ul><ul><li>What’s So Different About What You Offer? </li></ul><ul><li>How Big Is The Market? </li></ul><ul><li>How Big Will You Grow? </li></ul><ul><li>Who Is Your Customer? </li></ul><ul><li>How Much Will They Pay? </li></ul><ul><li>How Will Customers Buy From You? </li></ul>
  15. 15. … and More Questions <ul><li>Can I Make A Living From My Business? </li></ul><ul><li>Who Is The Competition? </li></ul><ul><li>What Can I Do Better Than My Competition? </li></ul><ul><li>Is There Room In The Market Place For Me? </li></ul><ul><li>What Are Your Key Milestones? </li></ul><ul><li>How Will You Measure Success? </li></ul><ul><li>What’s Your Role Going To Be? </li></ul><ul><li>Who's On Your Team? </li></ul>
  16. 16. … and More Questions <ul><li>What Are The Employee Needs? </li></ul><ul><li>Where Will I Locate The Business? </li></ul><ul><li>Are There Legal Restrictions? </li></ul><ul><li>What Legal Form Of Operation Should I Choose? </li></ul><ul><li>What Type Of Records Do I Need To Keep? </li></ul><ul><li>What Taxes Will I Owe? </li></ul>
  17. 17. … and Yet Again, More Questions <ul><li>How Do I Locate My Suppliers? </li></ul><ul><li>What Will My Equipment Needs Be? </li></ul><ul><li>What Will I Name My Business? </li></ul><ul><li>Who Can Help Me Get Started? </li></ul><ul><li>Where's The Startup Money Coming From? </li></ul><ul><li>What Do They Want for Their Money? </li></ul><ul><li>…etc., etc., etc. </li></ul>
  18. 18. Step 4: Select a Business Structure <ul><li>Sole Proprietorships </li></ul><ul><li>Partnerships </li></ul><ul><li>Corporations </li></ul><ul><li>Limited Liability Companies </li></ul>
  19. 19. Step 5: Create Key Business Assets <ul><li>Website Address </li></ul><ul><li>Trademarks </li></ul><ul><li>Copyrights </li></ul><ul><li>Patents </li></ul><ul><li>Provisional Applications for Patents </li></ul><ul><li>Inventor's Logs </li></ul><ul><li>Confidentiality Agreements </li></ul>
  20. 20. Step 6: Find the Funding <ul><li>Bootstrapping </li></ul><ul><li>Debt Financing </li></ul><ul><li>Grants </li></ul><ul><li>Friends and Family </li></ul><ul><li>Angel Investors </li></ul><ul><li>Factoring </li></ul><ul><li>Venture Capitalists </li></ul>
  21. 21. Step 7: Organize Logistics <ul><li>Accounting </li></ul><ul><li>Legal Services </li></ul><ul><li>Insurance </li></ul><ul><li>Banking </li></ul><ul><li>Information Technology </li></ul><ul><li>Website Development </li></ul><ul><li>Merchant Accounts / e-Commerce </li></ul><ul><li>Real Estate </li></ul>
  22. 22. Step 8: Find Great People <ul><li>Understanding The Power Of People </li></ul><ul><li>Find The Stars To Bring Onto Your Team </li></ul><ul><li>Keep Your Stars </li></ul><ul><li>Importance Of A Mentor </li></ul>
  23. 23. Step 9: Establish a Brand <ul><li>Draft Your Brand DNA Or Essence </li></ul><ul><li>Define And Relate To Your Target Audience </li></ul><ul><li>Choose A Brand Name </li></ul><ul><li>Create A Logo </li></ul><ul><li>Make A List Of All Your Other Touch Points </li></ul><ul><li>Create A Demand For Your Brand </li></ul>
  24. 24. Step 10: Market and Sell <ul><li>Research & Strategy </li></ul><ul><li>Marketing Materials </li></ul><ul><li>Marketing Methods </li></ul>
  25. 25. Treasure Troves of Practical Advice <ul><li>www.LuckyNapkin.com </li></ul><ul><li>www.DrDoug.com </li></ul><ul><li>www.ObsidianLaunch.com </li></ul><ul><li>www.SmallBusinessTechnology.com </li></ul><ul><li>www.MillionaireBlueprints.com </li></ul><ul><li>www.StartupNation.com </li></ul><ul><li>www.Entrepreneur.com </li></ul>
  26. 26.
  27. 27.
  28. 28. Start Your Own Business? <ul><li>Questions? </li></ul>

×