Presentation For George Mason HighschoolPresentation Transcript
The ins and outs and what you need to know ! Entrepreneurship Presenter: RabiyaJilani Director, Business Incubation Center CEO, Lumenica, LLC Twitter: @bizincubation
2 CBP’s Programs Entrepreneur Certificate Program
F What is Entrepreneurship? Taking a risk Starting a business Making profit Innovation Stimulating economic growth Job creation
F Personal experiences Work-related experiences Friends, family, teachers coaches The internet Library research Scientific research Desire to make something existing better Where do you get ideas from?
F So you got an idea, now what? Ask yourself the following questions: What services or products will I sell? Where will I be located? What skills and experience do I bring to the business? What will I name my business? What equipment or supplies will I need? What insurance coverage will be needed? How much money, if any, will it cost to start my business? Will I need financing? What are my resources? How will I compensate myself?
Helps you maintain a “proactive” status
Points everyone in the same direction
Helps clarify opportunities
Stimulates development of new
Focuses attention on important questions
Increase chances of success
Power of Business Plans
F Business Plan
What will your monthly budget be?
What is your break even point?
How will the business be managed on a day to day basis
What is your hiring process?
What kind of equipment will you need?
Business Goals Legal Structure Your skills and experiences Whose your competition What are you selling? Who is your customer? How will you price your product? How much money do you need to get started?
Your ABC’s Your ABCs B A C Business Planning Banking Breakeven Beating the Odds Accountability Assessment Access Controls Cash Flow Considerations Cost Customers
A few words of advice …
Honestly determine your true motivations
Pre-determine your special market niche
Make sure your support system is in place
Determine start up costs
Research the best companies
Long time to get established
Limited return during start-up
Constantly need to learn, improve and innovate
Starting your Businesss
A few words of advice …
Other sources of income for living
Everything takes longer than expected
Everything costs more than expected
Don’t be in such a hurry to get started
Always have the desire to learn and improve
Always surround yourself with mentors
Sole Proprietorship Partnership General Limited Corporation C-Corporation S-Corporation Limited Liability Company Choosing a Business Identity Formation Assistant: http://www.bizfilings.com/
U.S. Patent & Trade www.uspto.gov U.S. Copyright www.copyright.gov Department of Labor: http://www.dol.gov/ Internal Revenue Service: http://www.irs.gov/ Protecting yourself
My Work Plan
Community Business Partnership SBDCs Women’s Business Centers Business Information Centers Loan Guarantee Programs Micro-Loan Programs SCORE www.sba.gov/dc Resources
How the resources help Trainings
How the resources help One on One Counseling
How the resources help Networking
How the resources help Money or access to money
How the resources help Online databases for market research
How the resources help Promotion
Key takeaway Have an idea talk to others about it Always have a plan Learn about competition Measure market Be careful with pricing Constantly innovate Always be a student of learning and improving Listen to feedback Take advantages of resources
RabiyaJilani Director, Business Incubation Center CEO, Lumenica LLC Email: email@example.com http://www.cbponline.org/bic/facebook http://www.linkedin.com/in/rabiya http://www.twitter.com/bizincubation http://www.slideshare.net/rabiyaj