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  1. 1. Entrepreneurshipmohammedalibusiness.wordpress.com Chris DeStefano
  2. 2. Thesis I have chosen to start a business and see what an entrepreneur goes through so they can do what they have always dreamed of and this is beneficial for me and everyone else, as our high school careers are ending and people are going to be looking for jobs, this is just one possible option to live the American dream. In doing this I will find all the necessary components in starting a business, so that I can in fact do something I truly love.http://www.businesstouch.info/starting-small-businessA
  3. 3. Traits for Becoming an Entrepreneur Traits and Characteristics: Ability to gather facts Make important decisions Stay motivated Good organizational skills Above all the ability to take risksRamsey, Dan, and Stephen Windhaus. Business Plan Book. Avon: Adams Media, 2009. Print. The Everything.Cornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An Exploration within the Catholic Social Tradition." Symposium on Ethics, Business and Society Ethical Challenges in the Age of Globilization 44.1 (Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/ stable/2507516>.http://reclaimorder.wordpress.com/
  4. 4. Advantages of Being an You are the boss Entrepreneur You are in all aspects of the business No limits!Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.     Clames, 2010. Print.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.     Print. The Everything.http://www.notestoselfplust wo.com/2011/01/so-i-had-dinner-with-my-boss.htmlhttp://www.fairfax.cc/nolimits
  5. 5. More advantages Live a life that you want to liveShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.     Clames, 2010. Print.http://www.goinggreenorg.com/featured/advantages-of-an-organic-fertilizer-vs-chemical-fertilizer/
  6. 6. No guarantee of money Disadvantages A huge riskof Starting Your Can be 3-5 years before you see Own Business money A lot of responsibilities Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.      Clames, 2010. Print. Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.      Print. The Everything. touchscreenlaptopnews.blogspot.com
  7. 7. More Disadvantages Keeping everyone happy Long hours Lost personal life Dependence on the marketCornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An Exploration within the Catholic Social Tradition." Symposium on Ethics, Business and Society Ethical Challenges in the Age of Globilization 44.1 (Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/ stable/2507516>.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://www.noriskinvestor.com/component/k2/item/2-real-estate-investment-clubs-advantages-and-disadvantages
  8. 8. Before Forming a Business Make sure you get a solid plan! Goals How it will impact personal life Find a good time to introduce you productShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.OBrien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb. 2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com>.http://www.1stwebdesigner.com/design/checklists-important-things-right/
  9. 9. More Business Planning Deciding on retirement Knowing business concepts Need to be able to endure the companyHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://www.retirement-jobs-online.com/
  10. 10. Good Timing • “You find out what running a business requires, while limiting your liability if it fails.” - Philip Holland Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print. OBrien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb. 2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com>. http://karlin1780.wordpress.com/
  11. 11. BUILD IT OR BUY IT? Some possible ways to start without your own idea: Already existing Start a Franchise Buy the business opportunityShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.salescompinsights.com
  12. 12. Choose Your Target• Two types of Market: • Consumer • Business• Never want to fall in the “ALL OVER THE MAP”• “Smaller is bigger in business, and smaller is not all over the map.” - FalkensteinHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://www.therealtimscott.com/identify-target-market/
  13. 13. Creating a Narrowed Focus 7 Steps to create a narrowed niche: Make a wish list Focus Describe the customer’s worldview Synthesize Evaluate Test Go for itShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.Bluestein, Adam, and Amy Barrett. "Our Highly Practical, Eminently Doable, Totally Reasonable Plan to Revitalize the American Dream. Bring on the Entrepreneurs!" Inc. 32.6 (July-Aug. 2010): 76-88. MasterFILE Premier. Web. 20 Dec. 2010. <http://web.ebscohost.com/>.http://www.masternewmedia.org/news/2007/11/16/content_strategy_have_a_strong.htm
  14. 14. Mission Statement A Mission Statement Includes: business is about what is being sold how the use your resources to expandAbrams, Rhonda. Business Plan in a Day. 2nd ed. N.p.: Planning Shop, 2009. Print.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.http://cropandsoil.oregonstate.edu/about-us
