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Small Business Solutions

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Small Business Solutions

  1. 1. SMALL BUSINESS SOLUTIONS Robert D. Hisrich Power Point Presentation by: Robin Malau www.entrepreneuriality.com
  2. 2. 1 : STAYING FOCUSED <ul><li>The Entrepreneurial Process </li></ul><ul><li>Identifying the Opportunity </li></ul><ul><li>Creating the Business Model and Business </li></ul><ul><li>Focus, focus, focus </li></ul>
  3. 3. 1 : STAYING FOCUSED <ul><li>The Entrepreneurial Process </li></ul>Identifying and evaluating an opportunity Developing the Business Plan Identifying the resources required to start the venture Managing the new venture
  4. 4. 1 : STAYING FOCUSED <ul><li>Identifying the Opportunity </li></ul><ul><ul><ul><li>Sources of New Ideas </li></ul></ul></ul><ul><ul><ul><li>Focus Groups </li></ul></ul></ul><ul><ul><ul><li>Brainstorming </li></ul></ul></ul><ul><ul><ul><li>Problem Inventory Analysis </li></ul></ul></ul><ul><ul><ul><li>Evaluating the Opportunity </li></ul></ul></ul><ul><ul><ul><li>Opportunity Assessment Plan </li></ul></ul></ul><ul><ul><ul><li>Develop a Business Plan </li></ul></ul></ul><ul><ul><ul><li>Resources Needed </li></ul></ul></ul><ul><ul><ul><li>Manage the Enterprise </li></ul></ul></ul>
  5. 5. 2 : Establishing the Best Organizational Form <ul><li>Organizational Form </li></ul><ul><li>Filing and Establishing the Organization </li></ul><ul><li>Establishing the Best Organizational Design </li></ul><ul><li>Role of Board Directors </li></ul><ul><li>Use of a Board of Advisors </li></ul><ul><li>Maximizing the Board’s Effectiveness </li></ul>
  6. 6. 2 : Establishing the Best Organizational Form <ul><li>Organizational Form </li></ul><ul><ul><ul><li>Sole Proprietorship/ Perusahaan Perorangan </li></ul></ul></ul><ul><ul><ul><li>General Partnership/ Firma </li></ul></ul></ul><ul><ul><ul><li>CV </li></ul></ul></ul><ul><ul><ul><li>Limited Liability Company/Perseroan Terbatas </li></ul></ul></ul><ul><ul><ul><li>Nonprofit Organization </li></ul></ul></ul>
  7. 7. 3 : Giving Up Control <ul><li>Establishing an Intrapreneurial Culture </li></ul><ul><li>Climate for Intrapreneurship </li></ul><ul><li>Intrapreneurial Leaders </li></ul><ul><li>Establishing Intrapreneurship in the Organization </li></ul><ul><li>Formula for Intrapreneurship </li></ul><ul><li>Criteria for Evaluating Proposals Indicators of an Intrapreneurial Climate </li></ul>
  8. 8. 3 : Giving Up Control <ul><li>Formula for Intrapreneurship </li></ul><ul><ul><ul><li>Intrapreneurship = COC 2 </li></ul></ul></ul><ul><ul><ul><li>C = Creativity </li></ul></ul></ul><ul><ul><ul><li>O = Ownership </li></ul></ul></ul><ul><ul><ul><li>C = Change </li></ul></ul></ul><ul><ul><ul><li>C = Commitment </li></ul></ul></ul>
  9. 9. 4 : Attracting and Retaining Employees <ul><li>Compensation </li></ul><ul><li>Money and Motivation </li></ul><ul><li>Equity Based Compensation </li></ul><ul><li>Hiring Process </li></ul>
  10. 10. 4 : Attracting and Retaining Employees <ul><li>Money and Motivation </li></ul><ul><ul><li>Types of Incentive Plans </li></ul></ul><ul><ul><ul><li>Incentives for Nonmanagerial Employees </li></ul></ul></ul><ul><ul><ul><ul><li>Salaried Hour Plan </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Piecework Plan </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Team (group) Incentive Plans </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Incentives for Salespeople </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Straight Commisions </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Straight Salary Plan </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Combination Compensation Plans </li></ul></ul></ul></ul>
  11. 11. 4 : Attracting and Retaining Employees <ul><li>Money and Motivation </li></ul><ul><ul><li>Types of Incentive Plans </li></ul></ul><ul><ul><ul><li>Incentives for Managers and Executives </li></ul></ul></ul><ul><ul><ul><ul><li>Short Term Incentives </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Long Term Incentives </li></ul></ul></ul></ul>
