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Business Start-Up

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Transcript

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