Presentation For George Mason Highschool

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

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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?

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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

opportunities

Focuses attention on important questions
Increase chances of success

Power of Business Plans

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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

Advantages

Self Satisfaction
Flexibility
Control

Disadvantages

No Guidelines
Long time to get established
Limited return during start-up
Uncertain Income
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

One on One Counseling

Networking

Money or access to money

Online databases for market research

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: rabiya@cbponline.org
http://www.cbponline.org/bic/facebook
http://www.linkedin.com/in/rabiya
http://www.twitter.com/bizincubation
http://www.slideshare.net/rabiyaj