  12. 12. 4 : Attracting and Retaining Employees <ul><li>Equity Based Compensation </li></ul><ul><ul><ul><li>Stock Options </li></ul></ul></ul><ul><ul><ul><li>Restricted Stock </li></ul></ul></ul>
  13. 13. 4 : Attracting and Retaining Employees <ul><li>Hiring Process </li></ul><ul><ul><li>Finding Candidates </li></ul></ul><ul><ul><li>The Interview </li></ul></ul><ul><ul><li>Forms </li></ul></ul><ul><ul><li>Employee Handbook </li></ul></ul>
  14. 14. 5 : Choosing The Right Partner <ul><li>Strategic Alliances </li></ul><ul><li>Joint Ventures </li></ul><ul><li>Mergers and Acquisitions </li></ul><ul><li>Franchising </li></ul><ul><li>Licensing </li></ul><ul><li>Partner Selection </li></ul>
  15. 15. 5 : Choosing The Right Partner <ul><li>Franchising </li></ul><ul><ul><li>Advantages of Franchising </li></ul></ul><ul><ul><ul><li>Expansion Risk </li></ul></ul></ul><ul><ul><ul><li>Cost Advantages </li></ul></ul></ul><ul><ul><li>Disadvantages of Franchising </li></ul></ul><ul><ul><li>Types of Franchising </li></ul></ul>
  16. 16. 5 : Choosing The Right Partner <ul><li>Partner Selection </li></ul><ul><ul><li>Partner Selecting Procedure </li></ul></ul><ul><ul><li>Characteristics of a Good Partner </li></ul></ul><ul><ul><li>Assessment Criteria for Choosing a Partner </li></ul></ul>
  17. 17. 6 : Being Flexible and Creative <ul><li>Company Flexibility </li></ul><ul><li>Creativity </li></ul><ul><li>Innovation </li></ul><ul><li>The Product Planning and Development Process </li></ul><ul><li>Sources of New Product Ideas </li></ul><ul><li>Methods of Generating Ideas </li></ul><ul><li>Evaluating New Ideas </li></ul><ul><li>Creativity Metrics </li></ul>
  18. 18. 6 : Being Flexible and Creative <ul><li>Company Flexibility </li></ul><ul><ul><li>Types of Flexibility </li></ul></ul><ul><ul><li>Creating Flexibility Advantages </li></ul></ul><ul><li>Creativity </li></ul><ul><ul><li>Checklist Method </li></ul></ul><ul><ul><li>Free Association </li></ul></ul><ul><ul><li>Forced Relationships </li></ul></ul><ul><ul><li>Collective Notebook Method </li></ul></ul>
  19. 19. 6 : Being Flexible and Creative <ul><li>Methods of Generating Ideas </li></ul><ul><ul><li>Reverse Brainstorming </li></ul></ul><ul><ul><li>Attribute Listing </li></ul></ul>
  20. 20. 7 – Building a Strong Company <ul><li>Maintaining Core Values </li></ul><ul><li>Building Strong Brands </li></ul><ul><li>Developing Competence </li></ul><ul><li>Corporate Ethics </li></ul><ul><li>Developing Your Leadership Style </li></ul><ul><li>Succession Planning </li></ul>
  21. 21. 8 – Focusing on a Market Niche and Customer <ul><li>Market Niching </li></ul><ul><li>Market Segmentation Techniques </li></ul><ul><li>Market Gridding </li></ul><ul><li>Customer Value and Satisfaction </li></ul>
  22. 22. 8 – Focusing on a Market Niche and Customer <ul><li>Market Segmentation Techniques </li></ul><ul><ul><li>Geographic Segmentation </li></ul></ul><ul><ul><li>Demographic Segmentation </li></ul></ul><ul><ul><li>Psychological Segmentation </li></ul></ul><ul><ul><li>Benefit Segmentation </li></ul></ul><ul><ul><li>Volume Segmentation </li></ul></ul><ul><ul><li>Controllable Marketing Elements </li></ul></ul><ul><ul><li>Brand Loyalty Segmentation </li></ul></ul><ul><ul><li>Product Segmentation </li></ul></ul>
  23. 23. 9 – Going International <ul><li>International versus Domestic Entrepreneurship </li></ul><ul><li>Doing International Business </li></ul><ul><li>Marketing Strategies </li></ul><ul><li>Barriers to International Entrepreneurship </li></ul>
  24. 24. 9 – Going International <ul><li>International versus Domestic Entrepreneurship </li></ul><ul><ul><li>Economics </li></ul></ul><ul><ul><li>Stage of Economic Development </li></ul></ul><ul><ul><li>Balance of Payments </li></ul></ul><ul><ul><li>Type of System </li></ul></ul><ul><ul><li>Political-Legal Environment </li></ul></ul><ul><ul><li>Cultural Environment </li></ul></ul><ul><ul><li>Technological Environment </li></ul></ul>
  25. 25. 9 – Going International <ul><li>Doing International Business </li></ul><ul><ul><li>Exporting </li></ul></ul><ul><ul><li>Indirect Exporting </li></ul></ul><ul><ul><li>Direct Exporting </li></ul></ul><ul><ul><li>Nonequity Arrangements </li></ul></ul><ul><ul><li>Licensing </li></ul></ul><ul><ul><li>Turn-Key Projects </li></ul></ul><ul><ul><li>Management Contracts </li></ul></ul><ul><ul><li>Direct Foreign Investment </li></ul></ul>
