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Explore Starting Your Own Business
The Fox Valley Technical College Venture Center supports entrepreneurship through education and training, aiming to enhance lives and economies since its inception in 2005. It offers various programs like the e-seed course to assist aspiring business owners in developing necessary skills and business plans. The document highlights key statistics on small businesses in the U.S. and Wisconsin, emphasizing their impact on job creation and economic development.
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Explore Starting Your Own Business
- 1. Explore Starting Your OwnBusiness
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- 3. Fox Valley TechnicalCollege Venture Center Background • Small Business courses offered at FVTC since the mid-80’s • FVTC launched E-seed™ Entrepreneurship Training Series with City of Appleton in 2000 • 2004 The FVTC Board of Trustees approves Strategic Initiative for full-blown entrepreneurship center • The Venture Center launched in September 2005 • fvtc.edu/VentureCenter
- 4. FVTC Venture Center Vision:A model of innovation and distinction in entrepreneurship and small business education and training that helps improve lives and build economies. Mission: The FVTC Venture Center provides transformative entrepreneurship & small business education and training that support people’s goals, a skilled, entrepreneurial, workforce and the economic vitality of our communities .
- 5. Entrepreneurship is... “A wayof thinking and acting that is opportunity - obsessed, holistic in approach and leadership balanced...for the purpose of wealth creation and capture.” Babson College FVTC Venture Center
- 6. “State” of SmallBusiness U.S. • 28,443,856 small businesses in operation in the United States. (Source: SBA.Gov) • U.S. small businesses employed about half or 56.1 million of the nation’s private workforce in 2012. (Source: SUSB) • Nationally, small businesses created 2,175,253 net new jobs in 2012. The biggest gain was in the smallest firm size category of 1-4 employees. (Source: BDS) U.S. Small Business Profile: Wisconsin, January 2015 U.S. Small Business Administration, Office of Advocacy
- 7. • 440,000 openedduring 2014: 52% are home-based and 2% are franchises • 7/10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more! • Produce 13 x more patents per employee than large patenting firms. • The median income for individuals who are self-employed at their own incorporated businesses for the past 12 months was $49,363 in 2013. • For individuals self-employed at their own unincorporated firms, this figure was$22,207. (Source: ACS) Age of Small Business & Entrepreneurship
- 8. 441,954 Small Businessesin Wisconsinin 2014 & 105,895 of them employ 1,210,146people. Age of Small Business & Entrepreneurship Small Business Profile: Wisconsin, January 2015 U.S. Small Business Administration, Office of Advocacy
- 9. Small Business isBIG Business in WISCONSIN & in MOST states in the U.S. Age of Small Business & Entrepreneurship
- 10. Most of Wisconsin’ssmall businesses are very small as 73.5 percent of all businesses did not have employees and most employers have fewer than 20 employees. Small Business Profile: Wisconsin, January 2012 U.S. Small Business Administration, Office of Advocacy Age of Small Business & Entrepreneurship
- 11. Entrepreneurs = Spark “Onceyou build a successful business, you can do it over and over; the principles remain the same” Richard Branson Age of Small Business & Entrepreneurship
- 12. • 1,500 +/-served • 335+/- start-ups & expansions “The e-seed course gives students invaluable information and leads for success in starting a business. Writing the business plan is essential as well and it is exciting to learn so much.” E-seed Participant E-seed: Signature Series
- 13. The Impact! Growing “yourown” is an economic development strategy that works!
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- 15. 1. Business Model 2.Business Plan 3. Team + 1. Resources 3 Critical Things...PLUS 1!
- 16. What characteristics and skillsdo you think you need to be successful launching and growing a business?
- 17. What do youwant this business to DO FOR or GIVE TO your life?
- 18. ASK Do I reallywant to make the change and take the risks associated with them to start my own business?
- 19. Do I havethe self- discipline to operate and manage my own business? ASK
- 20. ASK Am I agood organizer? If not, what will I do to obtain organizational skills?
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- 23. Can I stickto a job when I start it? ASK
- 24. 24 ASK Can I affordto fail?
- 25. ASK Exactly what productsor services will I sell?
- 26. Describe the qualityof your good or services.ASK
- 27. ASK Who are yourpotential customers and why will they buy from you?
- 28. What are the characteristicsof your potential customers? ASK
- 29. When will yousell these goods and/or services? ASK
- 30. ASK What is your CompetitiveAdvantage?
- 31. Define your targetmarket.
