Hello, my name is Karen and I’ve been training and coaching entrepreneurs for over a decade. This short presentation is an introduction to the issues that all new entrepreneurs must face.
In every workshop and class I ask people why they want to start their own businesses. Some of the most frequent reasons are listed here. Things like being your own boss and having control over your own career have become even more important in our down economy. Even people who started the new millennium living comfortably are now seeking multiple streams of income.
It’s up to you to decide what you success is going to look like—and then go after it. How you manage and grow your business will be determined in large part by the kind of money you want to make.
In my workshops I ask participants to draw a cartoon of their typical customer. When they share the drawings with the other participants I ask them to tell us what they know about their customers that no one else knows.
You need to understand where your customers shop, and where they do their pre-shopping research. How do they see themselves? What are the issues that keep them awake at night and get them talking around the water cooler?
Before you launch a business you need to be in the best financial shape possible. This doesn’t mean your finances have to be perfect, but you must be aware of where you stand and where you plan to go.
I tell people to do this with two different colors—this really helps you to see the relationship between the things you own and the things you owe.
When people ask me if they need a business plan my answer is – probably. True many people start a business without them, but just the process of creating and periodically reviewing your business plan can help you avoid many problems.
All of my workshops end with a planning session. After all just getting excited about an idea is not enough, you need to take the next steps. There’s lots of free and low cost information out there for entrepreneurs, so take advantage of it. Build up a personal library of books and articles – do your homework. When you are ready to take the next step find a mentor, engage your support network and consider hiring a coach. This approach will provide you with people to encourage you as well as hold you accountable. Success could be just around the corner.
Entr Intro Workshop
How do I become an entrepreneur? Starting the journey to business ownership www.karensouthallwatts.com
Why do we start businesses? <ul><li>Be my own boss, independence, flexible hours </li></ul><ul><li>Making the money from my ideas and efforts—not lining the pockets of others </li></ul><ul><li>Layoff, downsizing, firing—last chance </li></ul><ul><li>Retirement is not enough </li></ul>
How do I define success? <ul><li>Success is a subjective term… </li></ul><ul><li>Are you looking to just make “extra” money? </li></ul><ul><li>Do you have dreams of wealth? </li></ul><ul><li>Is work/home life balance the most important thing in your life? </li></ul>
My customers… <ul><li>Where do they live, work, shop? </li></ul><ul><li>What’s their cultural identity? </li></ul><ul><li>Do they have unmet needs? </li></ul><ul><li>How about hot button issues… </li></ul>
Financial Check-up <ul><li>Credit Report </li></ul><ul><li>Personal Records </li></ul><ul><li>Start-up amount </li></ul><ul><li>Cost to produce one unit or </li></ul><ul><li>Market value for my time </li></ul><ul><li>Debts and Assets </li></ul>
Quick view financial exercise <ul><li>Stuff I own—assets </li></ul><ul><li>Stuff I owe—debts </li></ul>Paid for cars, real estate Loans, mortgaged items
Do I need a business plan? <ul><li>Seeking funds from a lender or investor </li></ul><ul><li>Plans for start-up, marketing and daily operations </li></ul><ul><li>Evaluating your competition and target market </li></ul><ul><li>Measuring success </li></ul>
What do I do next? <ul><li>Check out the resources in your community; SBC, SCORE, Chamber </li></ul><ul><li>Invest in your personal growth library </li></ul><ul><li>Seek a mentor, coach or other support </li></ul>