  26. 26. 9 – Going International <ul><li>Barriers to International Entrepreneurship </li></ul><ul><ul><li>Tariffs </li></ul></ul><ul><ul><li>Other Direct Price Influences </li></ul></ul><ul><ul><li>Nontariff Barriers </li></ul></ul>
  27. 27. 10 – Growing Your Business <ul><li>Lifecycle of a Venture </li></ul><ul><li>Growth Problems </li></ul><ul><li>Entrepreneurial Skills for Growth </li></ul><ul><li>Financial Strategies for Growth </li></ul><ul><li>Information Planning and Control </li></ul><ul><li>Key Decisions for Growth </li></ul><ul><li>Characteristic of Growing Ventures </li></ul>
  28. 28. 10 – Growing Your Business <ul><li>Entrepreneurial Skills for Growth </li></ul><ul><ul><li>Record Keeping and Financial Control </li></ul></ul><ul><ul><li>Inventory Control </li></ul></ul><ul><ul><li>Human Resources </li></ul></ul><ul><ul><li>Marketing Skills </li></ul></ul><ul><ul><li>Strategic Planning Skills </li></ul></ul>
  29. 29. 10 – Growing Your Business <ul><li>Information Planning and Control </li></ul><ul><ul><li>Customer Service/Satisfaction Tracking </li></ul></ul><ul><li>Key Decisions for Growth </li></ul><ul><ul><li>Increasing Human Resources </li></ul></ul><ul><ul><li>Increasing Production Capacity </li></ul></ul><ul><ul><li>Adding Distribution Channels </li></ul></ul><ul><ul><li>Raising Additional Finances </li></ul></ul><ul><ul><li>Forming Strategic Alliances </li></ul></ul>
  30. 30. 11 – Raising Capital <ul><li>Debt versus Equity Financing </li></ul><ul><li>Use of Internal or External Funds </li></ul><ul><li>Types of External Funds </li></ul><ul><li>Investing Criteria and Financing Stages </li></ul><ul><li>Bootstrap Financing </li></ul>
  31. 31. 11 – Raising Capital <ul><li>Types of External Funds </li></ul><ul><ul><li>Personal Funds </li></ul></ul><ul><ul><li>Family and Friends </li></ul></ul><ul><ul><li>Commercial Banks </li></ul></ul><ul><ul><li>Types of Bank Loans </li></ul></ul><ul><ul><li>Bank Lending Decisions </li></ul></ul><ul><ul><li>Small Business Administration Loans </li></ul></ul><ul><ul><li>Government Grants </li></ul></ul><ul><ul><li>Private Placement/Business Angels </li></ul></ul><ul><ul><li>Venture Capital </li></ul></ul><ul><ul><li>Going Public </li></ul></ul>
  32. 32. 12 – Managing the Cash <ul><li>Basic Concept of the Cash Flow Statement </li></ul><ul><li>Activities in a Cash Flow Statement </li></ul><ul><li>The Cash Cycle </li></ul><ul><li>Account Receivable Management </li></ul><ul><li>Inventory Management </li></ul>
  33. 33. 13 – Valuing a Business <ul><li>Valuation Methods </li></ul><ul><li>Ratio Analysis </li></ul><ul><li>Determining the Price for an Acquisition </li></ul><ul><li>Formulating and Doing the Deal </li></ul>
  34. 34. 13 – Valuing a Business <ul><li>Valuation Methods </li></ul><ul><ul><li>Fixed Price </li></ul></ul><ul><ul><li>Book Value (known as balance sheet method) </li></ul></ul><ul><ul><li>Multiple Earnings </li></ul></ul><ul><ul><li>Price/earnings Ratio </li></ul></ul><ul><ul><li>Discounted Future Earnings (disc. cash flow) </li></ul></ul><ul><ul><li>Return on Investment </li></ul></ul><ul><ul><li>Replacement Value </li></ul></ul><ul><ul><li>Liquidation Value </li></ul></ul><ul><ul><li>Excess Earnings </li></ul></ul><ul><ul><li>Market Value </li></ul></ul>
  35. 35. 13 – Valuing a Business <ul><li>Ratio Analysis </li></ul><ul><ul><li>Activity Ratios </li></ul></ul><ul><ul><ul><li>Accounts Receivable Turnover </li></ul></ul></ul><ul><ul><ul><li>Average Collection Period </li></ul></ul></ul><ul><ul><li>Leverage Ratios </li></ul></ul><ul><ul><ul><li>Debt to Equity </li></ul></ul></ul><ul><ul><ul><li>Debt to Assets </li></ul></ul></ul><ul><ul><li>Liquidity Ratios </li></ul></ul><ul><ul><ul><li>Current Ratio </li></ul></ul></ul><ul><ul><ul><li>Acid Test Ratio </li></ul></ul></ul><ul><ul><li>Profitability Ratios </li></ul></ul><ul><ul><ul><li>Gross Profit Margin </li></ul></ul></ul><ul><ul><ul><li>Return on Investment </li></ul></ul></ul><ul><ul><ul><li>Return on Equity Ratio </li></ul></ul></ul>

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