  15. 15. Market Research While doing research be willing to make adjustments Market Research should give you: Industry Information Consumer close-up Competition close-upHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://mooreslore.corante.com/archives/business_strategy/
  16. 16. Picking a Name • The Name is the first impression • It can be far out or state what the business is • You can get it professionally doneShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.http://www.markrampulla.com/2008/09/13/hello-my-name-is/
  17. 17. When Choosing a Name • Choose a name appealing to all • Connect on an emotional level • Make it short and concise • Don’t put: • cute puns • Incorporated • EnterprisesHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.listsoplenty.com
  18. 18. Choosing A Business • 4 Main types of business: • Sole proprietorship • Partnership • Corporation • S CorporationMau, Sandy. "Young Entrepreneurs Create Their Own Opportunitites." South Carolina Business 31.6 (1 Jan. 2010): 38-42. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com/>.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://pokertshirtclub.com/blog/2010/11/how-to-choose-a-print-on-demand-company-part-1/
  19. 19. Sole Proprietorship • Very high risk • Only one capital • Low taxes • Very high liability (risk taker)Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print. http://www.whoisbolaji.com/about
  20. 20. Partnership • Multiple capitals • Low taxes • High riskMau, Sandy. "Young Entrepreneurs Create Their Own Opportunitites." South Carolina Business 31.6 (1 Jan. 2010): 38-42. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com/>.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print. http://www.psychology.ecu.edu.au/research/social-justice/
  21. 21. Corporation • Board of Directors • Protection to the liability of business owner • Can raise stocksHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://www.mrbaconpants.com/how-to-survive-a-business-meeting/
  22. 22. Create a Business Plan • Executive summary • Business description • Market Strategies • Competitive analysis • Design and development plan • Operations and management plan • Financial factors Abrams, Rhonda. Business Plan in a Day. 2nd ed. N.p.: Planning Shop, 2009. Print."Writing a Business Plan for Existing Business." Minnesota Department of Children, Families and Learning Performance Package (1997): n. pag. MasterFILE Premier. Web. 16 Feb. 2011. <http://web.ebscohost.com>.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://freelanceswitch.com/the-business-of-freelancing/freelancers-do-you-need-a-business-plan/
  23. 23. Hiring a Lawyer • Usually a good idea to hire a lawyer • “Almost every business, whatever its size, requires a lawyer’s advice.” - James Blythe HodgeOBrien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb. 2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com>.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://antiintellect.wordpress.com/2010/07/
  24. 24. Hiring an Accountant • Hiring an accountant can save massive amounts of money.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print. http://www.smallbusinessdelivered.com/accountantsholdthekeytounlockingsmallbusinesscashflowmysteries.html
  25. 25. Funding • The hardest step in starting a business.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print. http://www.cosmoloan.com/money-management/the-6-main-reasons-why-most-pro-athletes-go-broke.html
  26. 26. Family, Relatives, and Business Partners • One option is always to turn to family and friends. • “Most Businesses are started with money from four to five different sources.” -Mike McKeeverHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://blogs.smarter.com/babieskids/2009/04/16/the-obamas-chose-a-dog-which-would-you-choose/
  27. 27. Investors • Equity Financing • Debt FinancingOBrien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb. 2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com>.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://naturallyadvanced.wordpress.com/category/investing/
  28. 28. Debt Financing • Some types of loans are: • Line-of-Credit loans • Installment Loans • Balloon Loans • Interim Loans • Secured and Unsecured Loans • Letter of CreditOBrien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb. 2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010. <http://web.ebscohost.com>.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://thecommercialmortgagepro.com/
  29. 29. Government Loans • Take some of the blow if it isn’t as it was originally thought to be.Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://www.ehow.com/how_5025397_obtain-federal-loan-forgiveness.html
  30. 30. Negotiating • Main Types of Negotiating: • Know your bargaining position • Know how the other side perceives its position • Assess your bargaining styleHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010. Print. The Everything.Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L. Clames, 2010. Print.http://www.waystobecomerich.com/2010/06/effective-negotiation-skills/

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