The document provides an overview of entrepreneurship and what is needed to start a business. It discusses what entrepreneurship is, where to get ideas from, and the importance of developing a business plan. A business plan should outline goals, legal structure, skills, competition, products/services, customers, pricing, funding needs, budget, and more. The document also provides advice and lists resources like the SBA, SBDC, and SCORE that can help with training, counseling, networking, and accessing funding. The key takeaway is to discuss your idea with others, have a thorough plan, understand competition and markets, get feedback, and take advantage of support resources.

1. The ins and outs and what you need to know ! Entrepreneurship Presenter: RabiyaJilani Director, Business Incubation Center CEO, Lumenica, LLC Twitter: @bizincubation

2. 2 CBP’s Programs Entrepreneur Certificate Program

3. F What is Entrepreneurship? Taking a risk Starting a business Making profit Innovation Stimulating economic growth Job creation

4. F Personal experiences Work-related experiences Friends, family, teachers coaches The internet Library research Scientific research Desire to make something existing better Where do you get ideas from?

5. F So you got an idea, now what? Ask yourself the following questions: What services or products will I sell? Where will I be located? What skills and experience do I bring to the business? What will I name my business? What equipment or supplies will I need? What insurance coverage will be needed? How much money, if any, will it cost to start my business? Will I need financing? What are my resources? How will I compensate myself?

7. Points everyone in the same direction

8. Helps clarify opportunities

10. Increase chances of successPower of Business Plans

12. What is your break even point?

13. How will the business be managed on a day to day basis

14. What is your hiring process?

15. What kind of equipment will you need?Business Goals Legal Structure Your skills and experiences Whose your competition What are you selling? Who is your customer? How will you price your product? How much money do you need to get started?

16. Your ABC’s Your ABCs B A C Business Planning Banking Breakeven Beating the Odds Accountability Assessment Access Controls Cash Flow Considerations Cost Customers

18. Pre-determine your special market niche

19. Make sure your support system is in place

20. Determine start up costs

22. Flexibility

24. Long time to get established

25. Limited return during start-up

26. Uncertain Income

27. Constantly need to learn, improve and innovateStarting your Businesss

29. Everything takes longer than expected

30. Everything costs more than expected

31. Don’t be in such a hurry to get started

32. Always have the desire to learn and improve

34. U.S. Patent & Trade www.uspto.gov U.S. Copyright www.copyright.gov Department of Labor: http://www.dol.gov/ Internal Revenue Service: http://www.irs.gov/ Protecting yourself

35. My Work Plan

36. Community Business Partnership SBDCs Women’s Business Centers Business Information Centers Loan Guarantee Programs Micro-Loan Programs SCORE www.sba.gov/dc Resources

37. How the resources help Trainings

38. How the resources help One on One Counseling

39. How the resources help Networking

40. How the resources help Money or access to money

41. How the resources help Online databases for market research

42. How the resources help Promotion

44. Key takeaway Have an idea  talk to others about it Always have a plan Learn about competition Measure market Be careful with pricing Constantly innovate Always be a student of learning and improving Listen to feedback Take advantages of resources

45. RabiyaJilani Director, Business Incubation Center CEO, Lumenica LLC Email: rabiya@cbponline.org http://www.cbponline.org/bic/facebook http://www.linkedin.com/in/rabiya http://www.twitter.com/bizincubation http://www.slideshare.net/rabiyaj