BUSINESS START-UP Bill Taylor Area Educator University of Wyoming
Small Business Entrepreneur Requirements <ul><li>Capacity to work long hours </li></ul><ul><ul><li>How willing is your fam...
Small Business Entrepreneur Requirements (cont.) <ul><li>Self confidence </li></ul><ul><ul><li>Willing to take risks, do s...
Small Business Entrepreneur Requirements (cont.) <ul><li>Problem solver </li></ul><ul><ul><li>Do you like to attack proble...
An Entrepreneur Must Also: <ul><li>Be willing to take risks. </li></ul><ul><ul><li>Are you willing to stake the house and ...
An Entrepreneur Must Also: (cont.) <ul><li>Be flexible </li></ul><ul><ul><li>Are you willing to change your schedule and p...
An Entrepreneur Must Also: (cont.) <ul><li>Have accountability </li></ul><ul><ul><li>Does the buck stop with you or do you...
5 Basic Skills Needed <ul><li>Basic money management skills </li></ul><ul><li>Marketing mindset </li></ul><ul><li>Self-man...
Is There a Customer Base? <ul><li>Look in Yellow Pages </li></ul><ul><li>Call your competition </li></ul><ul><li>Read busi...
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Business Start-Up

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Business Start-Up

  1. 1. BUSINESS START-UP Bill Taylor Area Educator University of Wyoming
  2. 2. Small Business Entrepreneur Requirements <ul><li>Capacity to work long hours </li></ul><ul><ul><li>How willing is your family to skip evening and weekend activities and vacations? </li></ul></ul><ul><li>Goal oriented </li></ul><ul><li>Self-starter </li></ul><ul><li>Good judgment </li></ul><ul><ul><li>We all think we have it, but how objective can you be when you want to do something? </li></ul></ul>
  3. 3. Small Business Entrepreneur Requirements (cont.) <ul><li>Self confidence </li></ul><ul><ul><li>Willing to take risks, do something new. Business is not for the faint-hearted. </li></ul></ul><ul><li>Honest </li></ul><ul><ul><li>If you like to fudge on materials, quality, time, etc. you won’t be in business long. </li></ul></ul><ul><li>Persistent </li></ul><ul><ul><li>Will you try over and over until you succeed or get it right? Business is not for the quitter. </li></ul></ul>
  4. 4. Small Business Entrepreneur Requirements (cont.) <ul><li>Problem solver </li></ul><ul><ul><li>Do you like to attack problems by doing the needed research, developing alternatives, and making a decision? </li></ul></ul>
  5. 5. An Entrepreneur Must Also: <ul><li>Be willing to take risks. </li></ul><ul><ul><li>Are you willing to stake the house and car against possible losses? </li></ul></ul><ul><li>Be people oriented </li></ul><ul><ul><li>Extrovert – batteries charged by being with people </li></ul></ul><ul><ul><li>Introvert – batteries charged by being alone </li></ul></ul><ul><li>Be profit oriented </li></ul>
  6. 6. An Entrepreneur Must Also: (cont.) <ul><li>Be flexible </li></ul><ul><ul><li>Are you willing to change your schedule and plans every day or whenever a new situation arises? </li></ul></ul><ul><li>Be able to adapt to changes </li></ul><ul><ul><li>If your market changes can you change your approach, your product, your target audience? </li></ul></ul>
  7. 7. An Entrepreneur Must Also: (cont.) <ul><li>Have accountability </li></ul><ul><ul><li>Does the buck stop with you or do you give excuses? </li></ul></ul><ul><li>Have a desire to win </li></ul><ul><li>Be innovative </li></ul><ul><ul><li>Do you look for new ways to do things, can you think outside the box? </li></ul></ul>
  8. 8. 5 Basic Skills Needed <ul><li>Basic money management skills </li></ul><ul><li>Marketing mindset </li></ul><ul><li>Self-management skills </li></ul><ul><li>Time-management skills </li></ul><ul><li>Basic office organization </li></ul>
  9. 9. Is There a Customer Base? <ul><li>Look in Yellow Pages </li></ul><ul><li>Call your competition </li></ul><ul><li>Read business, trade, and professional journals related to the field </li></ul><ul><li>Attend professional meetings </li></ul><ul><li>Talk to potential customers </li></ul><ul><li>Talk to Chamber of Commerce </li></ul><ul><li>Analyze the ads of the competition – what is their target market? </li></ul>
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