Entrepreneurship Weeks 5&6 Ethan Chazin

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Great tips, resources, best practices and strategies for entrepreneurs, start-ups, professionals and small business owners.to plan launch and grow successful businesses.

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Entrepreneurship Weeks 5&6 Ethan Chazin

  1. 1. OLEU 2900 ENTREPRENEURSHIPENTREPRENEURSHIP
  2. 2. This Week’s KEYThis Week’s KEY ResourcesResources
  3. 3. Chapter 5: Small Business Entry Paths to Part-TimePaths to Part-Time EntrepreneurshipEntrepreneurship
  4. 4. • Dip your toes in the shallow end • You can take on several opportunities at once • Obtain entrepreneurial skills (Sales, Marketing, Networking) SLOWLY - NOT Sink or Swim • Build a rolodex of contacts, resources, leads, and clients • Opportunity to build your savings P/T Entrepreneurship: Benefits
  5. 5. • Stand Retail • Homes: Pampered Chef, Lia Sophia, MLM, Network Marketing (Acai Juice) • Consignment: Give your product to stores to sell for you • Mail Order: Place the ad and make sales on your time • Online = eBay+? Large market, 24/7/365 “up” time P/T Opportunities
  6. 6. • It starts as a passion/hobby COMBINED with your CORE COMPETENCIES • Balance business and home life • Time management skills are CRITICALCRITICAL! • Have a To-Do list of To-Do lists • Delegate and outsource • “BOOTSTRAPPING” – Barter Services in lieu of payment • Seek advisors (coaches, mentors) P/T “Success” Factors
  7. 7. • Identify passions and interests • What are your hobbies • Register your business with the state: – Tax Employer ID – D&B Number • Talk to everyone in your social & professional networks about this new side business • Pick their collective “GREYGREY” matter • Set pricing guidelines How to Start
  8. 8. • Develop collateral: – Your bio (50, 100, 500 word) – Portrait photo – Flyer – Brochure – Business cards How to Start
  9. 9. • Build Your Personal Brand: – Develop your success stories – Become a subject matter expert – Get published – Create a Linked In Profile – Join Linked In Groups, start discussions – Become active in the industries you will target – Participate on panels – Give lectures anywhere & everywhere How to Start
  10. 10. • Moonlighting • Conflicts of Interest • Cannibalizing • Maintain highest ethical standards • Aggrandizing – making yourself seem bigger than you are Avoid Traps & Pitfalls
  11. 11. Chapter 6: Small Business Entry Paths to Full-Time EntrepreneurshipPaths to Full-Time Entrepreneurship
  12. 12. Paths to BusinessPaths to Business OwnershipOwnership
  13. 13. • Start Your Own Business • Buy an Existing One • Franchise a Business • Inherit a Business • Get Hired to Manage a Business The Five Paths
  14. 14. • “Clean Slate” • Uses the most up-to-date technology – CRM Software (SalesForce.com) – Social Media – Web 2.0 – Constant Contact Email Marketing – www.GoToMeeting.com – Inventory Management Systems – Performance Management Applications Start-Up Advantages
  15. 15. • Offer new products or services • It can be kept small Start-Up Advantages
  16. 16. • ZEROZERO brand name recognition • Significant time and effort requirements • Hard to finance • Difficult to obtain credit • Lacks experienced managers and workers • VERY hard to maintain motivation Start Up Disadvantages
  17. 17. What WillWhat Will YOURYOUR New BusinessNew Business BEBE??
  18. 18. • “Me Too” vs. TRULY Unique • Develop a Market Entry Game Plan – Tasks – Project Owners & Contributors – Start/End Dates & Contingencies • Define the industries you will serve: – Develop ideal client profile(s) – Identify ALL relevant stakeholders Choosing a New Business
  19. 19. SIC Versus NAICS
  20. 20. • Find a business incubator • Can your current employer help you? • Have/get directly relevant industry experience • Pursue partners (multiple founders) • Start with established clients • Enlist your mentors • Obtain any/all relevant certifications and accreditations Ensuring Start Up Success
  21. 21. • Develop a start-up budget • Select a product/service where there is a proven demand • Line up outside investment • Obtain experience managing small firms Ensuring Start Up Success
  22. 22. • Just start SOMETHINGSOMETHING • Select a business that produces HIGH margins • Build trust in your story Ensuring Start Up Success
  23. 23. • Established customers mean immediate revenue • Processes and operations are already in place • Requires less cash than starting a business from scratch Buying a business: Advantages
  24. 24. • Finding the right business • How do you determine what a business is “worth?” • Management and employees may fight you • The existing business reputation may be hard to change/overcome • Business may be declining • Facilities and equipment may be obsolete Buying a Business: Disadvantages
  25. 25. • A legal agreement that allows one business to be operated using the name & business procedures of another – Trade name franchising: only the right to use the franchise trade name and trademark – Product distribution franchising: provides franchisee with specific brand named products, resold by franchisee in a specific market (Ex. Coca- Cola, Goodyear Tires, John Deere) Franchising a Business
  26. 26. – Conversion franchising: provides an organization through which independent businesses may combine resources (Ex. Century 21 Real Estate) – Business format franchising: the right to use the company’s trade name, products, business/marketing plans, national advertising support (Ex. McDonald’s) Franchising a Business
  27. 27. • Carefully review TWO documents from franchisor in particular: – Uniform franchise offering circular: standard franchise document outlining a business’s operations, procedures, costs, requirements. Check out www.ftc.gov for guidelines on how to complete a UFOC. – Franchise agreement Franchising a Business
  28. 28. • A proven successful business model • Training & management support • Less risky than starting a business from scratch or buying a business Franchising Advantages
  29. 29. • Lose control of your marketing and operations • The business can be taken away • Your success is tied to the success of the entire organization Franchising Disadvantages
  30. 30. • Master Franchise Wealth • International Franchise Assn. • IFA Annual Convention • www.inc.com Start Up • Business Nation Franchising Resources
  31. 31. Franchising Resources
  32. 32. Franchising Resources
  33. 33. Franchising Resources
  34. 34. Franchising Resources
  35. 35. Franchising Resources
  36. 36. Inheriting aInheriting a Business…Business…
  37. 37. • Whether inheritinginheriting or bequeathingbequeathing the same issues of passing ownership exist • Have a succession plan • Hire professional management team • Gain loyalty of existing family, employees, and managers • Have experience leading others • Know how to manage / lead Inheriting a Business
  38. 38. Inheriting a Business Resources
  39. 39. Inheriting a Business Resources

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