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Be your own boss - jason ojukwu

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This presentation serves as an alternative tool for young entrepreneurs to be their own boss. The format is very simple and allows young people to explore different business models.

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Be your own boss - jason ojukwu

  1. 1. Be Your Own Boss An alternative path © Jason Ojukwu, 2009
  2. 2. Overview• Introduction• Positives & Negatives• Entrepreneurs• Skills• Product or Service• Popular Ideas• Research• Business Planning• Finance• Business Support from the CEDC• Questions Be Your Own Boss – An Alternative Path
  3. 3. Introduction Entrepreneur:–noun 1. a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Be Your Own Boss – An Alternative Path
  4. 4. Start a business: Positives (+) Control your own future Add your style to doing things Make money Want to improve something Like taking a risk Gain satisfied customers Be Your Own Boss – An Alternative Path
  5. 5. Start a business: Negatives (-) Increased risks Success can breed jealousy Longer working hours Uncertain income Failure can have a stigma Be Your Own Boss – An Alternative Path
  6. 6. Entrepreneurs Richard Branson  Founder of Virgin Jay-Z  Founder of Roc-A-Fella Records Linda K Bennett  Founder of LK Bennett Sonita Alleyne  Founder of Somethin’ Else Be Your Own Boss – An Alternative Path
  7. 7. Skills Required: General• Self-discipline – focus• Motivated – attracted to the challenge• Hard work – easy• Good communication skills• Confident networking skills• Takes constructive criticism• Ability to handle stress• Support from friends/family• Sound judgement• Vision, creativity and innovation Be Your Own Boss – An Alternative Path
  8. 8. Skills Required: Specific• Knowledge of the market & customer needs• Learning to sell to others• Establishing a selling price which earns a profit• Negotiating and reaching agreement• Keeping accurate financial records• Managing money, loans, payments and receipts• Regulation, taxes and legal requirements• Controlling stock and work-flow Be Your Own Boss – An Alternative Path
  9. 9. Product vs. Service• Products:• Needs to be designed, tested, prototyped, approved, tooled for mass production, packaged and marketed• Services:• Needs to be unique and provide added-value. Be Your Own Boss – An Alternative Path
  10. 10. 10 Popular Ideas• Use your skills to supply product/service• Look at social trends• What is missing locally?• New technology for existing businesses• Sell other people’s products• Cash in on current trends• Copy idea that have worked elsewhere• Legal changes• Purchase an existing business• Look for labour shortages Be Your Own Boss – An Alternative Path
  11. 11. Researching Your Idea• Market• Competitors• Customers Be Your Own Boss – An Alternative Path
  12. 12. Business Plan• Title• Contents:• Executive Summary• Business Background/History• Products/Services• The Market and Marketing Strategy• Premises• Capital Expenditure• Management and Organisation• Business Formation• Financial Information• Appendices Be Your Own Boss – An Alternative Path
  13. 13. Financing Your Business Idea• Croydon Loan Fund – operated by GLE – With loans ranging from: £2,001- £50,000, applicants will need to be serious about making a success of their business. – Eligibility is determined as follows: businesses between one -12months old are eligible for up to £10,000 – For further details loans email: keith.m@gle.co.uk or visit: www.gle.co.uk/onelondon• Test Trading Grant – £250 grant towards your test trading your business idea – Approved / Declined by Grant Fund Manager Be Your Own Boss – An Alternative Path
  14. 14. Thank you Questions Be Your Own Boss – An Alternative Path

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