- 32. How much doI have to sell to keep the doors open?ASK
- 33. Financial Considerations 20% ofthe total amount or more…depending.
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- 35. Entrepreneurship is adiscipline and can be learned.
- 36. Business failure isdue to management’s lack of knowledge.
- 37. Success = Combinationof Skills Gerber 1995; Lichenstein and Lyons, 1996. What Makes a Successful Entrepreneur? 4 Dimensions 1. Technical Skills Tools of the Trade 2. Managerial Skills Daily Operations 3. Entrepreneurial Skills Leadership & Innovation 4. Personal Maturity Skills Emotional Intelligence
- 38. How does your companymake money? What’s Your Business Model?
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- 42. The Business Plan CoverPage Table of Contents Section I. Executive Summary Section II. General Description of the Business Vision, Mission, Values Goals and Objectives Section III. Background Information The Industry The Business “Fit” in the Industry Section IV. Organizational Matters Business Structure, Management & Personnel Operating Controls
- 43. The Business Plan SectionV. The Marketing Plan A). The Market Analysis Products/Services Customer Segments/Target Market Competitive Analysis and Advantage B). Marketing Strategies w/ Budget Section VI.The Financial Plan 3-yr. ProForma Financial Statements (Source & Use, Startup & yr. end Balance Sheets, Profit & Loss and Cash Flow) Notes to Financial Projections Appendix Section: Action Log & Supporting Documents
- 44. Accountant Attorney Bookkeeper Financial Institution Insurance Marketing &Technology Support Your TEAM
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- 46. Traditional Financing • Banks •Credit Unions • Angels & Investors Alternative Financing • WWBIC • Impact Seven • CAP Services, Inc. • Lincoln Opportunity Fund • Crowdfunding www.sba.gov RESOURCES wisconsinangelnetwork.com
- 47. Northeast Wisconsin Business Plan Competition FastForward 3.0: A mentoring initiative for high-impact entrepreneurs RESOURCES
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- 50. UW-Oshkosh Small BusinessDevelopment Center RESOURCES UW-Stevens Point Small Business Development Center
- 51. Fox Valley TechnicalCollege Fab Lab RESOURCES
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- 53. Market and Industry RESEARCHRESOURCES Census.gov MyBestSegments IBISWorld Industry Trade Organizations Local municipalities, economic development organizations, etc.
- 54. PROCESS NOT thePLAN The Business Plan
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- 56. Class Opener Instructor Topics GuestSpeaker Break • Refreshments • Networking Activity • Discussion Groups • Business Plan Sections • Homework Review E-seed: Class Agenda
- 57. Text—Preparing Effective BusinessPlans by Barringer PLUS a Business Building Tool and Business Plan Resources including: • Session Outlines • Business Plan Template • Business Plan Section Templates • Session Slide Decks Supplemental Resources • Sample Feasibility Study • Sample Business Plan • Videos and articles related to each week’s topic Participant Materials
- 58. Discover. Launch. Impact. 7Business Principles to Achieve Creative & Financial Success: 1. Assessing your concept and idea(s) 2. Articulating your unique value proposition 3. Focusing on your mission 4. Avoiding the time/money squeeze 5. Developing a business mindset 6. Understanding your customer segments 7. Creating an everyday marketing plan Not Ready for E-seed, Yet? This two-day workshop is designed to help artisan, encore, independent contractors and solo entrepreneurs identify their business opportunities and develop a value proposition.
- 59. Marketing Made Leanis a four-part, 16-hour marketing series for micro and small businesses. • Define your business purpose • Connect with your vision • Develop marketing channels • Create customer relationship strategies • Evaluate marketing ROI and strategy implementation Increase Customers, Sales and Profits
- 60. Pro-Seed™ Business ModelDesign 2-Day Workshop 1st - Craft and design a business model that works for your business 2nd - Create a business plan to support the business model
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- 62. One-on-one technical assistanceis available by the hour. Just need a boost, not a complete series?
- 63. The critical thingsyou MUST do to launch and sustain a business. • Improve the skill sets needed to run an entrepreneurial firm or small business. • Identify your business model and create a business plan. • Select your Team. • Determine your financial plan. • Start selling ASAP!
- 64. Amy Pietsch, Director FoxValley Technical College Venture Center 920-735-2594 pietsch@fvtc.edu www.fvtc.edu/venturecenter www.twitter.com/venturecenterwi www.twitter.com/1MillionCupsATW www.facebook.com/venturecenter Thank You!