1 Intro to Entrepreneurship

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1 Intro to Entrepreneurship

  1. 1. Of all the businesses in the U.S., 98% are considered “small”?Of all the businesses in the U.S., 98% are considered “small”? Small businesses contribute 39% to the Gross National Product?Small businesses contribute 39% to the Gross National Product? Small businesses provide 66% of the initial job opportunities andSmall businesses provide 66% of the initial job opportunities and therefore absorb the major cost on-the job training!therefore absorb the major cost on-the job training! Three out of every five small businesses fail within the first fiveThree out of every five small businesses fail within the first five years of operation? The reason: Lack of management skills.years of operation? The reason: Lack of management skills.
  2. 2. Break it DownBreak it Down…(Simple Like!)…(Simple Like!) Part 1: How you plan to set the business up Part 2: How you plan to run the business Part 3: How you plan to manage the money
  3. 3. Why Write a BusinessWhy Write a Business Plan?Plan? 1. So that you HAVE A PLAN! 1. So that you can get financing
  4. 4. What is Financing?What is Financing? The money you need to start your business: From the bank From a private investor From a grant Etc..
  5. 5. * Independent * Self-Confident * Determination & Perseverance * Goal-Oriented * Set High Standards for themselves * Creative * Able to Act Quickly
  6. 6. Your Own Boss! Choose a business that interests YOU! Can be Creative! Can make a lot of Money!
  7. 7. RiskyRisky Uncertain/ Irregular incomeUncertain/ Irregular income Work Long HoursWork Long Hours Can be a lot of pressure/ responsibilityCan be a lot of pressure/ responsibility
  8. 8. * Independent* Independent * Self-Confident* Self-Confident * Determination & Perseverance* Determination & Perseverance * Goal-Oriented* Goal-Oriented * Set High Standards for themselves* Set High Standards for themselves * Creative* Creative * Able to Act Quickly* Able to Act Quickly RANK 1-5RANK 1-5 1 = low or poor 5= high or great1 = low or poor 5= high or great
  9. 9. ^What are your^What are your Hobbies & InterestsHobbies & Interests?? ^What^What Past ExperiencesPast Experiences do you have?do you have? ^What^What Job AttributesJob Attributes do you have?do you have?
  10. 10. ChronologicalChronological TargetedTargeted ComboCombo
  11. 11. 1. Find a Good, Solid Structure 2. Font Choice 3. Size Choice 4. Formatting Options: Bold, Italics, etc.. 5. Have Other People Proofread 6. Use Power Words 7. Fill The Whole Page 8. Find Resume Building Activities
  12. 12. Margins:Margins: Contact Info:Contact Info: Quality Headings:Quality Headings: Phrases -- Not SentencesPhrases -- Not Sentences G.P.A. RuleG.P.A. Rule List Most Recent 1st:List Most Recent 1st: NO Spelling Errors:NO Spelling Errors: Develop a Structure:Develop a Structure: Never Abbrev.:Never Abbrev.: One Page Long!:One Page Long!: Use your WHOLE Paper:Use your WHOLE Paper: Quality Objective at the Top:Quality Objective at the Top: ““References: Available upon Request” at bottom:References: Available upon Request” at bottom:
  13. 13. I. SUMMARY MEMORANDUMI. SUMMARY MEMORANDUM One-page description of the project II. INTRODUCTIONII. INTRODUCTION Type of business proposed- a brief description of the major product/service involved, sources of information (interviews and research sources), a brief description of advisors and their involvement
  14. 14. III. ANALYSIS OF THE BUSINESS SITUATIONIII. ANALYSIS OF THE BUSINESS SITUATION A. Self-analysisA. Self-analysis B. Trading area analysisB. Trading area analysis C. Market segment analysisC. Market segment analysis D. Analysis of potential location (s)D. Analysis of potential location (s)
  15. 15. IV. PLANNED OPERATION OF THE BUSINESSIV. PLANNED OPERATION OF THE BUSINESS A. Proposed organizationA. Proposed organization B. Proposed product/serviceB. Proposed product/service C. Proposed marketing strategiesC. Proposed marketing strategies
  16. 16. V. PLANNED FINANCINGV. PLANNED FINANCING A. Projected income and expensesA. Projected income and expenses 1. Projected income statements by month for the first year’s operation 2. Projected cash flow for the first year 3. Projected cash flow by month for the first year’s operation 4. Projected balance sheet, end of first year 5. Projected three-year plan 6. Planned growth of the proposed business B. Proposed plan to meet capital needsB. Proposed plan to meet capital needs 1. Personal and internal sources 2. Earnings, short-term and long-term borrowing, long-term equity 3. External sources 4. Short-term and long-term borrowing, long-term equity 5. Repayment plans 6. Plan to repay borrowed funds
  17. 17. VI. CONCLUSIONVI. CONCLUSION Specific request for financing, summary of key points supporting the financial request VII. BIBLIOGRAPHYVII. BIBLIOGRAPHY
  18. 18. Outline 3-5 main points that you can useOutline 3-5 main points that you can use to sell yourself as an entrepreneur!to sell yourself as an entrepreneur! A.A. ________________________________________ 1.1. ______________________________________ 2.2. ______________________________________
  19. 19. Outline 3-5 main points that you can use to sell Lakeville as a viable business community! A. ____________________ 1. ___________________ 2. ___________________

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