Owning a Business Want to Be Your Own Boss?
Entrepreneurship   <ul><li>Those that own businesses are “entrepreneurs” </li></ul><ul><li>A way of life </li></ul><ul><li...
Risks & Rewards <ul><li>Entrepreneurship has rewards and risks </li></ul><ul><li>If “easy”, everyone would already be doin...
Rewards <ul><li>Unlimited opportunity to make money  </li></ul><ul><li>Own boss  </li></ul><ul><li>Express creativity </li...
Risks <ul><li>Risk of failure  </li></ul><ul><li>Unpredictable business condition s </li></ul><ul><li>Long hours </li></ul...
Do You Have It? <ul><li>Opportunity seeker </li></ul><ul><li>Persistence </li></ul><ul><li>Commitment </li></ul><ul><li>Ri...
Do you have: <ul><li>Personal interests </li></ul><ul><li>Knowledge/talent </li></ul><ul><li>Experience or training </li><...
Marketing <ul><li>Build bridges to connect buyers and sellers </li></ul><ul><li>Added value, enhance what buyers will pay ...
4 P’s of Marketing <ul><li>Product  - satisfy needs/wants, create added value </li></ul><ul><li>Price  - maximize demand a...
Business Plan <ul><li>Describe business </li></ul><ul><li>Describe products, services </li></ul><ul><li>Identify potential...
Business Plan (cont) <ul><li>Determine key personnel </li></ul><ul><li>Prepare sales forecast </li></ul><ul><li>Prepare bu...
Financial Needs <ul><ul><li>Fixed Capital </li></ul></ul><ul><li>Cost of land and building </li></ul><ul><li>Machinery and...
Financial Needs (cont) <ul><li>Working Capital </li></ul><ul><li>Money to run business until it becomes self-supporting </...
Financial Needs (cont) <ul><li>Pre-Operating Capital </li></ul><ul><li>Cost of registering business </li></ul><ul><li>Acqu...
Sources of Capital <ul><li>Equity – resources entrepreneur owns </li></ul><ul><li>Credit – financing from other sources </...
Plan for Success <ul><li>Understand your industry, markets </li></ul><ul><li>Learn basic accounting, management </li></ul>...
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Owning A Business

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Ever dream about being your own boss? What does it take to start your own business? Here are some things to think about before you get started.

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Owning A Business

  1. 1. Owning a Business Want to Be Your Own Boss?
  2. 2. Entrepreneurship <ul><li>Those that own businesses are “entrepreneurs” </li></ul><ul><li>A way of life </li></ul><ul><li>Must identify, start, and maintain profitable business </li></ul>
  3. 3. Risks & Rewards <ul><li>Entrepreneurship has rewards and risks </li></ul><ul><li>If “easy”, everyone would already be doing it </li></ul><ul><li>Balance risks and rewards </li></ul>
  4. 4. Rewards <ul><li>Unlimited opportunity to make money </li></ul><ul><li>Own boss </li></ul><ul><li>Express creativity </li></ul><ul><li>Overcome challenges, feel fulfilled </li></ul>
  5. 5. Risks <ul><li>Risk of failure </li></ul><ul><li>Unpredictable business condition s </li></ul><ul><li>Long hours </li></ul><ul><li>Unwanted or unexpected responsibilities </li></ul>
  6. 6. Do You Have It? <ul><li>Opportunity seeker </li></ul><ul><li>Persistence </li></ul><ul><li>Commitment </li></ul><ul><li>Risk-taker </li></ul><ul><li>Value efficiency, quality </li></ul><ul><li>Goal Setting </li></ul><ul><li>Self-confidence </li></ul>
  7. 7. Do you have: <ul><li>Personal interests </li></ul><ul><li>Knowledge/talent </li></ul><ul><li>Experience or training </li></ul><ul><li>Understanding of market </li></ul><ul><li>Support – financial and personal </li></ul>
  8. 8. Marketing <ul><li>Build bridges to connect buyers and sellers </li></ul><ul><li>Added value, enhance what buyers will pay for product or service </li></ul>
  9. 9. 4 P’s of Marketing <ul><li>Product - satisfy needs/wants, create added value </li></ul><ul><li>Price - maximize demand and/or income </li></ul><ul><li>Place - right place, right time </li></ul><ul><li>Promotion - communicate with potential buyers and motivate them to action </li></ul>
  10. 10. Business Plan <ul><li>Describe business </li></ul><ul><li>Describe products, services </li></ul><ul><li>Identify potential markets </li></ul><ul><li>Identify competitors </li></ul><ul><li>Consider pricing </li></ul><ul><li>Determine marketing methods </li></ul>
  11. 11. Business Plan (cont) <ul><li>Determine key personnel </li></ul><ul><li>Prepare sales forecast </li></ul><ul><li>Prepare budgets </li></ul><ul><li>Identify resources you have </li></ul><ul><li>Identify resources you need </li></ul>
  12. 12. Financial Needs <ul><ul><li>Fixed Capital </li></ul></ul><ul><li>Cost of land and building </li></ul><ul><li>Machinery and equipment </li></ul><ul><li>Furniture, furnishings, and fixtures </li></ul>
  13. 13. Financial Needs (cont) <ul><li>Working Capital </li></ul><ul><li>Money to run business until it becomes self-supporting </li></ul><ul><li>May take six months or longer </li></ul><ul><li>Pays operating costs while getting started </li></ul>
  14. 14. Financial Needs (cont) <ul><li>Pre-Operating Capital </li></ul><ul><li>Cost of registering business </li></ul><ul><li>Acquire licenses for franchises, lawyer or a consultant </li></ul><ul><li>Money you spend before business begins to operate </li></ul>
  15. 15. Sources of Capital <ul><li>Equity – resources entrepreneur owns </li></ul><ul><li>Credit – financing from other sources </li></ul><ul><li>Loans – financing from lending institutions </li></ul><ul><li>Special Programs – Public and private agencies </li></ul>
  16. 16. Plan for Success <ul><li>Understand your industry, markets </li></ul><ul><li>Learn basic accounting, management </li></ul><ul><li>Research and plan carefully </li></ul><ul><li>Be patient </li></ul><ul><li>Set goals </li></ul>

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