Presentation For George Mason Highschool


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Presentation For George Mason Highschool

  1. 1. The ins and outs and what you need to know !<br />Entrepreneurship<br />Presenter: RabiyaJilani<br />Director, Business Incubation Center <br />CEO, Lumenica, LLC <br />Twitter: @bizincubation<br />
  2. 2. 2<br />CBP’s Programs<br />Entrepreneur Certificate Program<br />
  3. 3. F<br />What is Entrepreneurship?<br />Taking a risk<br />Starting a business <br />Making profit<br />Innovation <br />Stimulating economic growth<br />Job creation<br />
  4. 4. F<br />Personal experiences<br />Work-related experiences<br />Friends, family, teachers coaches<br />The internet<br />Library research <br />Scientific research<br />Desire to make something <br /> existing better<br />Where do you get ideas from?<br />
  5. 5. F<br />So you got an idea, now what?<br />Ask yourself the following questions:<br />What services or products will I sell? <br />Where will I be located?<br />What skills and experience do I bring to the business?<br />What will I name my business?<br />What equipment or supplies will I need?<br />What insurance coverage will be needed?<br /> How much money, if any, will it cost to start my business? Will I need financing?<br />What are my resources?<br />How will I compensate myself?<br />
  6. 6. <ul><li> Helps you maintain a “proactive” status
  7. 7. Points everyone in the same direction
  8. 8. Helps clarify opportunities
  9. 9. Stimulates development of new</li></ul> opportunities<br /><ul><li> Focuses attention on important questions
  10. 10. Increase chances of success</li></ul>Power of Business Plans<br />
  11. 11. F<br />Business Plan<br /><ul><li>What will your monthly budget be?
  12. 12. What is your break even point?
  13. 13. How will the business be managed on a day to day basis
  14. 14. What is your hiring process?
  15. 15. What kind of equipment will you need?</li></ul>Business Goals<br />Legal Structure<br />Your skills and experiences<br />Whose your competition<br />What are you selling?<br />Who is your customer?<br />How will you price your product?<br />How much money do you need to get started?<br />
  16. 16. Your ABC’s<br />Your ABCs<br />B<br />A<br />C<br />Business Planning<br />Banking<br />Breakeven <br />Beating the Odds<br />Accountability<br />Assessment<br /> Access<br />Controls<br />Cash Flow<br />Considerations<br />Cost<br />Customers<br />
  17. 17. A few words of advice …<br /><ul><li>Honestly determine your true motivations
  18. 18. Pre-determine your special market niche
  19. 19. Make sure your support system is in place
  20. 20. Determine start up costs
  21. 21. Research the best companies</li></li></ul><li>Advantages<br /><ul><li>Self Satisfaction
  22. 22. Flexibility
  23. 23. Control</li></ul>Disadvantages<br /><ul><li>No Guidelines
  24. 24. Long time to get established
  25. 25. Limited return during start-up
  26. 26. Uncertain Income
  27. 27. Constantly need to learn, improve and innovate</li></ul>Starting your Businesss<br />
  28. 28. A few words of advice …<br /><ul><li>Other sources of income for living
  29. 29. Everything takes longer than expected
  30. 30. Everything costs more than expected
  31. 31. Don’t be in such a hurry to get started
  32. 32. Always have the desire to learn and improve
  33. 33. Always surround yourself with mentors</li></li></ul><li>Sole Proprietorship<br />Partnership<br />General<br />Limited<br />Corporation<br />C-Corporation<br />S-Corporation<br />Limited Liability Company<br />Choosing a Business Identity<br />Formation Assistant:<br />
  34. 34. U.S. Patent & Trade<br />U.S. Copyright<br />Department of Labor:<br />Internal Revenue Service:<br />Protecting yourself<br />
  35. 35. My Work Plan<br />
  36. 36. Community Business Partnership<br />SBDCs<br />Women’s Business Centers<br />Business Information Centers<br />Loan Guarantee Programs<br />Micro-Loan Programs<br />SCORE<br /><br />Resources<br />
  37. 37. How the resources help <br />Trainings<br />
  38. 38. How the resources help <br />One on One Counseling<br />
  39. 39. How the resources help <br />Networking<br />
  40. 40. How the resources help <br />Money or access to money<br />
  41. 41. How the resources help <br />Online databases for market research<br />
  42. 42. How the resources help <br />Promotion<br />
  43. 43.
  44. 44. Key takeaway<br />Have an idea  talk to others about it <br />Always have a plan<br />Learn about competition<br />Measure market <br />Be careful with pricing<br />Constantly innovate<br />Always be a student of learning and improving<br />Listen to feedback<br />Take advantages of resources<br />
  45. 45. RabiyaJilani<br />Director, Business Incubation Center<br />CEO, Lumenica LLC<br />Email:<br /><br /><br /><br /><br />